Silgan (NYSE:SLGN) Updates FY 2024 Earnings Guidance

Silgan (NYSE:SLGN) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 3.550-3.750 for the period, compared to the consensus estimate of 3.630. The company issued revenue guidance of -. Silgan also updated its FY24 guidance to $3.55-3.75 EPS.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SLGN. Citigroup increased 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. JPMorgan Chase & Co. lifted their target price on shares of Silgan from $39.00 to $46.00 and gave the stock an underweight rating in a research note on Thursday, February 1st. Wells Fargo & Company cut 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. Raymond James lifted their price objective 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. Finally, Royal Bank of Canada upped their target price on Silgan from $49.00 to $51.00 and gave the company an outperform rating in a research report on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $53.00.

Silgan Price Performance

Shares of NYSE SLGN traded up $0.89 during mid-day trading on Friday, reaching $46.28. The company’s stock had a trading volume of 704,405 shares, compared to its average volume of 647,615. The stock has a market capitalization of $4.94 billion, a P/E ratio of 16.24, a P/E/G ratio of 2.48 and a beta of 0.69. Silgan has a 1-year low of $38.11 and a 1-year high of $49.72. The stock has a 50-day moving average of $46.10 and a two-hundred day moving average of $44.16. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.61 and a current ratio of 0.49.

Silgan (NYSE:SLGN) last issued its earnings results 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 for the quarter, compared to the consensus estimate of $1.37 billion. Silgan had a net margin of 5.25% and a return on equity of 19.26%. Silgan’s quarterly revenue was down 7.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.78 earnings per share. On average, equities research analysts anticipate that Silgan will post 3.67 EPS for the current fiscal year.

Silgan Increases Dividend

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

Insiders Place Their Bets

In other news, VP B Frederik Prinzen sold 4,684 shares of Silgan stock in a transaction on Monday, March 4th. The shares were sold at an average price of $43.89, for a total transaction of $205,580.76. Following the completion of the sale, the vice president now directly owns 8,613 shares of the company’s stock, valued at approximately $378,024.57. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 13.08% of the stock is owned by company 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.