State of New Jersey Common Pension Fund D Invests $2.22 Million in Reynolds Consumer Products Inc. (NASDAQ:REYN)

Posted by on Apr 27th, 2023

State of New Jersey Common Pension Fund D purchased a new position in Reynolds Consumer Products Inc. (NASDAQ:REYN – Get Rating) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 73,970 shares of the company’s stock, valued at approximately $2,218,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC boosted its holdings in Reynolds Consumer Products by 1.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 12,775,347 shares of the company’s stock worth $332,285,000 after acquiring an additional 176,453 shares during the period. Vanguard Group Inc. boosted its holdings in Reynolds Consumer Products by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 5,483,449 shares of the company’s stock worth $142,624,000 after acquiring an additional 123,883 shares during the period. First Trust Advisors LP boosted its holdings in Reynolds Consumer Products by 270.6% in the 3rd quarter. First Trust Advisors LP now owns 2,478,163 shares of the company’s stock worth $64,457,000 after acquiring an additional 1,809,434 shares during the period. BlackRock Inc. boosted its holdings in Reynolds Consumer Products by 1.3% in the 3rd quarter. BlackRock Inc. now owns 2,434,504 shares of the company’s stock worth $63,323,000 after acquiring an additional 30,966 shares during the period. Finally, State Street Corp boosted its holdings in Reynolds Consumer Products by 4.9% in the 3rd quarter. State Street Corp now owns 870,025 shares of the company’s stock worth $22,629,000 after acquiring an additional 40,553 shares during the period. Hedge funds and other institutional investors own 29.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on REYN. TheStreet cut Reynolds Consumer Products from a “b” rating to a “c+” rating in a report on Monday, February 6th. Royal Bank of Canada cut their target price on Reynolds Consumer Products from $30.00 to $29.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 9th. Credit Suisse Group lowered Reynolds Consumer Products from an “outperform” rating to a “neutral” rating and cut their target price for the company from $33.00 to $32.00 in a research report on Tuesday, January 17th. UBS Group upped their target price on Reynolds Consumer Products from $28.00 to $29.00 and gave the company a “neutral” rating in a research report on Thursday, April 6th. Finally, Barclays cut their target price on Reynolds Consumer Products from $29.00 to $28.00 and set an “equal weight” rating on the stock in a research report on Friday, April 14th. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Reynolds Consumer Products currently has a consensus rating of “Hold” and an average target price of $29.86.

Reynolds Consumer Products Stock Performance

REYN stock opened at $27.50 on Thursday. The company has a current ratio of 2.36, a quick ratio of 0.91 and a debt-to-equity ratio of 1.11. The firm has a market cap of $5.77 billion, a P/E ratio of 22.18 and a beta of 0.47. Reynolds Consumer Products Inc. has a 12-month low of $24.54 and a 12-month high of $32.50. The stock’s 50 day simple moving average is $27.31 and its 200 day simple moving average is $29.06.

Reynolds Consumer Products (NASDAQ:REYN – Get Rating) last issued its quarterly earnings data on Wednesday, February 8th. The company reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.04). The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.11 billion. Reynolds Consumer Products had a return on equity of 14.98% and a net margin of 6.83%. Reynolds Consumer Products’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.51 earnings per share. As a group, equities research analysts predict that Reynolds Consumer Products Inc. will post 1.34 EPS for the current year.

Reynolds Consumer Products Profile

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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 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 E-Z Foil brands in the United States, as well as under the ALCAN brand in Canada and under the Diamond brand internationally.

See Also

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Institutional Ownership by Quarter for Reynolds Consumer Products (NASDAQ:REYN)

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