Silgan (NYSE:SLGN) Updates FY24 Earnings Guidance

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

Analyst Ratings Changes

A number of research analysts have recently weighed in on SLGN shares. JPMorgan Chase & Co. raised shares of Silgan from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $46.00 to $53.00 in a research note on Thursday, August 1st. Wells Fargo & Company boosted their price objective on shares of Silgan from $54.00 to $58.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. Royal Bank of Canada lifted their target price on shares of Silgan from $55.00 to $58.00 and gave the stock an “outperform” rating in a research note on Friday. Citigroup lifted their price objective on Silgan from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Finally, Truist Financial reaffirmed a “buy” rating and set a $59.00 price objective (up previously from $56.00) on shares of Silgan in a research note on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Silgan has a consensus rating of “Moderate Buy” and a consensus target price of $57.43.

Silgan Trading Up 1.6 %

Shares of NYSE:SLGN traded up $0.84 during trading on Friday, reaching $52.58. 892,766 shares of the stock were exchanged, compared to its average volume of 562,160. Silgan has a 12-month low of $40.01 and a 12-month high of $52.84. The firm’s 50-day moving average price is $51.26 and its 200 day moving average price is $48.11. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.64 and a current ratio of 0.52. The firm 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.

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

Silgan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were given a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.45%. The ex-dividend date was Tuesday, September 3rd. Silgan’s payout ratio is 27.54%.

Insider Activity

In other news, VP Stacey J. Mcgrath sold 1,600 shares of Silgan stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $49.04, for a total transaction of $78,464.00. Following the sale, the vice president now owns 11,495 shares in the company, valued at $563,714.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.39% of the company’s stock.

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.