Silgan (NYSE:SLGN) Releases 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.

Silgan Stock Up 2.0 %

Shares of SLGN stock traded up $0.89 during mid-day trading on Friday, reaching $46.28. 704,405 shares of the company’s stock traded hands, 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 market cap 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. The company has a quick ratio of 0.61, a current ratio of 0.49 and a debt-to-equity ratio of 1.35. The company’s 50-day moving average price is $46.10 and its 200-day moving average price is $44.16.

Silgan (NYSE:SLGN) last announced its earnings results on Wednesday, May 1st. The industrial products company reported $0.69 EPS for the quarter, beating 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 firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter in the previous year, the business posted $0.78 EPS. The company’s quarterly revenue was down 7.1% on a year-over-year basis. On average, equities analysts expect that Silgan will post 3.67 earnings per share for the current fiscal year.

Silgan Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors 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 yield of 1.64%. Silgan’s payout ratio is presently 26.67%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, VP B Frederik Prinzen sold 4,684 shares of the business’s 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 owns 8,613 shares of the company’s stock, valued at approximately $378,024.57. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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.