Silgan (NYSE:SLGN) Updates Q2 2024 Earnings Guidance

Silgan (NYSE:SLGN) updated its second quarter 2024 earnings guidance on Wednesday. The company provided EPS guidance of 0.820-0.920 for the period, compared to the consensus EPS estimate of 0.870. The company issued revenue guidance of -. Silgan also updated its FY 2024 guidance to 3.550-3.750 EPS.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Raymond James boosted their target price on shares of Silgan from $52.00 to $54.00 and gave the stock an outperform rating in a research report on Thursday, February 1st. Citigroup raised their target price on shares of Silgan from $47.00 to $51.00 and gave the stock a neutral rating in a research report on Friday, February 2nd. Royal Bank of Canada upped their price objective on shares of Silgan from $49.00 to $51.00 and gave the company an outperform rating in a research note on Thursday, February 1st. JPMorgan Chase & Co. lifted their target price on Silgan from $39.00 to $46.00 and gave the company an underweight rating in a report on Thursday, February 1st. Finally, Wells Fargo & Company decreased their price objective on shares of Silgan from $55.00 to $54.00 and set an overweight rating for the company in a research note on Thursday. 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. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $53.00.

Silgan Price 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 business’s 50-day moving average is $46.10 and its 200 day moving average is $44.16. The company has a market cap of $4.94 billion, a P/E ratio of 16.24, a PEG ratio of 2.48 and a beta of 0.69. 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 has a 52 week low of $38.11 and a 52 week high of $49.72.

Silgan (NYSE:SLGN) last released its earnings results on Wednesday, May 1st. The industrial products company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.02. Silgan had a return on equity of 19.26% and a net margin of 5.25%. The company 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 business’s revenue for the quarter was down 7.1% on a year-over-year basis. Equities research analysts predict that Silgan will post 3.67 earnings per share for the current fiscal year.

Silgan Increases Dividend

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

Insider Activity at Silgan

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