Advisory Services Network LLC lowered its stake in Reynolds American Inc. (NYSE:RAI) by 7.9% during the second quarter, Holdings Channel reports. The fund owned 6,534 shares of the company’s stock after selling 561 shares during the period. Advisory Services Network LLC’s holdings in Reynolds American were worth $352,000 as of its most recent filing with the SEC.
A number of other large investors have also recently made changes to their positions in the company. Gargoyle Investment Advisor L.L.C. purchased a new stake in shares of Reynolds American during the second quarter valued at approximately $2,728,000. ING Groep NV boosted its position in Reynolds American by 3.4% in the second quarter. ING Groep NV now owns 297,887 shares of the company’s stock valued at $16,062,000 after buying an additional 9,731 shares in the last quarter. First Midwest Bank Trust Division boosted its position in Reynolds American by 12.2% in the second quarter. First Midwest Bank Trust Division now owns 12,418 shares of the company’s stock valued at $670,000 after buying an additional 1,350 shares in the last quarter. Aviance Capital Management LLC boosted its position in Reynolds American by 30.1% in the second quarter. Aviance Capital Management LLC now owns 549,100 shares of the company’s stock valued at $29,613,000 after buying an additional 127,031 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. boosted its position in Reynolds American by 0.3% in the second quarter. Candriam Luxembourg S.C.A. now owns 99,600 shares of the company’s stock valued at $5,372,000 after buying an additional 295 shares in the last quarter. 46.92% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Reynolds American Inc. (NYSE:RAI) traded up 0.06% during midday trading on Friday, reaching $46.64. 4,684,767 shares of the company were exchanged. The company has a market capitalization of $66.57 billion, a P/E ratio of 12.58 and a beta of 0.40. Reynolds American Inc. has a 52-week low of $44.06 and a 52-week high of $54.48. The stock has a 50-day moving average price of $48.71 and a 200 day moving average price of $50.12.
Reynolds American (NYSE:RAI) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $0.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by $0.03. Reynolds American had a net margin of 42.97% and a return on equity of 15.24%. The business earned $3.20 billion during the quarter, compared to analyst estimates of $3.26 billion. During the same quarter in the prior year, the company earned $1.02 earnings per share. The company’s quarterly revenue was up 33.0% on a year-over-year basis. Equities research analysts expect that Reynolds American Inc. will post $2.32 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Monday, September 12th were issued a $0.46 dividend. This is a positive change from Reynolds American’s previous quarterly dividend of $0.42. This represents a $1.84 annualized dividend and a yield of 3.95%. The ex-dividend date was Thursday, September 8th. Reynolds American’s dividend payout ratio is currently 49.73%.
Several research firms have issued reports on RAI. Zacks Investment Research cut Reynolds American from a “buy” rating to a “hold” rating in a report on Tuesday, July 19th. Goldman Sachs Group Inc. reaffirmed a “buy” rating and issued a $57.00 price target (up previously from $55.00) on shares of Reynolds American in a report on Friday, July 15th. Berenberg Bank began coverage on Reynolds American in a report on Tuesday, June 14th. They issued a “hold” rating and a $54.00 price target on the stock. Cowen and Company reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Reynolds American in a report on Tuesday, August 16th. Finally, Vetr raised Reynolds American from a “buy” rating to a “strong-buy” rating and set a $56.12 price target on the stock in a report on Thursday, September 8th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $55.86.
In related news, major shareholder American Tobacco P.L.C British sold 660,385 shares of the stock in a transaction that occurred on Wednesday, September 28th. The shares were sold at an average price of $48.03, for a total value of $31,718,291.55. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.11% of the stock is currently owned by corporate insiders.
About Reynolds American
Reynolds American Inc (RAI) is a holding company. The Company’s segments are RJR Tobacco, Santa Fe and American Snuff. The RJR Tobacco segment consists principally of the primary operations of R. J. Reynolds Tobacco Company. The Santa Fe segment consists of the domestic operations of Santa Fe Natural Tobacco Company, Inc (SFNTC).
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