Silgan (NYSE:SLGN) Issues FY24 Earnings Guidance

Silgan (NYSE:SLGN) issued an update on its FY24 earnings guidance on Wednesday morning. 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.

Silgan Trading Up 2.0 %

Shares of NYSE:SLGN traded up $0.89 during mid-day trading on Friday, hitting $46.28. The stock had a trading volume of 704,405 shares, 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 debt-to-equity ratio of 1.35, a quick ratio of 0.61 and a current ratio of 0.49. The company has a market cap of $4.94 billion, a PE ratio of 16.24, a P/E/G ratio of 2.48 and a beta of 0.69. The company’s 50 day moving average is $46.10 and its 200-day moving average is $44.16.

Silgan (NYSE:SLGN) last issued its earnings results on Wednesday, May 1st. The industrial products company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.67 by $0.02. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Silgan had a return on equity of 19.26% and a net margin of 5.25%. Silgan’s revenue was down 7.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.78 earnings per share. On average, sell-side analysts predict that Silgan will post 3.67 EPS for the current year.

Silgan Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were issued a $0.19 dividend. This is an increase from Silgan’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.64%. Silgan’s dividend payout ratio is currently 26.67%.

Analysts Set New Price Targets

A number of research analysts recently commented on SLGN shares. Citigroup boosted their price objective on shares of Silgan from $47.00 to $51.00 and gave the company a neutral rating in a research report on Friday, February 2nd. Wells Fargo & Company dropped their price target on shares of Silgan from $55.00 to $54.00 and set an overweight rating on the stock in a research note on Thursday. Royal Bank of Canada lifted their price objective on Silgan from $49.00 to $51.00 and gave the company an outperform rating in a research report on Thursday, February 1st. JPMorgan Chase & Co. upped their target price on Silgan from $39.00 to $46.00 and gave the stock an underweight rating in a research report on Thursday, February 1st. Finally, Raymond James lifted their price target on Silgan from $52.00 to $54.00 and gave the company an outperform rating in a report on Thursday, February 1st. One equities research 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. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $53.00.

Insider Transactions at Silgan

In related news, VP B Frederik Prinzen sold 4,684 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $43.89, for a total value of $205,580.76. Following the transaction, the vice president now directly owns 8,613 shares of the company’s stock, valued at approximately $378,024.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 13.08% of the stock is currently owned by corporate 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.