Silgan (NYSE:SLGN) Updates FY24 Earnings Guidance

Silgan (NYSE:SLGN) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $3.55-$3.65 for the period, compared to the consensus earnings per share estimate of $3.64. Silgan also updated its FY 2024 guidance to 3.550-3.650 EPS.

Silgan Stock Up 1.6 %

SLGN traded up $0.84 on Friday, hitting $52.58. 892,766 shares of the company were exchanged, compared to its average volume of 562,160. The company has a current ratio of 0.52, a quick ratio of 0.64 and a debt-to-equity ratio of 1.31. The company has a market cap of $5.61 billion, a price-to-earnings ratio of 19.05, a price-to-earnings-growth ratio of 1.26 and a beta of 0.67. The firm has a 50-day moving average price of $51.26 and a two-hundred day moving average price of $48.11. Silgan has a twelve month low of $40.01 and a twelve month high of $52.84.

Silgan (NYSE:SLGN) last released its earnings results on Wednesday, October 30th. The industrial products company reported $1.21 earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.02). Silgan had a return on equity of 18.76% and a net margin of 5.11%. The firm had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.82 billion. During the same quarter in the previous year, the company posted $1.16 earnings per share. The firm’s quarterly revenue was down 3.2% on a year-over-year basis. On average, equities analysts predict that Silgan will post 3.65 earnings per share for the current year.

Silgan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.19 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.76 annualized dividend and a dividend yield of 1.45%. Silgan’s dividend payout ratio (DPR) is currently 27.54%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SLGN. Truist Financial reaffirmed a “buy” rating and set a $59.00 price target (up from $56.00) on shares of Silgan in a report on Thursday, August 1st. Robert W. Baird boosted their target price on Silgan from $53.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Wells Fargo & Company increased their price target on shares of Silgan from $54.00 to $58.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Royal Bank of Canada boosted their price objective on shares of Silgan from $55.00 to $58.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Citigroup increased their target price on shares of Silgan from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Silgan has an average rating of “Moderate Buy” and an average price target of $57.43.

Insider Buying and Selling

In other news, VP Stacey J. Mcgrath sold 1,600 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $49.04, for a total transaction of $78,464.00. Following the completion of the sale, the vice president now owns 11,495 shares in the company, valued at approximately $563,714.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.39% of the stock is 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.