Victory Capital Management Inc. Buys 163,977 Shares of Reynolds Consumer Products Inc. (NASDAQ:REYN)

Key Points

• Victory Capital Management Inc. significantly increased its stake in Reynolds Consumer Products Inc., purchasing 163,977 shares and lifting its position by 842.2%, bringing its total holdings to 183,448 shares valued at approximately $4.37 million.
• Insider transactions include CAO Chris Mayrhofer and Director Rolf Stangl buying shares, indicating confidence in the company's performance, with Mayrhofer increasing their position by 27.71% and Stangl by 17.05%.
• Wall Street analysts have mixed ratings on Reynolds Consumer Products, with seven analysts rating the stock as a "hold" and three as a "buy," while the consensus price target is set at $27.67.

Victory Capital Management Inc. lifted its position in Reynolds Consumer Products Inc. (NASDAQ:REYN - Free Report) by 842.2% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 183,448 shares of the company's stock after purchasing an additional 163,977 shares during the period. Victory Capital Management Inc. owned about 0.09% of Reynolds Consumer Products worth $4,377,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in REYN. Raymond James Financial Inc. bought a new stake in Reynolds Consumer Products in the 4th quarter worth $528,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Reynolds Consumer Products during the fourth quarter worth about $364,000. LPL Financial LLC grew its stake in shares of Reynolds Consumer Products by 38.3% in the fourth quarter. LPL Financial LLC now owns 41,841 shares of the company's stock worth $1,129,000 after purchasing an additional 11,582 shares during the last quarter. Vanguard Group Inc. increased its holdings in Reynolds Consumer Products by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 5,843,058 shares of the company's stock valued at $157,704,000 after purchasing an additional 17,756 shares during the period. Finally, Norges Bank bought a new position in Reynolds Consumer Products during the 4th quarter valued at approximately $17,964,000. 26.81% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Reynolds Consumer Products

In related news, Director Rolf Stangl bought 4,500 shares of the business's stock in a transaction on Friday, June 20th. The stock was acquired at an average price of $21.24 per share, with a total value of $95,580.00. Following the transaction, the director owned 30,889 shares in the company, valued at approximately $656,082.36. This trade represents a 17.05% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Chris Mayrhofer bought 5,048 shares of the company's stock in a transaction on Friday, May 30th. The stock was purchased at an average cost of $21.99 per share, for a total transaction of $111,005.52. Following the completion of the transaction, the chief accounting officer directly owned 23,266 shares of the company's stock, valued at approximately $511,619.34. The trade was a 27.71% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 34,766 shares of company stock valued at $765,632 in the last three months. 0.15% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on REYN shares. JPMorgan Chase & Co. cut their price objective on Reynolds Consumer Products from $26.00 to $24.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. Truist Financial dropped their price target on Reynolds Consumer Products from $35.00 to $30.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Barclays decreased their price objective on shares of Reynolds Consumer Products from $22.00 to $21.00 and set an "equal weight" rating for the company in a report on Tuesday, July 15th. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $30.00 target price on shares of Reynolds Consumer Products in a research report on Monday, April 28th. Finally, Wall Street Zen upgraded shares of Reynolds Consumer Products from a "sell" rating to a "hold" rating in a research report on Friday, May 30th. Seven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Reynolds Consumer Products presently has an average rating of "Hold" and a consensus price target of $27.67.

Reynolds Consumer Products Stock Down 1.9%

REYN traded down $0.41 during midday trading on Monday, reaching $21.75. The company's stock had a trading volume of 1,075,485 shares, compared to its average volume of 931,147. Reynolds Consumer Products Inc. has a 1 year low of $20.91 and a 1 year high of $32.65. The stock's 50-day moving average is $21.80 and its 200-day moving average is $23.52. The firm has a market capitalization of $4.57 billion, a price-to-earnings ratio of 13.59 and a beta of 0.57. The company has a current ratio of 1.80, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76.

Reynolds Consumer Products (NASDAQ:REYN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.23 earnings per share for the quarter, hitting the consensus estimate of $0.23. The company had revenue of $801.00 million for the quarter, compared to the consensus estimate of $821.99 million. Reynolds Consumer Products had a return on equity of 16.87% and a net margin of 9.11%. The firm's quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.23 EPS. As a group, research analysts expect that Reynolds Consumer Products Inc. will post 1.66 EPS for the current 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 issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 4.23%. The ex-dividend date of this dividend is Friday, August 15th. Reynolds Consumer Products's payout ratio is 57.50%.

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.