Mackenzie Financial Corp Acquires New Shares in Reynolds Consumer Products Inc. (NASDAQ:REYN)

Mackenzie Financial Corp purchased a new position in Reynolds Consumer Products Inc. (NASDAQ:REYN - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 28,547 shares of the company's stock, valued at approximately $770,000.

Other institutional investors also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its position in Reynolds Consumer Products by 1.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 13,107,822 shares of the company's stock worth $351,564,000 after purchasing an additional 182,353 shares during the period. Vanguard Group Inc. raised its stake in shares of Reynolds Consumer Products by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 5,843,058 shares of the company's stock worth $157,704,000 after buying an additional 17,756 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Reynolds Consumer Products by 13.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,356,040 shares of the company's stock worth $63,586,000 after acquiring an additional 275,601 shares during the period. Bank of New York Mellon Corp grew its holdings in Reynolds Consumer Products by 13.0% during the fourth quarter. Bank of New York Mellon Corp now owns 1,211,805 shares of the company's stock worth $32,707,000 after acquiring an additional 139,576 shares during the period. Finally, Geode Capital Management LLC raised its position in Reynolds Consumer Products by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 1,072,422 shares of the company's stock worth $28,953,000 after acquiring an additional 26,664 shares in the last quarter. 26.81% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Stifel Nicolaus reduced their price objective on shares of Reynolds Consumer Products from $31.00 to $27.00 and set a "hold" rating for the company in a research report on Thursday, April 10th. Evercore ISI reduced their target price on shares of Reynolds Consumer Products from $33.00 to $30.00 and set an "outperform" rating for the company in a report on Thursday, February 6th. Wall Street Zen raised Reynolds Consumer Products from a "sell" rating to a "hold" rating in a report on Friday, May 30th. JPMorgan Chase & Co. cut their price objective on Reynolds Consumer Products from $26.00 to $24.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Finally, UBS Group decreased their target price on Reynolds Consumer Products from $26.00 to $25.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $28.33.

Reynolds Consumer Products Stock Up 0.9%

NASDAQ:REYN traded up $0.19 during trading hours on Wednesday, hitting $22.09. 477,534 shares of the stock traded hands, compared to its average volume of 648,293. The firm has a 50 day moving average price of $23.11 and a 200 day moving average price of $25.07. The firm has a market cap of $4.65 billion, a price-to-earnings ratio of 13.15 and a beta of 0.61. Reynolds Consumer Products Inc. has a fifty-two week low of $21.49 and a fifty-two week high of $32.65. The company has a current ratio of 2.04, a quick ratio of 0.99 and a debt-to-equity ratio of 0.79.

Reynolds Consumer Products (NASDAQ:REYN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.23 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.23. Reynolds Consumer Products had a return on equity of 17.14% and a net margin of 9.56%. The firm had revenue of $801.00 million during the quarter, compared to the consensus estimate of $821.99 million. During the same period in the prior year, the business earned $0.23 EPS. The business's revenue for the quarter was down 1.8% on a year-over-year basis. Equities research analysts anticipate that Reynolds Consumer Products Inc. will post 1.66 earnings per share for the current year.

Reynolds Consumer Products Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 30th. Shareholders of record on Friday, May 16th were paid a $0.23 dividend. The ex-dividend date of this dividend was Friday, May 16th. This represents a $0.92 annualized dividend and a yield of 4.16%. Reynolds Consumer Products's dividend payout ratio is presently 57.50%.

Insiders Place Their Bets

In related news, CAO Chris Mayrhofer purchased 5,048 shares of the company's stock in a transaction dated Friday, May 30th. The shares were acquired at an average cost of $21.99 per share, with a total value of $111,005.52. Following the completion of the purchase, the chief accounting officer now owns 23,266 shares of the company's stock, valued at $511,619.34. The trade was a 27.71% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Rolf Stangl acquired 2,500 shares of Reynolds Consumer Products stock in a transaction that occurred on Tuesday, May 6th. The shares were purchased at an average cost of $23.22 per share, with a total value of $58,050.00. Following the transaction, the director now owns 19,389 shares of the company's stock, valued at approximately $450,212.58. The trade was a 14.80% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 25,766 shares of company stock worth $572,402 in the last quarter. 0.15% of the stock is currently owned by corporate insiders.

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.