OLD National Bancorp IN Trims Stock Position in Reynolds Consumer Products Inc. (NASDAQ:REYN)

OLD National Bancorp IN lessened its holdings in Reynolds Consumer Products Inc. (NASDAQ:REYN) by 44.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 37,532 shares of the company’s stock after selling 30,082 shares during the period. OLD National Bancorp IN’s holdings in Reynolds Consumer Products were worth $1,007,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of REYN. SG Americas Securities LLC lifted its holdings in shares of Reynolds Consumer Products by 109.1% in the third quarter. SG Americas Securities LLC now owns 39,257 shares of the company’s stock valued at $1,006,000 after purchasing an additional 20,487 shares in the last quarter. Oak Thistle LLC purchased a new position in shares of Reynolds Consumer Products during the third quarter valued at approximately $273,000. Eagle Ridge Investment Management lifted its stake in shares of Reynolds Consumer Products by 0.5% during the third quarter. Eagle Ridge Investment Management now owns 373,597 shares of the company’s stock valued at $9,575,000 after buying an additional 2,031 shares during the period. Bank of New York Mellon Corp increased its position in Reynolds Consumer Products by 6.4% during the third quarter. Bank of New York Mellon Corp now owns 595,402 shares of the company’s stock worth $15,260,000 after purchasing an additional 35,595 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Reynolds Consumer Products by 10.4% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,801 shares of the company’s stock worth $328,000 after purchasing an additional 1,210 shares during the last quarter. Hedge funds and other institutional investors own 26.81% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on REYN shares. JPMorgan Chase & Co. upped their target price on shares of Reynolds Consumer Products from $29.00 to $30.00 and gave the company a “neutral” rating in a research note on Thursday, February 8th. TheStreet raised shares of Reynolds Consumer Products from a “c+” rating to a “b-” rating in a report on Thursday, February 1st. Barclays increased their price objective on shares of Reynolds Consumer Products from $27.00 to $28.00 and gave the stock an “equal weight” rating in a report on Friday, April 12th. Royal Bank of Canada reissued a “sector perform” rating and set a $31.00 target price on shares of Reynolds Consumer Products in a research note on Wednesday, March 20th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $30.00 target price on shares of Reynolds Consumer Products in a research note on Wednesday, March 20th. Five equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $29.80.

Reynolds Consumer Products Stock Performance

Shares of REYN opened at $28.63 on Wednesday. The firm’s 50 day moving average is $28.69 and its 200-day moving average is $27.35. The stock has a market capitalization of $6.02 billion, a P/E ratio of 20.16 and a beta of 0.49. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.18 and a quick ratio of 1.08. Reynolds Consumer Products Inc. has a 12-month low of $24.80 and a 12-month high of $30.54.

Reynolds Consumer Products (NASDAQ:REYN) last announced its quarterly earnings data on Wednesday, February 7th. The company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.03. The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Reynolds Consumer Products had a net margin of 7.98% and a return on equity of 15.77%. The business’s revenue was down 7.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.53 EPS. Equities research analysts anticipate that Reynolds Consumer Products Inc. will post 1.61 EPS for the current fiscal year.

Reynolds Consumer Products Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 29th. Shareholders of record on Thursday, February 15th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend was Wednesday, February 14th. Reynolds Consumer Products’s payout ratio is 64.79%.

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.