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

Reynolds Consumer Products (NASDAQ:REYN) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 1.570-1.650 for the period, compared to the consensus 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 Ratings Changes

REYN has been the subject of a number of recent research reports. Royal Bank of Canada reiterated a sector perform rating and issued a $31.00 price objective on shares of Reynolds Consumer Products in a report on Wednesday, March 20th. TheStreet raised shares of Reynolds Consumer Products from a c+ rating to a b- rating in a research note on Thursday, February 1st. JPMorgan Chase & Co. upped their target price 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. Barclays increased their price objective on shares of Reynolds Consumer Products from $25.00 to $27.00 and gave the company an equal weight rating in a report on Tuesday, January 16th. Finally, Stifel Nicolaus reaffirmed a hold rating and issued a $30.00 target price on shares of Reynolds Consumer Products in a research note on Wednesday, March 20th. Seven research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $29.29.

Reynolds Consumer Products Stock Performance

REYN opened at $28.56 on Friday. The company has a current ratio of 2.18, a quick ratio of 1.08 and a debt-to-equity ratio of 0.92. The company’s fifty day moving average price is $28.46 and its two-hundred day moving average price is $27.00. The company has a market cap of $6.00 billion, a price-to-earnings ratio of 20.11 and a beta of 0.50. Reynolds Consumer Products has a 1-year low of $24.80 and a 1-year high of $30.54.

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

Reynolds Consumer Products Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 29th. Investors of record on Thursday, February 15th were paid a $0.23 dividend. The ex-dividend date was Wednesday, February 14th. This represents a $0.92 dividend on an annualized basis and a yield of 3.22%. Reynolds Consumer Products’s dividend payout ratio is presently 64.79%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of Reynolds Consumer Products by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 5,633,309 shares of the company’s stock worth $151,198,000 after purchasing an additional 25,597 shares during the period. First Trust Advisors LP lifted its holdings in Reynolds Consumer Products by 5.9% in the first quarter. First Trust Advisors LP now owns 2,805,066 shares of the company’s stock worth $77,139,000 after buying an additional 155,206 shares during the period. BlackRock Inc. lifted its holdings in Reynolds Consumer Products by 0.5% in the second quarter. BlackRock Inc. now owns 2,570,003 shares of the company’s stock worth $72,603,000 after buying an additional 13,347 shares during the period. State Street Corp lifted its holdings in Reynolds Consumer Products by 3.3% in the first quarter. State Street Corp now owns 958,125 shares of the company’s stock worth $26,348,000 after buying an additional 30,914 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Reynolds Consumer Products by 6.0% during the first quarter. Geode Capital Management LLC now owns 952,880 shares of the company’s stock valued at $26,204,000 after purchasing an additional 53,536 shares in the last quarter. 26.81% of the stock is owned by 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.