Olstein Capital Management L.P. Reduces Position in Reynolds Consumer Products Inc. (NASDAQ:REYN)

Olstein Capital Management L.P. lessened its holdings in shares of Reynolds Consumer Products Inc. (NASDAQ:REYN) by 39.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 165,376 shares of the company’s stock after selling 106,624 shares during the period. Olstein Capital Management L.P.’s holdings in Reynolds Consumer Products were worth $5,143,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of REYN. GAMMA Investing LLC boosted its holdings 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 valued at $27,000 after purchasing an additional 801 shares during the period. Versant Capital Management Inc purchased a new stake in shares of Reynolds Consumer Products during the 2nd quarter valued at $39,000. Abich Financial Wealth Management LLC purchased a new stake in shares of Reynolds Consumer Products during the 2nd quarter valued at $54,000. nVerses Capital LLC purchased a new stake in shares of Reynolds Consumer Products during the 2nd quarter valued at $90,000. Finally, International Assets Investment Management LLC lifted its holdings in shares of Reynolds Consumer Products by 3,009.9% during the 3rd quarter. International Assets Investment Management LLC now owns 2,830 shares of the company’s stock valued at $91,000 after purchasing an additional 2,739 shares during the last quarter. Hedge funds and other institutional investors own 26.81% of the company’s stock.

Insider Buying and Selling

In other news, Director Rolf Stangl bought 7,207 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was purchased at an average price of $27.25 per share, for a total transaction of $196,390.75. Following the completion of the purchase, the director now owns 7,207 shares in the company, valued at approximately $196,390.75. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.20% of the company’s stock.

Reynolds Consumer Products Stock Performance

Shares of NASDAQ REYN traded up $0.10 during trading on Thursday, reaching $27.28. 5,491 shares of the company traded hands, compared to its average volume of 569,673. The stock has a market cap of $5.73 billion, a P/E ratio of 15.53 and a beta of 0.50. The company has a current ratio of 2.04, a quick ratio of 0.89 and a debt-to-equity ratio of 0.84. Reynolds Consumer Products Inc. has a 12-month low of $25.80 and a 12-month high of $32.65. The firm’s fifty day simple moving average is $30.40 and its 200 day simple moving average is $29.19.

Reynolds Consumer Products (NASDAQ:REYN) last issued its earnings results on Wednesday, October 30th. The company reported $0.41 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.01). The firm had revenue of $910.00 million for the quarter, compared to analyst estimates of $902.88 million. Reynolds Consumer Products had a return on equity of 18.27% and a net margin of 10.03%. The business’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.37 EPS. As a group, research analysts anticipate that Reynolds Consumer Products Inc. will post 1.69 earnings per share for the current fiscal year.

Reynolds Consumer Products Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.37%. Reynolds Consumer Products’s payout ratio is currently 52.57%.

Analyst Ratings Changes

Several brokerages have recently commented on REYN. Barclays decreased their price objective on Reynolds Consumer Products from $29.00 to $28.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Canaccord Genuity Group increased their price objective on Reynolds Consumer Products from $30.00 to $32.00 and gave the company a “hold” rating in a report on Thursday, August 8th. Jefferies Financial Group assumed coverage on Reynolds Consumer Products in a report on Thursday, August 29th. They set a “buy” rating and a $38.00 price objective for the company. JPMorgan Chase & Co. raised their target price on Reynolds Consumer Products from $29.00 to $33.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Finally, Royal Bank of Canada raised their target price on Reynolds Consumer Products from $31.00 to $32.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 8th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $32.17.

Reynolds Consumer Products Profile

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.