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

Reynolds Consumer Products Inc. (NASDAQ:REYN) announced a quarterly dividend on Thursday, October 24th, Zacks reports. Investors of record on Friday, November 15th will be given a dividend of 0.23 per share on Friday, November 29th. This represents a $0.92 annualized dividend and a yield of 3.09%. The ex-dividend date 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 payout ratio of 51.7% meaning its dividend is sufficiently covered by earnings. 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 Performance

Shares of NASDAQ REYN traded down $0.32 during mid-day trading on Friday, reaching $29.81. 302,839 shares of the company’s stock were exchanged, compared to its average volume of 562,625. The firm has a market capitalization of $6.26 billion, a price-to-earnings ratio of 18.99 and a beta of 0.48. Reynolds Consumer Products has a 52 week low of $24.85 and a 52 week high of $32.65. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.13 and a quick ratio of 1.01. The firm has a 50-day moving average price of $30.87 and a two-hundred day moving average price of $29.21.

Reynolds Consumer Products (NASDAQ:REYN) last announced its quarterly earnings data 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. Reynolds Consumer Products had a return on equity of 18.27% and a net margin of 9.74%. The business had revenue of $930.00 million for the quarter, compared to analysts’ expectations of $890.71 million. During the same period in the previous year, the business posted $0.32 EPS. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. Analysts predict that Reynolds Consumer Products will post 1.7 EPS for the current year.

Analysts Set New Price Targets

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