Silgan (NYSE:SLGN) Updates FY24 Earnings Guidance

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

Analyst Ratings Changes

A number of research analysts have recently weighed in on SLGN shares. Raymond James increased their target price on 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 decreased their price objective on shares of Silgan from $55.00 to $54.00 and set an overweight rating for the company in a report on Thursday. Citigroup upped their target price on shares of Silgan from $47.00 to $51.00 and gave the company a neutral rating in a research note on Friday, February 2nd. Royal Bank of Canada boosted their price target on shares of Silgan from $49.00 to $51.00 and gave the company an outperform rating in a report on Thursday, February 1st. Finally, JPMorgan Chase & Co. raised their price objective on Silgan from $39.00 to $46.00 and gave the stock an underweight rating in a research note on Thursday, February 1st. One equities research 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. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $53.00.

Silgan Stock Up 2.0 %

NYSE SLGN traded up $0.89 on Friday, reaching $46.28. The company had a trading volume of 704,405 shares, compared to its average volume of 647,615. The company’s fifty day moving average is $46.10 and its 200-day moving average is $44.16. The firm has a market capitalization 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 debt-to-equity ratio of 1.35, a quick ratio of 0.61 and a current ratio of 0.49. Silgan has a 1-year low of $38.11 and a 1-year high of $49.72.

Silgan (NYSE:SLGN) last posted its quarterly earnings data on Wednesday, May 1st. The industrial products company reported $0.69 earnings per share for the quarter, topping 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 company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the prior year, the firm earned $0.78 earnings per share. Silgan’s revenue for the quarter was down 7.1% compared to the same quarter last year. On average, research analysts forecast that Silgan will post 3.67 earnings per share for the current fiscal year.

Silgan Increases Dividend

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

Insider Buying and Selling

In other Silgan news, VP B Frederik Prinzen sold 4,684 shares of the business’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 sale, the vice president now directly owns 8,613 shares of the company’s stock, valued at approximately $378,024.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 13.08% of the stock is currently owned by corporate 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.