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

Reynolds Consumer Products (NASDAQ:REYN) issued an update on its FY 2024 earnings guidance on Thursday morning. 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.

Reynolds Consumer Products Stock Down 0.7 %

Reynolds Consumer Products stock opened at $28.56 on Friday. The firm 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 52 week low of $24.80 and a 52 week high of $30.54. The business’s 50-day moving average price is $28.46 and its 200 day moving average price is $27.00. 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 (NASDAQ:REYN) last posted its earnings results on Wednesday, February 7th. The company reported $0.65 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 analyst estimates of $1.01 billion. Reynolds Consumer Products had a return on equity of 15.77% and a net margin of 7.98%. Reynolds Consumer Products’s revenue for the quarter was down 7.5% compared to the same quarter last year. During the same period last year, the company earned $0.53 earnings per share. As a group, sell-side analysts anticipate that Reynolds Consumer Products will post 1.61 earnings per share for the current year.

Reynolds Consumer Products Dividend Announcement

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

Analyst Upgrades and Downgrades

REYN has been the topic of several research analyst reports. Royal Bank of Canada reissued a sector perform rating and issued a $31.00 price objective on shares of Reynolds Consumer Products in a report on Wednesday, March 20th. 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 research note on Tuesday, January 16th. TheStreet raised Reynolds Consumer Products from a c+ rating to a b- rating in a research note on Thursday, February 1st. JPMorgan Chase & Co. upped their price objective on 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, Stifel Nicolaus reaffirmed a hold rating and set a $30.00 price objective on shares of Reynolds Consumer Products in a research report on Wednesday, March 20th. Seven research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $29.29.

Institutional Trading of Reynolds Consumer Products

A number of large investors have recently made changes to their positions in the company. MetLife Investment Management LLC purchased a new position in shares of Reynolds Consumer Products during the 1st quarter worth approximately $32,000. Harbour Investments Inc. grew its holdings in Reynolds Consumer Products by 737.5% during the 4th quarter. Harbour Investments Inc. now owns 1,675 shares of the company’s stock valued at $50,000 after buying an additional 1,475 shares during the last quarter. International Assets Investment Management LLC raised its stake in Reynolds Consumer Products by 467.9% during the fourth quarter. International Assets Investment Management LLC now owns 2,442 shares of the company’s stock worth $66,000 after purchasing an additional 2,012 shares during the period. Lazard Asset Management LLC purchased a new position in Reynolds Consumer Products during the first quarter worth approximately $70,000. Finally, Point72 Middle East FZE purchased a new position in Reynolds Consumer Products during the fourth quarter worth approximately $94,000. 26.81% of the stock is owned by institutional investors and hedge funds.

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.