Reynolds Consumer Products (NASDAQ:REYN) Updates FY24 Earnings Guidance

Reynolds Consumer Products (NASDAQ:REYN) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $1.65-1.71 for the period, compared to the consensus earnings per share estimate of $1.67. The company issued revenue guidance of $3.59-3.67 billion, compared to the consensus revenue estimate of $3.61 billion. Reynolds Consumer Products also updated its Q3 guidance to $0.39-0.43 EPS.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Canaccord Genuity Group boosted their target price on Reynolds Consumer Products from $29.00 to $30.00 and gave the company a hold rating in a research report on Thursday, May 9th. JPMorgan Chase & Co. cut their target price on Reynolds Consumer Products from $30.00 to $29.00 and set a neutral rating on the stock in a research report on Monday, July 22nd. Finally, Barclays cut their target price on Reynolds Consumer Products from $29.00 to $28.00 and set an equal weight rating on the stock in a research report on Friday, July 19th. Six investment analysts have rated the stock with a hold rating, According to data from MarketBeat, Reynolds Consumer Products presently has an average rating of Hold and an average price target of $29.67.

Reynolds Consumer Products Stock Up 6.9 %

Shares of NASDAQ REYN traded up $1.97 during mid-day trading on Wednesday, reaching $30.54. 111,129 shares of the company were exchanged, compared to its average volume of 528,519. The company has a quick ratio of 1.01, a current ratio of 2.11 and a debt-to-equity ratio of 0.92. The stock has a market cap of $6.42 billion, a price-to-earnings ratio of 18.20 and a beta of 0.47. Reynolds Consumer Products has a 1 year low of $24.80 and a 1 year high of $30.54. The firm has a 50-day moving average of $27.82 and a 200 day moving average of $28.28.

Reynolds Consumer Products (NASDAQ:REYN) last issued its quarterly earnings data on Wednesday, May 8th. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.01. Reynolds Consumer Products had a return on equity of 17.09% and a net margin of 8.88%. The firm had revenue of $833.00 million during the quarter, compared to analysts’ expectations of $814.92 million. During the same period in the prior year, the business posted $0.08 EPS. The firm’s quarterly revenue was down 4.7% on a year-over-year basis. On average, research analysts expect that Reynolds Consumer Products will post 1.66 earnings per share for the current year.

Reynolds Consumer Products Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 3.01%. The ex-dividend date of this dividend is Friday, August 16th. Reynolds Consumer Products’s dividend payout ratio is currently 58.60%.

Reynolds Consumer Products Company Profile

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.