Reynolds Consumer Products (NASDAQ:REYN) Updates FY 2024 Earnings Guidance

Reynolds Consumer Products (NASDAQ:REYN) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 1.570-1.650 for the period, compared to the consensus earnings per share estimate of 1.620. The company issued revenue guidance of $3.5 billion-$3.6 billion, compared to the consensus revenue estimate of $3.6 billion. Reynolds Consumer Products also updated its Q1 2024 guidance to 0.210-0.230 EPS.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Royal Bank of Canada reaffirmed a sector perform rating and issued a $31.00 target price on shares of Reynolds Consumer Products in a research report on Wednesday, March 20th. Stifel Nicolaus reissued a hold rating and set a $30.00 price objective on shares of Reynolds Consumer Products in a research report on Wednesday, March 20th. TheStreet raised shares of Reynolds Consumer Products from a c+ rating to a b- rating in a research report on Thursday, February 1st. JPMorgan Chase & Co. raised their price objective on shares of Reynolds Consumer Products from $29.00 to $30.00 and gave the stock a neutral rating in a research report on Thursday, February 8th. Finally, Barclays raised their price objective on shares of Reynolds Consumer Products from $25.00 to $27.00 and gave the stock an equal weight rating in a research report on Tuesday, January 16th. Seven analysts have rated the stock with a hold rating, According to MarketBeat, Reynolds Consumer Products presently has an average rating of Hold and an average target price of $29.29.

Reynolds Consumer Products Stock Up 1.4 %

Shares of NASDAQ:REYN opened at $28.77 on Thursday. The company has a market cap of $6.05 billion, a price-to-earnings ratio of 20.26 and a beta of 0.50. The firm’s 50-day simple moving average is $28.43 and its 200-day simple moving average is $26.99. The company has a quick ratio of 1.08, a current ratio of 2.18 and a debt-to-equity ratio of 0.92. Reynolds Consumer Products has a fifty-two week low of $24.80 and a fifty-two week high of $30.54.

Reynolds Consumer Products (NASDAQ:REYN) last issued its earnings results on Wednesday, February 7th. The company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.03. The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.01 billion. Reynolds Consumer Products had a net margin of 7.98% and a return on equity of 15.77%. The business’s quarterly revenue was down 7.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.53 earnings per share. As a group, equities research analysts predict that Reynolds Consumer Products will post 1.61 earnings per share for the current year.

Reynolds Consumer Products Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 29th. Investors of record on Thursday, February 15th were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.20%. The ex-dividend date was Wednesday, February 14th. Reynolds Consumer Products’s dividend payout ratio (DPR) is 64.79%.

Institutional Trading of Reynolds Consumer Products

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its stake in shares of Reynolds Consumer Products by 15.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,442 shares of the company’s stock valued at $281,000 after purchasing an additional 1,378 shares during the period. Harbour Investments Inc. lifted its stake in shares of Reynolds Consumer Products by 20.9% in the fourth quarter. Harbour Investments Inc. now owns 2,025 shares of the company’s stock valued at $54,000 after purchasing an additional 350 shares during the period. Public Employees Retirement System of Ohio lifted its stake in shares of Reynolds Consumer Products by 3.2% in the fourth quarter. Public Employees Retirement System of Ohio now owns 23,612 shares of the company’s stock valued at $634,000 after purchasing an additional 722 shares during the period. Virtus Investment Advisers Inc. acquired a new stake in shares of Reynolds Consumer Products in the fourth quarter valued at about $365,000. Finally, Legal & General Group Plc lifted its stake in shares of Reynolds Consumer Products by 4.1% in the fourth quarter. Legal & General Group Plc now owns 56,203 shares of the company’s stock valued at $1,508,000 after purchasing an additional 2,229 shares during the period. Institutional investors and hedge funds own 26.81% of the company’s stock.

About Reynolds Consumer Products

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.