Silgan (NYSE:SLGN) Updates 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 Trading Up 2.0 %

NYSE SLGN traded up $0.89 during trading hours on Friday, hitting $46.28. 704,405 shares of the company’s stock were exchanged, compared to its average volume of 647,615. The business’s 50 day moving average is $46.10 and its 200-day moving average is $44.16. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.61 and a current ratio of 0.49. Silgan has a 12-month low of $38.11 and a 12-month high of $49.72. The firm has a market capitalization of $4.94 billion, a P/E ratio of 16.24, a price-to-earnings-growth ratio of 2.48 and a beta of 0.69.

Silgan (NYSE:SLGN) last posted its quarterly earnings data 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 the consensus estimate of $1.37 billion. During the same quarter in the prior year, the company posted $0.78 EPS. The company’s quarterly revenue was down 7.1% compared to the same quarter last year. As a group, analysts anticipate that Silgan will post 3.67 EPS for the current fiscal year.

Silgan Increases Dividend

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

Wall Street Analysts Forecast Growth

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

Insider Activity at Silgan

In other news, VP B Frederik Prinzen sold 4,684 shares of Silgan stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $43.89, for a total transaction of $205,580.76. Following the sale, the vice president now directly owns 8,613 shares of the company’s stock, valued at $378,024.57. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 13.08% of the company’s stock.

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.