Silgan (NYSE:SLGN) Releases Q2 2024 Earnings Guidance

Silgan (NYSE:SLGN) updated its second quarter 2024 earnings guidance on Wednesday. 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.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. 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 research report on Thursday, February 1st. JPMorgan Chase & Co. lifted their target price 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. Citigroup lifted their target price on shares of Silgan from $47.00 to $51.00 and gave the company a neutral rating in a research report on Friday, February 2nd. Raymond James boosted their price target 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. Finally, 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. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $53.00.

Silgan Price Performance

Shares of SLGN stock traded up $0.89 during trading hours on Friday, reaching $46.28. 704,405 shares of the company were exchanged, compared to its average volume of 647,615. Silgan has a fifty-two week low of $38.11 and a fifty-two week high of $49.72. The stock’s fifty day moving average is $46.10 and its two-hundred day moving average is $44.16. The company 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. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.49 and a quick ratio of 0.61.

Silgan (NYSE:SLGN) last announced its 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. Silgan had a net margin of 5.25% and a return on equity of 19.26%. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the business earned $0.78 earnings per share. Silgan’s quarterly revenue was down 7.1% on a year-over-year basis. Sell-side analysts forecast that Silgan will post 3.67 earnings per share for the current fiscal year.

Silgan Increases Dividend

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

Insider Buying and Selling

In related news, VP B Frederik Prinzen sold 4,684 shares of the business’s 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 directly owns 8,613 shares of the company’s stock, valued at $378,024.57. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 13.08% of the stock is currently owned by 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.