Reynolds Consumer Products (NASDAQ:REYN) Releases Q1 2024 Earnings Guidance

Reynolds Consumer Products (NASDAQ:REYN) updated its first quarter 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 0.210-0.230 for the period, compared to the consensus earnings per share estimate of 0.220. The company issued revenue guidance of $795.0 million-$820.0 million, compared to the consensus revenue estimate of $813.8 million. Reynolds Consumer Products also updated its FY 2024 guidance to 1.570-1.650 EPS.

Analyst Upgrades and Downgrades

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

Reynolds Consumer Products Trading Up 1.4 %

Reynolds Consumer Products stock opened at $28.77 on Thursday. The firm’s 50 day moving average price is $28.43 and its 200-day moving average price is $26.99. Reynolds Consumer Products has a 1 year low of $24.80 and a 1 year high of $30.54. The stock has a market cap of $6.05 billion, a P/E ratio of 20.26 and a beta of 0.50. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.18 and a quick ratio of 1.08.

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

Reynolds Consumer Products Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 29th. Stockholders of record on Thursday, February 15th were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date of this dividend was Wednesday, February 14th. Reynolds Consumer Products’s dividend payout ratio is currently 64.79%.

Institutional Trading of Reynolds Consumer Products

A number of large investors have recently made changes to their positions in the stock. Harbour Investments Inc. boosted its stake in shares of Reynolds Consumer Products by 20.9% during 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. Wellington Management Group LLP lifted its stake in Reynolds Consumer Products by 0.5% in the first quarter. Wellington Management Group LLP now owns 72,987 shares of the company’s stock worth $2,141,000 after acquiring an additional 374 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Reynolds Consumer Products by 7.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,430 shares of the company’s stock worth $232,000 after acquiring an additional 561 shares during the period. Public Employees Retirement System of Ohio lifted its stake in Reynolds Consumer Products by 2.4% in the third quarter. Public Employees Retirement System of Ohio now owns 28,608 shares of the company’s stock worth $744,000 after acquiring an additional 662 shares during the period. Finally, SRS Capital Advisors Inc. lifted its stake in Reynolds Consumer Products by 23.0% in the second quarter. SRS Capital Advisors Inc. now owns 4,089 shares of the company’s stock worth $116,000 after acquiring an additional 765 shares during the period. 26.81% of the stock is owned by hedge funds and other institutional investors.

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.