Silgan (NYSE:SLGN) Releases Q3 Earnings Guidance

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

Silgan Stock Down 2.7 %

Shares of NYSE SLGN traded down $1.43 during midday trading on Friday, hitting $51.26. 843,023 shares of the stock traded hands, compared to its average volume of 660,086. The company has a market cap of $5.47 billion, a PE ratio of 18.00, a P/E/G ratio of 1.77 and a beta of 0.67. Silgan has a one year low of $38.11 and a one year high of $52.84. The business has a 50 day moving average price of $45.24 and a two-hundred day moving average price of $45.52. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.62 and a current ratio of 0.53.

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

Silgan Announces Dividend

The business 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 of this dividend was Monday, June 3rd. This represents a $0.76 annualized dividend and a yield of 1.48%. Silgan’s dividend payout ratio (DPR) is currently 26.67%.

Analysts Set New Price Targets

SLGN has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upgraded 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. Citigroup upped their price objective on Silgan from $50.00 to $60.00 and gave the company a buy rating in a research note on Thursday. StockNews.com upgraded Silgan from a hold rating to a buy rating in a research note on Saturday. Robert W. Baird upped their price objective on Silgan from $53.00 to $60.00 and gave the company an outperform rating in a research note on Thursday. Finally, Truist Financial reaffirmed a buy rating and set a $59.00 price target (up previously from $56.00) on shares of Silgan in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $57.00.

Insider Activity

In other news, EVP Robert B. Lewis sold 30,000 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $47.08, for a total transaction of $1,412,400.00. Following the transaction, the executive vice president now directly owns 172,133 shares in the company, valued at approximately $8,104,021.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Robert B. Lewis sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $47.08, for a total transaction of $1,412,400.00. Following the transaction, the executive vice president now directly owns 172,133 shares in the company, valued at approximately $8,104,021.64. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Jay A. Martin sold 21,330 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $46.73, for a total value of $996,750.90. Following the transaction, the senior vice president now owns 165,989 shares in the company, valued at $7,756,665.97. The disclosure for this sale can be found here. In the last three months, insiders have sold 59,651 shares of company stock worth $2,804,226. 1.39% of the stock is currently owned by 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.