Silgan (NYSE:SLGN) Issues 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 guidance of 0.820-0.920 for the period, compared to the consensus earnings per share 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 on Friday, hitting $46.28. The stock had a trading volume of 704,405 shares, compared to its average volume of 647,615. Silgan has a one year low of $38.11 and a one year high of $49.72. The stock has a 50 day simple moving average of $46.10 and a 200 day simple moving average of $44.16. The stock has a market capitalization 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. 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 (NYSE:SLGN) last issued its quarterly earnings results on Wednesday, May 1st. The industrial products company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.02. The firm had revenue of $1.32 billion during 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%. Silgan’s quarterly revenue was down 7.1% compared to the same quarter last year. During the same period last year, the company earned $0.78 EPS. Sell-side analysts predict that Silgan will post 3.67 earnings per share for the current year.

Silgan Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were issued a $0.19 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This is a boost from Silgan’s previous quarterly dividend of $0.18. 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

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

Insider Transactions at Silgan

In related news, VP B Frederik Prinzen sold 4,684 shares of the stock in a transaction that occurred on 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 sale, the vice president now 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 this hyperlink. Corporate 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.