Silgan (NYSE:SLGN) Releases FY24 Earnings Guidance

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on SLGN shares. Citigroup raised shares of Silgan from a neutral rating to a buy rating and set a $50.00 target price on the stock in a research report on Monday, July 8th. Wells Fargo & Company cut their price objective on shares of Silgan from $55.00 to $54.00 and set an overweight rating on the stock in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Silgan has an average rating of Moderate Buy and an average target price of $51.83.

Silgan Stock Up 1.9 %

NYSE:SLGN opened at $48.72 on Wednesday. The company’s 50-day simple moving average is $44.93 and its 200-day simple moving average is $45.37. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.62 and a current ratio of 1.04. Silgan has a fifty-two week low of $38.11 and a fifty-two week high of $49.72. The stock has a market capitalization of $5.20 billion, a P/E ratio of 17.09, a P/E/G ratio of 1.61 and a beta of 0.67.

Silgan (NYSE:SLGN) last posted 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 company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter in the prior year, the company posted $0.78 earnings per share. Silgan’s revenue for the quarter was down 7.1% compared to the same quarter last year. On average, equities analysts anticipate that Silgan will post 3.66 earnings per share for the current fiscal year.

Silgan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were given a $0.19 dividend. The ex-dividend date was Monday, June 3rd. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.56%. Silgan’s payout ratio is 26.67%.

Insider Activity at Silgan

In other Silgan news, SVP Jay A. Martin sold 21,330 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $46.73, for a total value of $996,750.90. Following the completion of the sale, the senior vice president now owns 165,989 shares of the company’s stock, valued at $7,756,665.97. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Silgan news, SVP Jay A. Martin sold 21,330 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $46.73, for a total value of $996,750.90. Following the completion of the transaction, the senior vice president now owns 165,989 shares of the company’s stock, valued at $7,756,665.97. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Jay A. Martin sold 4,228 shares of the business’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $47.13, for a total transaction of $199,265.64. Following the sale, the senior vice president now directly owns 144,161 shares in the company, valued at $6,794,307.93. 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 ninety days. Corporate 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.