Silgan (NYSE:SLGN) Issues FY24 Earnings Guidance

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

Silgan Price Performance

SLGN traded down $1.43 during trading hours on Friday, hitting $51.26. The company’s stock had a trading volume of 843,023 shares, compared to its average volume of 660,086. Silgan has a 12 month low of $38.11 and a 12 month high of $52.84. The company has a current ratio of 0.53, a quick ratio of 0.62 and a debt-to-equity ratio of 1.33. The business’s 50-day moving average price is $45.24 and its 200-day moving average price is $45.52. The stock has a market cap of $5.47 billion, a price-to-earnings ratio of 18.00, a P/E/G ratio of 1.77 and a beta of 0.67.

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

Silgan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were given a $0.19 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $0.76 dividend on an annualized basis and a yield of 1.48%. Silgan’s dividend payout ratio is presently 26.67%.

Analysts Set New Price Targets

Several brokerages recently commented on SLGN. Robert W. Baird upped their price target on shares of Silgan from $53.00 to $60.00 and gave the company an outperform rating in a report on Thursday. Royal Bank of Canada upped their target price on Silgan from $51.00 to $55.00 and gave the company an outperform rating in a research note on Thursday. Truist Financial restated a buy rating and set a $59.00 price objective (up previously from $56.00) on shares of Silgan in a report on Thursday. Wells Fargo & Company lifted their target price on Silgan from $54.00 to $58.00 and gave the stock an overweight rating in a research report on Thursday. Finally, JPMorgan Chase & Co. upgraded shares of Silgan from an underweight rating to a neutral rating and upped their target price for the stock from $46.00 to $53.00 in a research note on Thursday. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $57.00.

Insider Buying and Selling at Silgan

In related news, VP B Frederik Prinzen sold 4,093 shares of the business’s stock in a transaction that occurred 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 transaction, the vice president now owns 4,520 shares of the company’s stock, valued at $216,236.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP Jay A. Martin sold 4,228 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $47.13, for a total value of $199,265.64. Following the completion of the sale, the senior vice president now owns 144,161 shares of the company’s stock, valued at approximately $6,794,307.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP B Frederik Prinzen sold 4,093 shares of the business’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $47.84, for a total value 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. In the last quarter, insiders have sold 59,651 shares of company stock valued at $2,804,226. Company insiders own 1.39% of the company’s stock.

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.