Silgan (NYSE:SLGN) Updates FY24 Earnings Guidance

Silgan (NYSE:SLGN) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $3.55-3.75 for the period, compared to the consensus earnings per share estimate of $3.63. Silgan also updated its FY 2024 guidance to 3.550-3.750 EPS.

Silgan Stock Performance

NYSE SLGN traded up $0.89 during trading on Friday, reaching $46.28. The company’s stock had a trading volume of 704,405 shares, compared to its average volume of 647,615. The business’s fifty day moving average price is $46.10 and its 200-day moving average price is $44.16. Silgan has a twelve month low of $38.11 and a twelve month high of $49.72. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.61 and a current ratio of 0.49. The firm has a market cap of $4.94 billion, a price-to-earnings ratio of 16.24, a P/E/G ratio of 2.48 and a beta of 0.69.

Silgan (NYSE:SLGN) last issued its quarterly earnings results on Wednesday, May 1st. The industrial products company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.02. Silgan had a return on equity of 19.26% and a net margin of 5.25%. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter in the previous year, the firm posted $0.78 EPS. The firm’s revenue for the quarter was down 7.1% on a year-over-year basis. As a group, analysts anticipate that Silgan will post 3.67 EPS for the current fiscal year.

Silgan Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were paid a $0.19 dividend. This is a boost from Silgan’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a yield of 1.64%. The ex-dividend date was Wednesday, March 13th. Silgan’s payout ratio is currently 26.67%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. JPMorgan Chase & Co. boosted their price target on shares of Silgan from $39.00 to $46.00 and gave the stock an underweight rating in a research note on Thursday, February 1st. Royal Bank of Canada increased their price objective on Silgan from $49.00 to $51.00 and gave the stock an outperform rating in a research report on Thursday, February 1st. Wells Fargo & Company lowered their target price on shares of Silgan from $55.00 to $54.00 and set an overweight rating on the stock in a research report on Thursday. Raymond James boosted their price objective on shares of Silgan from $52.00 to $54.00 and gave the stock an outperform rating in a research report on Thursday, February 1st. Finally, Citigroup raised their price target on Silgan from $47.00 to $51.00 and gave the stock a neutral rating in a research report on Friday, February 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Silgan presently has a consensus rating of Moderate Buy and a consensus target price of $53.00.

Insider Buying and Selling

In other news, VP B Frederik Prinzen sold 4,684 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $43.89, for a total transaction of $205,580.76. Following the completion of the transaction, the vice president now owns 8,613 shares of the company’s stock, valued at approximately $378,024.57. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 13.08% of the stock is currently owned by company insiders.

Silgan Company Profile

Silgan Holdings Inc, together with its subsidiaries, manufactures and sells rigid packaging solutions for consumer goods products in the United States and internationally. It operates through three segments: Dispensing and Specialty Closures, Metal Containers, and Custom Containers. The Dispensing and Specialty Closures segment offers a range of metal and plastic closures, and dispensing systems for food, beverage, health care, garden, home, personal care, beauty products, and hard surface cleaning products, as well as capping/sealing equipment and detection systems.