Silgan (NYSE:SLGN) Updates FY24 Earnings Guidance

Silgan (NYSE:SLGN) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $3.55 to $3.75 for the period, compared to the consensus earnings per share estimate of $3.61. Silgan also updated its FY 2024 guidance to 3.550-3.750 EPS.

Silgan Stock Performance

SLGN stock traded down $1.43 during trading on Friday, reaching $51.26. 843,023 shares of the stock were exchanged, compared to its average volume of 660,086. Silgan has a twelve month low of $38.11 and a twelve month high of $52.84. The company has a market capitalization of $5.47 billion, a P/E ratio of 18.00, a price-to-earnings-growth ratio of 1.77 and a beta of 0.67. The stock has a 50 day simple moving average of $45.24 and a 200-day simple moving average of $45.52. The company has a current ratio of 0.53, a quick ratio of 0.62 and a debt-to-equity ratio of 1.33.

Silgan (NYSE:SLGN) last announced its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. The firm had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Silgan had a net margin of 5.24% and a return on equity of 19.22%. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.83 earnings per share. As a group, sell-side analysts anticipate that Silgan will post 3.66 earnings per share for the current year.

Silgan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date was Monday, June 3rd. Silgan’s dividend payout ratio is 26.67%.

Analysts Set New Price Targets

Several research analysts recently weighed in on SLGN shares. JPMorgan Chase & Co. upgraded shares of Silgan from an underweight rating to a neutral rating and boosted their price objective for the stock from $46.00 to $53.00 in a research report on Thursday. StockNews.com raised shares of Silgan from a hold rating to a buy rating in a report on Saturday. Truist Financial reaffirmed a buy rating and set a $59.00 target price (up previously from $56.00) on shares of Silgan in a report on Thursday. Royal Bank of Canada boosted their price target on shares of Silgan from $51.00 to $55.00 and gave the company an outperform rating in a report on Thursday. Finally, Wells Fargo & Company boosted their price target on shares of Silgan from $54.00 to $58.00 and gave the company an overweight rating in a report on Thursday. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Silgan currently has a consensus rating of Moderate Buy and an average target price of $57.00.

Insiders Place Their Bets

In other Silgan news, VP B Frederik Prinzen sold 4,093 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $47.84, for a total transaction of $195,809.12. Following the sale, the vice president now directly owns 4,520 shares of the company’s stock, valued at approximately $216,236.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, SVP Jay A. Martin sold 21,330 shares of the company’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $46.73, for a total value of $996,750.90. Following the sale, the senior vice president now directly owns 165,989 shares of the company’s stock, valued at approximately $7,756,665.97. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP B Frederik Prinzen sold 4,093 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $47.84, for a total transaction of $195,809.12. Following the completion of the sale, the vice president now directly owns 4,520 shares in the company, valued at $216,236.80. The disclosure for this sale can be found here. Insiders have sold 59,651 shares of company stock valued at $2,804,226 in the last three months. 1.39% of the stock is currently owned by corporate insiders.

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.