Silgan (NYSE:SLGN) Issues Q2 2024 Earnings Guidance

Silgan (NYSE:SLGN) updated its second quarter 2024 earnings guidance on Wednesday. The company provided EPS guidance of 0.820-0.920 for the period, compared to the consensus EPS estimate of 0.870. The company issued revenue guidance of -. Silgan also updated its FY 2024 guidance to 3.550-3.750 EPS.

Silgan Stock Performance

Shares of NYSE SLGN traded up $0.89 during mid-day trading on Friday, hitting $46.28. The company 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 current ratio of 0.49 and a quick ratio of 0.61. The firm has a market cap of $4.94 billion, a P/E ratio of 16.24, a PEG ratio of 2.48 and a beta of 0.69. The business’s 50-day simple moving average is $46.10 and its 200-day simple moving average is $44.16.

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

Silgan Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were paid a $0.19 dividend. This is a boost from Silgan’s previous quarterly dividend of $0.18. The ex-dividend date 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%.

Analyst Ratings Changes

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

Insider Activity at Silgan

In other news, VP B Frederik Prinzen sold 4,684 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $43.89, for a total value of $205,580.76. Following the sale, the vice president now directly owns 8,613 shares in the company, valued at $378,024.57. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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.