Connor Clark & Lunn Investment Management Ltd. Sells 78,780 Shares of Reynolds Consumer Products Inc. (NASDAQ:REYN)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Reynolds Consumer Products Inc. by 23.5%, selling 78,780 shares, and now owns approximately 0.12% of the company worth about $6.1 million.
• Reynolds Consumer Products announced a quarterly dividend of $0.23 per share, with a yield of 4.1%, set to be paid on August 29th.
• Several analysts revised their price targets for Reynolds Consumer Products, with Royal Bank of Canada and Truist Financial both setting a target price of $30 amid a consensus rating of "Hold" on the stock.

Connor Clark & Lunn Investment Management Ltd. cut its holdings in Reynolds Consumer Products Inc. (NASDAQ:REYN - Free Report) by 23.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 255,755 shares of the company's stock after selling 78,780 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.12% of Reynolds Consumer Products worth $6,102,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its stake in shares of Reynolds Consumer Products by 38.1% in the 1st quarter. Versant Capital Management Inc now owns 2,543 shares of the company's stock valued at $61,000 after acquiring an additional 701 shares in the last quarter. Quarry LP boosted its holdings in Reynolds Consumer Products by 187.0% in the fourth quarter. Quarry LP now owns 2,531 shares of the company's stock worth $68,000 after acquiring an additional 1,649 shares in the last quarter. Deutsche Bank AG raised its position in shares of Reynolds Consumer Products by 35.8% during the fourth quarter. Deutsche Bank AG now owns 7,247 shares of the company's stock worth $196,000 after purchasing an additional 1,910 shares during the period. Ariel Investments LLC raised its position in shares of Reynolds Consumer Products by 6.1% during the fourth quarter. Ariel Investments LLC now owns 7,446 shares of the company's stock worth $201,000 after purchasing an additional 426 shares during the period. Finally, OMERS ADMINISTRATION Corp acquired a new position in shares of Reynolds Consumer Products during the fourth quarter worth approximately $211,000. 26.81% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Reynolds Consumer Products

In other news, Director Rolf Stangl purchased 4,500 shares of the business's stock in a transaction dated Friday, June 20th. The stock was bought at an average price of $21.24 per share, for a total transaction of $95,580.00. Following the purchase, the director owned 30,889 shares of the company's stock, valued at $656,082.36. The trade was a 17.05% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Chris Mayrhofer purchased 18,218 shares of the business's stock in a transaction dated Thursday, May 29th. The shares were purchased at an average price of $22.14 per share, with a total value of $403,346.52. Following the purchase, the chief accounting officer directly owned 18,218 shares in the company, valued at $403,346.52. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 32,266 shares of company stock valued at $707,582 in the last quarter. 0.15% of the stock is owned by corporate insiders.

Reynolds Consumer Products Stock Performance

NASDAQ:REYN traded down $0.56 during trading on Friday, reaching $22.58. The company's stock had a trading volume of 878,237 shares, compared to its average volume of 1,324,448. The firm has a market cap of $4.75 billion, a price-to-earnings ratio of 15.15 and a beta of 0.58. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.75 and a current ratio of 1.85. The firm has a 50 day moving average of $21.88 and a 200-day moving average of $23.06. Reynolds Consumer Products Inc. has a 12 month low of $20.91 and a 12 month high of $32.65.

Reynolds Consumer Products (NASDAQ:REYN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. The firm had revenue of $938.00 million during the quarter, compared to the consensus estimate of $899.05 million. Reynolds Consumer Products had a return on equity of 16.00% and a net margin of 8.44%. The business's revenue for the quarter was up .9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.46 EPS. Research analysts expect that Reynolds Consumer Products Inc. will post 1.66 EPS for the current fiscal year.

Reynolds Consumer Products Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be paid a dividend of $0.23 per share. The ex-dividend date is Friday, August 15th. This represents a $0.92 annualized dividend and a dividend yield of 4.1%. Reynolds Consumer Products's dividend payout ratio is presently 61.74%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $30.00 target price on shares of Reynolds Consumer Products in a research report on Monday, April 28th. Barclays upped their target price on Reynolds Consumer Products from $21.00 to $22.00 and gave the stock an "equal weight" rating in a research report on Friday, August 1st. Truist Financial lowered their target price on Reynolds Consumer Products from $35.00 to $30.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. UBS Group increased their price target on Reynolds Consumer Products from $23.00 to $25.00 and gave the company a "neutral" rating in a research report on Thursday, July 31st. Finally, Wall Street Zen raised Reynolds Consumer Products from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Seven investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $28.00.

Reynolds Consumer Products Company 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.