Silgan (NYSE:SLGN) Releases FY24 Earnings Guidance

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on SLGN shares. Citigroup boosted their target price on shares of Silgan from $50.00 to $60.00 and gave the company a buy rating in a research note on Thursday. Truist Financial restated a buy rating and issued a $59.00 target price (up previously from $56.00) on shares of Silgan in a research note on Thursday. Wells Fargo & Company boosted their target price on shares of Silgan from $54.00 to $58.00 and gave the company an overweight rating in a research note on Thursday. JPMorgan Chase & Co. raised Silgan from an underweight rating to a neutral rating and lifted their price target for the company from $46.00 to $53.00 in a report on Thursday. Finally, Royal Bank of Canada lifted their price target on Silgan from $51.00 to $55.00 and gave the company an outperform rating in a report on Thursday. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $57.00.

Silgan Price Performance

Shares of SLGN opened at $51.26 on Friday. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.62 and a current ratio of 0.53. The stock has a 50 day simple moving average of $45.24 and a 200 day simple moving average of $45.52. Silgan has a 52-week low of $38.11 and a 52-week high of $52.84. The firm has a market capitalization of $5.47 billion, a PE ratio of 18.00, a P/E/G ratio of 1.77 and a beta of 0.67.

Silgan (NYSE:SLGN) last released its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. Silgan had a return on equity of 19.22% and a net margin of 5.24%. The firm had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the prior year, the firm posted $0.83 EPS. The business’s revenue was down 3.2% on a year-over-year basis. Sell-side analysts predict that Silgan will post 3.66 EPS for the current fiscal year.

Silgan Dividend Announcement

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

Insiders Place Their Bets

In other news, VP B Frederik Prinzen sold 4,093 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $47.84, for a total transaction of $195,809.12. Following the sale, the vice president now owns 4,520 shares in the company, valued at approximately $216,236.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, SVP Jay A. Martin sold 21,330 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $46.73, for a total transaction of $996,750.90. Following the sale, the senior vice president now owns 165,989 shares in the company, valued at approximately $7,756,665.97. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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 value of $195,809.12. Following the completion of the sale, the vice president now owns 4,520 shares in the company, valued at approximately $216,236.80. The disclosure for this sale can be found here. Insiders sold a total of 59,651 shares of company stock valued at $2,804,226 in the last quarter. 1.39% of the stock is currently owned by 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.