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.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on REYN shares. JPMorgan Chase & Co. raised their price target on 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 raised Reynolds Consumer Products from a c+ rating to a b- rating in a report on Thursday, February 1st. Stifel Nicolaus reaffirmed a hold rating and set a $30.00 target price on shares of Reynolds Consumer Products in a report on Wednesday, March 20th. Barclays lifted 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. Finally, Royal Bank of Canada reaffirmed a sector perform rating and set a $31.00 target price on shares of Reynolds Consumer Products in a report on Wednesday, March 20th. Six research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $29.50.

Reynolds Consumer Products Stock Down 0.7 %

Reynolds Consumer Products stock opened at $28.56 on Friday. 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 has a 12 month low of $24.80 and a 12 month high of $30.54. The stock has a market capitalization of $6.00 billion, a PE ratio of 20.11 and a beta of 0.50. The business has a 50 day simple moving average of $28.49 and a 200-day simple moving average of $27.03.

Reynolds Consumer Products (NASDAQ:REYN) last announced its earnings results on Wednesday, February 7th. The company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.03. The company 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%. The firm’s quarterly revenue was down 7.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.53 earnings per share. On average, analysts anticipate that Reynolds Consumer Products will post 1.61 EPS for the current fiscal year.

Reynolds Consumer Products Dividend Announcement

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

Hedge Funds Weigh In On Reynolds Consumer Products

A number of hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD grew its position in shares of Reynolds Consumer Products by 15.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,442 shares of the company’s stock worth $281,000 after acquiring an additional 1,378 shares during the last quarter. Harbour Investments Inc. raised its stake in shares of Reynolds Consumer Products by 20.9% during the 4th quarter. Harbour Investments Inc. now owns 2,025 shares of the company’s stock worth $54,000 after buying an additional 350 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of Reynolds Consumer Products by 3.2% during the 4th quarter. Public Employees Retirement System of Ohio now owns 23,612 shares of the company’s stock worth $634,000 after buying an additional 722 shares during the last quarter. Virtus Investment Advisers Inc. purchased a new stake in Reynolds Consumer Products during the 4th quarter worth about $365,000. Finally, Legal & General Group Plc grew its holdings in Reynolds Consumer Products by 4.1% in the 4th quarter. Legal & General Group Plc now owns 56,203 shares of the company’s stock valued at $1,508,000 after buying an additional 2,229 shares during the period. 26.81% of the stock is currently 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.