Silgan (NYSE:SLGN) Releases FY24 Earnings Guidance

Silgan (NYSE:SLGN) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $3.55 to $3.75 for the period, compared to the consensus EPS estimate of $3.61. Silgan also updated its FY 2024 guidance to 3.550-3.750 EPS.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SLGN. JPMorgan Chase & Co. raised shares of Silgan from an underweight rating to a neutral rating and upped their price target for the stock from $46.00 to $53.00 in a research report on Thursday. StockNews.com raised shares of Silgan from a hold rating to a buy rating in a research report on Saturday. Truist Financial reaffirmed a buy rating and set a $59.00 price target (up previously from $56.00) on shares of Silgan in a research report on Thursday. Wells Fargo & Company upped their price target on shares of Silgan from $54.00 to $58.00 and gave the stock an overweight rating in a research report on Thursday. Finally, Robert W. Baird upped their price target on shares of Silgan from $53.00 to $60.00 and gave the stock an outperform rating in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Silgan presently has an average rating of Moderate Buy and a consensus target price of $57.00.

Silgan Price Performance

SLGN opened at $51.26 on Friday. The company has a quick ratio of 0.62, a current ratio of 0.53 and a debt-to-equity ratio of 1.33. Silgan has a 52-week low of $38.11 and a 52-week high of $52.84. The company has a 50 day moving average of $45.24 and a two-hundred day moving average of $45.52. The company has a market cap of $5.47 billion, a P/E ratio of 18.00, a P/E/G ratio of 1.77 and a beta of 0.67.

Silgan (NYSE:SLGN) last announced its earnings results on Wednesday, July 31st. The industrial products company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.01. The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.43 billion. Silgan had a net margin of 5.24% and a return on equity of 19.22%. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.83 earnings per share. On average, analysts expect that Silgan will post 3.66 earnings per share for the current year.

Silgan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were paid a $0.19 dividend. The ex-dividend date was Monday, June 3rd. This represents a $0.76 annualized dividend and a dividend yield of 1.48%. Silgan’s dividend payout ratio (DPR) is presently 26.67%.

Insider Activity

In other Silgan news, SVP Jay A. Martin sold 21,330 shares of the stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $46.73, for a total transaction of $996,750.90. Following the transaction, the senior vice president now directly owns 165,989 shares in the company, valued at approximately $7,756,665.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Silgan news, SVP Jay A. Martin sold 21,330 shares of the stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $46.73, for a total transaction of $996,750.90. Following the transaction, the senior vice president now directly owns 165,989 shares in the company, valued at approximately $7,756,665.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP B Frederik Prinzen sold 4,093 shares of the stock in a transaction on Monday, May 13th. The shares were sold at an average price of $47.84, for a total transaction of $195,809.12. Following the transaction, the vice president now owns 4,520 shares in the company, valued at $216,236.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 59,651 shares of company stock worth $2,804,226. 1.39% of the stock is currently owned by company 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.