Silgan (NYSE:SLGN) Releases FY 2024 Earnings Guidance

Silgan (NYSE:SLGN) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 3.550-3.750 for the period, compared to the consensus EPS estimate of 3.630. The company issued revenue guidance of -. Silgan also updated its FY24 guidance to $3.55-3.75 EPS.

Silgan Stock Performance

NYSE SLGN traded up $0.89 during trading hours on Friday, hitting $46.28. 704,405 shares of the stock were exchanged, compared to its average volume of 647,615. Silgan has a 12-month low of $38.11 and a 12-month high of $49.72. The stock has a 50-day moving average of $46.10 and a 200 day moving average of $44.16. The company has a market cap of $4.94 billion, a price-to-earnings ratio of 16.24, a price-to-earnings-growth ratio of 2.48 and a beta of 0.69. The company has a quick ratio of 0.61, a current ratio of 0.49 and a debt-to-equity ratio of 1.35.

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

Silgan Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date of this dividend was Wednesday, March 13th. This is an increase from Silgan’s previous quarterly dividend of $0.18. Silgan’s dividend payout ratio (DPR) is currently 26.67%.

Analysts Set New Price Targets

SLGN has been the topic of several recent analyst reports. 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. Royal Bank of Canada upped their price target on Silgan from $49.00 to $51.00 and gave the stock an outperform rating in a report on Thursday, February 1st. JPMorgan Chase & Co. lifted their price objective on Silgan from $39.00 to $46.00 and gave the stock an underweight rating in a report on Thursday, February 1st. Citigroup upped their target price on Silgan from $47.00 to $51.00 and gave the company a neutral rating in a report on Friday, February 2nd. Finally, Raymond James lifted their price target on Silgan from $52.00 to $54.00 and gave the stock an outperform rating in a research note on Thursday, February 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Silgan has a consensus rating of Moderate Buy and an average target price of $53.00.

Insider Transactions at Silgan

In related news, VP B Frederik Prinzen sold 4,684 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $43.89, for a total transaction of $205,580.76. Following the sale, the vice president now owns 8,613 shares of the company’s stock, valued at $378,024.57. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 13.08% of the company’s stock.

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.