Silgan (NYSE:SLGN) Updates FY 2024 Earnings Guidance

Silgan (NYSE:SLGN) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 3.550-3.650 for the period, compared to the consensus estimate of 3.640. The company issued revenue guidance of -. Silgan also updated its FY24 guidance to $3.55-$3.65 EPS.

Silgan Price Performance

NYSE SLGN traded up $0.84 during trading hours on Friday, reaching $52.58. The company’s stock had a trading volume of 892,766 shares, compared to its average volume of 562,160. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.52 and a quick ratio of 0.64. Silgan has a 1-year low of $40.01 and a 1-year high of $52.84. The company’s 50-day moving average is $51.22 and its two-hundred day moving average is $48.05. The firm has a market capitalization of $5.61 billion, a price-to-earnings ratio of 19.04, a P/E/G ratio of 1.26 and a beta of 0.67.

Silgan (NYSE:SLGN) last issued its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $1.21 earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.02). Silgan had a net margin of 5.11% and a return on equity of 18.76%. The company had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.82 billion. During the same period in the prior year, the business posted $1.16 earnings per share. The company’s quarterly revenue was down 3.2% compared to the same quarter last year. On average, equities analysts predict that Silgan will post 3.65 EPS for the current year.

Silgan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were issued a $0.19 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.76 dividend on an annualized basis and a yield of 1.45%. Silgan’s payout ratio is 27.54%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SLGN. Wells Fargo & Company boosted their price objective on Silgan from $54.00 to $58.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Truist Financial reiterated a “buy” rating and issued a $59.00 price objective (up from $56.00) on shares of Silgan in a report on Thursday, August 1st. JPMorgan Chase & Co. raised shares of Silgan from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $46.00 to $53.00 in a research note on Thursday, August 1st. Citigroup upped their price objective on shares of Silgan from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Robert W. Baird lifted their target price on shares of Silgan from $53.00 to $60.00 and gave the company an “outperform” rating in a report 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. According to data from MarketBeat.com, Silgan currently has a consensus rating of “Moderate Buy” and an average price target of $57.43.

Insiders Place Their Bets

In other Silgan news, VP Stacey J. Mcgrath sold 1,600 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $49.04, for a total value of $78,464.00. Following the sale, the vice president now owns 11,495 shares of the company’s stock, valued at $563,714.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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.