Silgan (NYSE:SLGN) Releases Q2 2024 Earnings Guidance

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

Silgan Stock Up 2.0 %

Shares of NYSE SLGN traded up $0.89 during mid-day trading on Friday, reaching $46.28. 704,405 shares of the company were exchanged, compared to its average volume of 647,615. The company has a quick ratio of 0.61, a current ratio of 0.49 and a debt-to-equity ratio of 1.35. The stock has a market cap of $4.94 billion, a price-to-earnings ratio of 16.24, a P/E/G ratio of 2.48 and a beta of 0.69. Silgan has a 1 year low of $38.11 and a 1 year high of $49.72. The firm has a 50-day moving average of $46.10 and a 200 day moving average of $44.16.

Silgan (NYSE:SLGN) last announced its quarterly earnings data on Wednesday, May 1st. The industrial products company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.02. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.37 billion. Silgan had a return on equity of 19.26% and a net margin of 5.25%. The company’s revenue was down 7.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.78 earnings per share. On average, research analysts expect that Silgan will post 3.67 earnings per share for the current year.

Silgan Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SLGN. Citigroup increased their price target on Silgan from $47.00 to $51.00 and gave the stock a neutral rating in a research report on Friday, February 2nd. JPMorgan Chase & Co. lifted their price target on shares of Silgan from $39.00 to $46.00 and gave the company an underweight rating in a research report on Thursday, February 1st. Wells Fargo & Company cut their target price on Silgan from $55.00 to $54.00 and set an overweight rating on the stock in a research report on Thursday. Royal Bank of Canada upped their price objective on Silgan from $49.00 to $51.00 and gave the stock an outperform rating in a research report on Thursday, February 1st. Finally, Raymond James upped their price objective on Silgan from $52.00 to $54.00 and gave the stock an outperform rating in a research report on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $53.00.

Insider Buying and Selling

In related news, VP B Frederik Prinzen sold 4,684 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $43.89, for a total transaction of $205,580.76. Following the completion of the transaction, the vice president now directly owns 8,613 shares of the company’s stock, valued at $378,024.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 13.08% of the stock is currently owned by corporate insiders.

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.