Reynolds Consumer Products Inc. (NASDAQ:REYN) Plans $0.23 Quarterly Dividend

Reynolds Consumer Products Inc. (NASDAQ:REYN) announced a quarterly dividend on Thursday, October 24th, Zacks reports. Shareholders of record on Friday, November 15th will be paid a dividend of 0.23 per share on Friday, November 29th. This represents a $0.92 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date of this dividend is Friday, November 15th.

Reynolds Consumer Products has raised its dividend by an average of 16.0% per year over the last three years. Reynolds Consumer Products has a dividend payout ratio of 51.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Reynolds Consumer Products to earn $1.79 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 51.4%.

Reynolds Consumer Products Stock Down 1.1 %

Shares of Reynolds Consumer Products stock traded down $0.32 during trading hours on Friday, reaching $29.81. The company’s stock had a trading volume of 302,839 shares, compared to its average volume of 562,625. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.01 and a current ratio of 2.13. The stock’s fifty day simple moving average is $30.87 and its two-hundred day simple moving average is $29.21. The company has a market capitalization of $6.26 billion, a P/E ratio of 18.99 and a beta of 0.48. Reynolds Consumer Products has a one year low of $24.85 and a one year high of $32.65.

Reynolds Consumer Products (NASDAQ:REYN) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.02. The business had revenue of $930.00 million during the quarter, compared to the consensus estimate of $890.71 million. Reynolds Consumer Products had a return on equity of 18.27% and a net margin of 9.74%. The company’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.32 EPS. On average, research analysts forecast that Reynolds Consumer Products will post 1.7 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on REYN shares. Jefferies Financial Group began coverage on Reynolds Consumer Products in a research note on Thursday, August 29th. They set a “buy” rating and a $38.00 price objective on the stock. JPMorgan Chase & Co. upped their price objective on shares of Reynolds Consumer Products from $29.00 to $33.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Barclays boosted their target price on Reynolds Consumer Products from $28.00 to $29.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 8th. Canaccord Genuity Group increased their price target on 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, Royal Bank of Canada upped their price objective on 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. Five equities research 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 has a consensus rating of “Hold” and a consensus price target 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.