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 guidance of 1.570-1.650 for the period, compared to the consensus earnings per share 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 Performance

REYN opened at $28.77 on Thursday. Reynolds Consumer Products has a 12-month low of $24.80 and a 12-month high of $30.54. The stock has a market cap of $6.05 billion, a price-to-earnings ratio of 20.26 and a beta of 0.50. The business 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.

Reynolds Consumer Products (NASDAQ:REYN) last released its quarterly earnings data 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. Reynolds Consumer Products had a return on equity of 15.77% and a net margin of 7.98%. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same period last year, the firm posted $0.53 earnings per share. The business’s revenue was down 7.5% on a year-over-year basis. On average, equities research analysts expect that Reynolds Consumer Products will post 1.61 earnings per share for the current year.

Reynolds Consumer Products Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 29th. Stockholders of record on Thursday, February 15th were paid a dividend of $0.23 per share. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.20%. Reynolds Consumer Products’s dividend payout ratio (DPR) is currently 64.79%.

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Reynolds Consumer Products

A number of institutional investors have recently made changes to their positions in REYN. Sei Investments Co. grew its position in shares of Reynolds Consumer Products by 1,300.8% in the 1st quarter. Sei Investments Co. now owns 426,887 shares of the company’s stock valued at $11,740,000 after buying an additional 396,413 shares during the last quarter. Marshall Wace LLP grew its position in shares of Reynolds Consumer Products by 1,006.4% in the 4th quarter. Marshall Wace LLP now owns 324,953 shares of the company’s stock valued at $9,742,000 after buying an additional 295,584 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Reynolds Consumer Products by 94.8% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 489,769 shares of the company’s stock valued at $12,553,000 after buying an additional 238,363 shares during the last quarter. Millennium Management LLC boosted its position in shares of Reynolds Consumer Products by 797.5% during the 2nd quarter. Millennium Management LLC now owns 181,472 shares of the company’s stock valued at $4,949,000 after purchasing an additional 161,253 shares in the last quarter. Finally, Balyasny Asset Management L.P. bought a new stake in shares of Reynolds Consumer Products during the 1st quarter valued at about $4,380,000. 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.