Reynolds Consumer Products (NASDAQ:REYN) Releases Q1 2024 Earnings Guidance

Reynolds Consumer Products (NASDAQ:REYN) issued an update on its first quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 0.210-0.230 for the period, compared to the consensus 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.

Reynolds Consumer Products Price Performance

Shares of NASDAQ:REYN opened at $28.56 on Friday. 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 cap of $6.00 billion, a P/E 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 company has a 50-day moving average price of $28.46 and a 200 day moving average price of $27.00.

Reynolds Consumer Products (NASDAQ:REYN) last announced its quarterly earnings data on Wednesday, February 7th. The company reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.03. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.01 billion. Reynolds Consumer Products had a net margin of 7.98% and a return on equity of 15.77%. The firm’s revenue was down 7.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.53 earnings per share. Research analysts predict that Reynolds Consumer Products will post 1.61 earnings per share for the current year.

Reynolds Consumer Products Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 29th. Investors of record on Thursday, February 15th were given 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 3.22%. Reynolds Consumer Products’s payout ratio is currently 64.79%.

Analyst Ratings Changes

REYN has been the subject of a number of recent analyst reports. Stifel Nicolaus restated a hold rating and issued a $30.00 price objective on shares of Reynolds Consumer Products in a research report on Wednesday, March 20th. Royal Bank of Canada reaffirmed a sector perform rating and issued a $31.00 target price on shares of Reynolds Consumer Products in a report on Wednesday, March 20th. Barclays increased their target price on shares of Reynolds Consumer Products from $25.00 to $27.00 and gave the company an equal weight rating in a report on Tuesday, January 16th. JPMorgan Chase & Co. increased their target price 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. Finally, TheStreet raised shares of Reynolds Consumer Products from a c+ rating to a b- rating in a report on Thursday, February 1st. Seven research analysts have rated the stock with a hold rating, According to MarketBeat.com, Reynolds Consumer Products currently has a consensus rating of Hold and an average target price of $29.29.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. 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. increased its stake 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 purchasing an additional 1,475 shares in the last quarter. International Assets Investment Management LLC increased its stake 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 purchasing an additional 2,012 shares in the last quarter. Lazard Asset Management LLC purchased a new position in shares of Reynolds Consumer Products during the 1st quarter worth approximately $70,000. Finally, Point72 Middle East FZE purchased a new position in shares of Reynolds Consumer Products during the 4th quarter worth approximately $94,000. 26.81% of the stock is 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.