Silgan (NYSE:SLGN) Updates Q3 Earnings Guidance

Silgan (NYSE:SLGN) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $1.20 to $1.30 for the period, compared to the consensus earnings per share estimate of $1.26. Silgan also updated its FY 2024 guidance to 3.550-3.750 EPS.

Silgan Stock Performance

Shares of NYSE SLGN opened at $51.26 on Friday. The company has a current ratio of 0.53, a quick ratio of 0.62 and a debt-to-equity ratio of 1.33. Silgan has a 12 month low of $38.11 and a 12 month high of $52.84. The stock has a 50 day moving average of $45.24 and a 200-day moving average of $45.52. The company has a market capitalization of $5.47 billion, a P/E ratio of 18.00, a P/E/G ratio of 1.77 and a beta of 0.67.

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

Silgan Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Royal Bank of Canada lifted their price objective on Silgan from $51.00 to $55.00 and gave the company an outperform rating in a report on Thursday. Citigroup lifted their price objective on Silgan from $50.00 to $60.00 and gave the company a buy rating in a report on Thursday. JPMorgan Chase & Co. upgraded Silgan from an underweight rating to a neutral rating and lifted their price target for the company from $46.00 to $53.00 in a research note on Thursday. Truist Financial reiterated a buy rating and issued a $59.00 price target (up previously from $56.00) on shares of Silgan in a research note on Thursday. Finally, Wells Fargo & Company lifted their price target on Silgan from $54.00 to $58.00 and gave the company an overweight rating in a research note on Thursday. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Silgan has a consensus rating of Moderate Buy and a consensus target price of $57.00.

Insider Buying and Selling at Silgan

In other news, EVP Robert B. Lewis sold 30,000 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $47.08, for a total value of $1,412,400.00. Following the transaction, the executive vice president now directly owns 172,133 shares of the company’s stock, valued at approximately $8,104,021.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Silgan news, VP B Frederik Prinzen sold 4,093 shares of the stock in a transaction that occurred 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 transaction, the vice president now owns 4,520 shares in the company, valued at $216,236.80. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Robert B. Lewis sold 30,000 shares of the stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $47.08, for a total value of $1,412,400.00. Following the completion of the transaction, the executive vice president now owns 172,133 shares in the company, valued at approximately $8,104,021.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 59,651 shares of company stock worth $2,804,226. 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.