Silgan (NYSE:SLGN) Updates FY 2024 Earnings Guidance

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

SLGN has been the topic of a number of research analyst reports. Citigroup boosted their price target on shares of Silgan from $47.00 to $51.00 and gave the stock a neutral rating in a report on Friday, February 2nd. Royal Bank of Canada raised their target price on Silgan from $49.00 to $51.00 and gave the stock an outperform rating in a research note on Thursday, February 1st. Wells Fargo & Company decreased their target price on shares of Silgan from $55.00 to $54.00 and set an overweight rating on the stock in a report on Thursday. Raymond James boosted their price objective on Silgan from $52.00 to $54.00 and gave the stock an outperform rating in a report on Thursday, February 1st. Finally, JPMorgan Chase & Co. increased 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. One 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 company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $53.00.

Silgan Stock Performance

Shares of NYSE SLGN traded up $0.89 during trading on Friday, hitting $46.28. The company had a trading volume of 704,405 shares, compared to its average volume of 647,615. The firm has a market capitalization of $4.94 billion, a P/E ratio of 16.24, a price-to-earnings-growth ratio of 2.48 and a beta of 0.69. Silgan has a 12 month low of $38.11 and a 12 month high of $49.72. The stock has a 50 day simple moving average of $46.10 and a 200 day simple 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 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. Silgan had a net margin of 5.25% and a return on equity of 19.26%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same period last year, the company posted $0.78 EPS. The business’s revenue was down 7.1% on a year-over-year basis. As a group, analysts anticipate that Silgan will post 3.67 earnings per share for the current year.

Silgan Increases Dividend

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

Insider Transactions at Silgan

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

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.