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.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Raymond James lifted their target price on shares of Silgan from $52.00 to $54.00 and gave the company an outperform rating in a research note on Thursday, February 1st. Wells Fargo & Company dropped their price objective on shares of Silgan from $55.00 to $54.00 and set an overweight rating on the stock in a research note on Thursday. Citigroup boosted their price objective on shares of Silgan from $47.00 to $51.00 and gave the stock a neutral rating in a research note on Friday, February 2nd. JPMorgan Chase & Co. boosted their price objective 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. Finally, Royal Bank of Canada boosted their price objective on shares of Silgan from $49.00 to $51.00 and gave the stock an outperform rating in a research note on Thursday, February 1st. One research 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’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $53.00.

Silgan Stock Up 2.0 %

Shares of NYSE SLGN traded up $0.89 during midday trading on Friday, hitting $46.28. The stock had a trading volume of 704,405 shares, compared to its average volume of 647,615. The business’s 50 day moving average is $46.10 and its 200-day moving average is $44.16. The company has a market cap of $4.94 billion, a P/E ratio of 16.24, a PEG ratio of 2.48 and a beta of 0.69. Silgan has a 52 week low of $38.11 and a 52 week high of $49.72. 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 released its quarterly earnings data on Wednesday, May 1st. The industrial products company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.02. Silgan had a net margin of 5.25% and a return on equity of 19.26%. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the previous year, the company earned $0.78 earnings per share. The firm’s quarterly revenue was down 7.1% on a year-over-year basis. As a group, analysts predict that Silgan will post 3.67 EPS for the current year.

Silgan Increases Dividend

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

Insider Activity

In other Silgan news, VP B Frederik Prinzen sold 4,684 shares of the company’s stock in a transaction that occurred on 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 sale, the vice president now directly owns 8,613 shares of the company’s stock, valued at $378,024.57. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 13.08% of the stock is owned by corporate insiders.

About Silgan

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.