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

Reynolds Consumer Products (NASDAQ:REYN) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 1.570-1.650 for the period, compared to the consensus EPS 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.

Analysts Set New Price Targets

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

Reynolds Consumer Products Price Performance

NASDAQ REYN opened at $28.77 on Thursday. Reynolds Consumer Products has a 1 year low of $24.80 and a 1 year high of $30.54. The business’s fifty day moving average is $28.40 and its two-hundred day moving average is $26.98. The stock has a market capitalization 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 quick ratio of 1.08 and a current ratio of 2.18.

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

Reynolds Consumer Products Dividend Announcement

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in REYN. Raymond James & Associates raised its holdings in shares of Reynolds Consumer Products by 7.1% during the first quarter. Raymond James & Associates now owns 64,637 shares of the company’s stock valued at $1,896,000 after acquiring an additional 4,280 shares during the period. Bank of New York Mellon Corp grew its position in Reynolds Consumer Products by 6.2% during the 1st quarter. Bank of New York Mellon Corp now owns 675,785 shares of the company’s stock worth $19,827,000 after purchasing an additional 39,307 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Reynolds Consumer Products by 784.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 10,212 shares of the company’s stock worth $299,000 after purchasing an additional 9,057 shares in the last quarter. MetLife Investment Management LLC acquired a new stake in Reynolds Consumer Products during the 1st quarter valued at $32,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Reynolds Consumer Products by 43.9% in the first quarter. Dimensional Fund Advisors LP now owns 354,374 shares of the company’s stock valued at $10,394,000 after purchasing an additional 108,130 shares in the last quarter. 26.81% of the stock is currently owned by institutional investors and hedge funds.

Reynolds Consumer Products Company Profile

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.