Reynolds Consumer Products (NASDAQ:REYN) Updates 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.

Analysts Set New Price Targets

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

Reynolds Consumer Products Stock Up 1.4 %

Shares of Reynolds Consumer Products stock opened at $28.77 on Thursday. Reynolds Consumer Products has a 52-week low of $24.80 and a 52-week high of $30.54. The company has a 50 day moving average of $28.43 and a 200 day moving average of $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. The company has a market capitalization of $6.05 billion, a P/E ratio of 20.26 and a beta of 0.50.

Reynolds Consumer Products (NASDAQ:REYN) last issued its quarterly 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 net margin of 7.98% and a return on equity of 15.77%. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the previous year, the firm earned $0.53 earnings per share. The firm’s quarterly revenue was down 7.5% on a year-over-year basis. As a group, research analysts forecast that Reynolds Consumer Products will post 1.61 EPS for the current fiscal year.

Reynolds Consumer Products Dividend Announcement

The company also recently declared 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 3.20%. Reynolds Consumer Products’s dividend payout ratio is currently 64.79%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. MetLife Investment Management LLC purchased a new position in Reynolds Consumer Products in the first quarter worth approximately $32,000. Harbour Investments Inc. lifted its position in shares of Reynolds Consumer Products by 737.5% during the 4th quarter. Harbour Investments Inc. now owns 1,675 shares of the company’s stock worth $50,000 after buying an additional 1,475 shares during the last quarter. International Assets Investment Management LLC lifted its position in shares of Reynolds Consumer Products by 467.9% during the 4th quarter. International Assets Investment Management LLC now owns 2,442 shares of the company’s stock worth $66,000 after buying an additional 2,012 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in shares of Reynolds Consumer Products during the 1st quarter worth approximately $70,000. Finally, Point72 Middle East FZE purchased a new stake in shares of Reynolds Consumer Products during the 4th quarter worth approximately $94,000. Hedge funds and other institutional investors 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.