Silgan (NYSE:SLGN) Releases 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-$3.65 for the period, compared to the consensus earnings per share estimate of $3.64. Silgan also updated its FY 2024 guidance to 3.550-3.650 EPS.

Wall Street Analyst Weigh In

Several brokerages have commented on SLGN. Royal Bank of Canada increased their price target on shares of Silgan from $51.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. StockNews.com lowered shares of Silgan from a “buy” rating to a “hold” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. upgraded shares of Silgan from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $46.00 to $53.00 in a research note on Thursday, August 1st. Wells Fargo & Company raised their price target on Silgan from $54.00 to $58.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Finally, Citigroup raised their price objective on shares of Silgan from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $57.00.

Silgan Trading Up 1.1 %

SLGN stock traded up $0.56 during midday trading on Wednesday, reaching $51.35. 75,655 shares of the company’s stock traded hands, compared to its average volume of 556,303. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.06 and a quick ratio of 0.64. The company has a market capitalization of $5.48 billion, a P/E ratio of 17.84, a PEG ratio of 1.22 and a beta of 0.67. The business has a 50-day moving average price of $51.18 and a two-hundred day moving average price of $48.02. Silgan has a fifty-two week low of $39.67 and a fifty-two week high of $52.84.

Silgan (NYSE:SLGN) last issued its earnings results on Wednesday, July 31st. The industrial products company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. Silgan had a net margin of 5.24% and a return on equity of 19.22%. The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same quarter in the prior year, the business posted $0.83 EPS. The company’s revenue for the quarter was down 3.2% on a year-over-year basis. Equities research analysts forecast that Silgan will post 3.65 EPS for the current fiscal year.

Silgan Dividend Announcement

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

Insider Activity

In related news, VP Stacey J. Mcgrath sold 1,600 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $49.04, for a total transaction of $78,464.00. Following the completion of the sale, the vice president now directly owns 11,495 shares of the company’s stock, valued at $563,714.80. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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.