Reynolds Consumer Products (NASDAQ:REYN) Reaches New 52-Week High at $30.58

Shares of Reynolds Consumer Products Inc. (NASDAQ:REYN) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $30.58 and last traded at $30.45, with a volume of 202158 shares traded. The stock had previously closed at $28.57.

Analysts Set New Price Targets

Several equities research analysts have recently commented on REYN shares. JPMorgan Chase & Co. reduced their price target on shares of Reynolds Consumer Products from $30.00 to $29.00 and set a “neutral” rating for the company in a research report on Monday, July 22nd. Barclays reduced their target price on shares of Reynolds Consumer Products from $29.00 to $28.00 and set an “equal weight” rating for the company in a report on Friday, July 19th. Finally, Canaccord Genuity Group lifted their price target on shares of Reynolds Consumer Products from $29.00 to $30.00 and gave the stock a “hold” rating in a research note on Thursday, May 9th. Six investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, Reynolds Consumer Products currently has an average rating of “Hold” and an average target price of $29.67.

Reynolds Consumer Products Trading Up 7.0 %

The firm has a market capitalization of $6.43 billion, a PE ratio of 19.45 and a beta of 0.47. The company has a quick ratio of 1.01, a current ratio of 2.11 and a debt-to-equity ratio of 0.92. The company’s 50-day simple moving average is $27.82 and its 200 day simple moving average is $28.28.

Reynolds Consumer Products (NASDAQ:REYN) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.01. Reynolds Consumer Products had a return on equity of 17.09% and a net margin of 8.88%. The business had revenue of $833.00 million during the quarter, compared to the consensus estimate of $814.92 million. During the same quarter last year, the company earned $0.08 earnings per share. The company’s quarterly revenue was down 4.7% on a year-over-year basis. As a group, sell-side analysts expect that Reynolds Consumer Products Inc. will post 1.66 EPS for the current year.

Reynolds Consumer Products Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Stockholders of record on Friday, August 16th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.01%. The ex-dividend date of this dividend is Friday, August 16th. Reynolds Consumer Products’s dividend payout ratio (DPR) is currently 58.60%.

Institutional Trading of Reynolds Consumer Products

A number of hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC raised its position in shares of Reynolds Consumer Products by 510.2% in the second quarter. GAMMA Investing LLC now owns 958 shares of the company’s stock worth $27,000 after acquiring an additional 801 shares during the period. Venturi Wealth Management LLC acquired a new stake in Reynolds Consumer Products in the first quarter valued at approximately $35,000. Versant Capital Management Inc purchased a new stake in shares of Reynolds Consumer Products in the second quarter valued at approximately $39,000. Quadrant Capital Group LLC grew its stake in Reynolds Consumer Products by 97.2% in the 4th quarter. Quadrant Capital Group LLC now owns 1,948 shares of the company’s stock valued at $52,000 after acquiring an additional 960 shares during the period. Finally, Principal Securities Inc. purchased a new stake in Reynolds Consumer Products in the 4th quarter worth $61,000. Hedge funds and other institutional investors own 26.81% of the company’s stock.

About Reynolds Consumer Products

Reynolds Consumer Products Inc produces and sells products in cooking, waste and storage, and tableware product categories in the United States and internationally. It operates through four segments: Reynolds Cooking & Baking, Hefty Waste & Storage, Hefty Tableware, and Presto Products. The Reynolds Cooking & Baking segment produces aluminum foil, disposable aluminum pans, parchment paper, freezer paper, wax paper, butcher paper, plastic wrap, baking cups, oven bags, and slow cooker liners under the Reynolds Wrap, Reynolds KITCHENS, and EZ Foil brands in the United States, as well as under the ALCAN brand in Canada and under the Diamond brand internationally.