Reynolds Consumer Products (NASDAQ:REYN) Updates Q4 Earnings Guidance

Reynolds Consumer Products (NASDAQ:REYN) issued an update on its fourth quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.56-0.60 for the period, compared to the consensus earnings per share estimate of $0.58. The company issued revenue guidance of $945-985 million, compared to the consensus revenue estimate of $977.17 million. Reynolds Consumer Products also updated its FY 2024 guidance to 1.660-1.700 EPS.

Reynolds Consumer Products Stock Down 6.4 %

Shares of NASDAQ:REYN traded down $1.88 during midday trading on Wednesday, reaching $27.64. 47,025 shares of the company were exchanged, compared to its average volume of 559,215. Reynolds Consumer Products has a fifty-two week low of $25.08 and a fifty-two week high of $32.65. The company has a quick ratio of 1.01, a current ratio of 2.13 and a debt-to-equity ratio of 0.87. The stock has a fifty day simple moving average of $30.84 and a two-hundred day simple moving average of $29.23. The firm has a market cap of $5.81 billion, a PE ratio of 18.80 and a beta of 0.48.

Reynolds Consumer Products (NASDAQ:REYN) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.02. Reynolds Consumer Products had a net margin of 9.74% and a return on equity of 18.27%. The business had revenue of $930.00 million for the quarter, compared to analyst estimates of $890.71 million. During the same period last year, the business posted $0.32 earnings per share. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. As a group, sell-side analysts forecast that Reynolds Consumer Products will post 1.7 earnings per share for the current year.

Reynolds Consumer Products Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be paid a $0.23 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.92 annualized dividend and a yield of 3.33%. Reynolds Consumer Products’s payout ratio is currently 58.60%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on REYN shares. Royal Bank of Canada lifted their price target on shares of Reynolds Consumer Products from $31.00 to $32.00 and gave the company a “sector perform” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. lifted their price objective on shares of Reynolds Consumer Products from $29.00 to $33.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Barclays lifted their price objective on shares of Reynolds Consumer Products from $28.00 to $29.00 and gave the company an “equal weight” rating in a research report on Thursday, August 8th. Canaccord Genuity Group lifted their price objective on shares of Reynolds Consumer Products from $30.00 to $32.00 and gave the company a “hold” rating in a research report on Thursday, August 8th. Finally, Jefferies Financial Group initiated coverage on shares of Reynolds Consumer Products in a research report on Thursday, August 29th. They issued a “buy” rating and a $38.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Reynolds Consumer Products currently has a consensus rating of “Hold” and an average target price of $32.33.

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.