Silgan (NYSE:SLGN) Issues FY24 Earnings Guidance

Silgan (NYSE:SLGN) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $3.55-3.75 for the period, compared to the consensus EPS estimate of $3.63. Silgan also updated its FY 2024 guidance to 3.550-3.750 EPS.

Analyst Ratings Changes

SLGN has been the subject of a number of recent research reports. JPMorgan Chase & Co. boosted their target price on Silgan from $39.00 to $46.00 and gave the company an underweight rating in a research note on Thursday, February 1st. Citigroup increased their price objective on Silgan from $47.00 to $51.00 and gave the company a neutral rating in a research note on Friday, February 2nd. Raymond James lifted their target price on shares of Silgan from $52.00 to $54.00 and gave the stock an outperform rating in a research note on Thursday, February 1st. Royal Bank of Canada increased their price target on shares of Silgan from $49.00 to $51.00 and gave the company an outperform rating in a research report on Thursday, February 1st. Finally, Wells Fargo & Company lowered their price objective on shares of Silgan from $55.00 to $54.00 and set an overweight rating for the company in a research note on Thursday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $53.00.

Silgan Trading Up 2.0 %

Shares of SLGN traded up $0.89 during trading hours on Friday, reaching $46.28. 704,405 shares of the company traded hands, compared to its average volume of 647,615. Silgan has a 12 month low of $38.11 and a 12 month high of $49.72. The company has a market capitalization of $4.94 billion, a price-to-earnings ratio of 16.24, a price-to-earnings-growth ratio of 2.48 and a beta of 0.69. The company’s fifty day moving average price is $46.10 and its two-hundred day moving average price is $44.16. The company has a quick ratio of 0.61, a current ratio of 0.49 and a debt-to-equity ratio of 1.35.

Silgan (NYSE:SLGN) last posted its quarterly earnings data on Wednesday, May 1st. The industrial products company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.02. Silgan had a return on equity of 19.26% and a net margin of 5.25%. The business had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the previous year, the firm posted $0.78 EPS. The business’s revenue was down 7.1% on a year-over-year basis. Equities research analysts predict that Silgan will post 3.67 earnings per share for the current fiscal year.

Silgan Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were paid a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.64%. This is a boost from Silgan’s previous quarterly dividend of $0.18. The ex-dividend date was Wednesday, March 13th. Silgan’s dividend payout ratio is presently 26.67%.

Insider Buying and Selling at Silgan

In related news, VP B Frederik Prinzen sold 4,684 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $43.89, for a total transaction of $205,580.76. Following the sale, the vice president now owns 8,613 shares of the company’s stock, valued at $378,024.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 13.08% 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.