Silgan (NYSE:SLGN) Issues Q3 2024 Earnings Guidance

Silgan (NYSE:SLGN) updated its third quarter 2024 earnings guidance on Wednesday. The company provided EPS guidance of 1.200-1.300 for the period, compared to the consensus EPS estimate of 1.270. The company issued revenue guidance of -. Silgan also updated its FY 2024 guidance to 3.550-3.750 EPS.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SLGN. Truist Financial restated a buy rating and issued a $59.00 target price (up previously from $56.00) on shares of Silgan in a report on Thursday. Royal Bank of Canada raised their target price on Silgan from $51.00 to $55.00 and gave the company an outperform rating in a report on Thursday. JPMorgan Chase & Co. raised Silgan from an underweight rating to a neutral rating and increased their price target for the company from $46.00 to $53.00 in a research report on Thursday. StockNews.com raised Silgan from a hold rating to a buy rating in a research report on Saturday. Finally, Wells Fargo & Company increased their price target on Silgan from $54.00 to $58.00 and gave the company an overweight rating in a research report on Thursday. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $57.00.

Silgan Stock Performance

NYSE:SLGN traded down $1.43 during trading hours on Friday, reaching $51.26. The stock had a trading volume of 843,023 shares, compared to its average volume of 660,086. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.62 and a current ratio of 0.53. The stock has a 50 day simple moving average of $45.24 and a 200 day simple moving average of $45.54. Silgan has a 12-month low of $38.11 and a 12-month high of $52.84. The stock has a market cap of $5.47 billion, a P/E ratio of 17.99, a price-to-earnings-growth ratio of 1.77 and a beta of 0.67.

Silgan (NYSE:SLGN) last released its earnings results on Wednesday, July 31st. The industrial products company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.01. Silgan had a return on equity of 19.22% and a net margin of 5.24%. The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same period last year, the business posted $0.83 earnings per share. The business’s revenue for the quarter was down 3.2% on a year-over-year basis. On average, research analysts forecast that Silgan will post 3.66 EPS for the current fiscal year.

Silgan Announces Dividend

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

Insider Transactions at Silgan

In other news, VP B Frederik Prinzen sold 4,093 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $47.84, for a total value of $195,809.12. Following the completion of the transaction, the vice president now directly owns 4,520 shares of the company’s stock, valued at $216,236.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Jay A. Martin sold 4,228 shares of Silgan stock in a transaction on Friday, May 10th. The stock was sold at an average price of $47.13, for a total transaction of $199,265.64. Following the completion of the sale, the senior vice president now owns 144,161 shares of the company’s stock, valued at $6,794,307.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP B Frederik Prinzen sold 4,093 shares of Silgan stock in a transaction on Monday, May 13th. The shares were sold at an average price of $47.84, for a total value 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 disclosure for this sale can be found here. Insiders sold 59,651 shares of company stock valued at $2,804,226 over the last three months. Company insiders own 1.39% 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.