Silgan (NYSE:SLGN) Updates FY24 Earnings Guidance

Silgan (NYSE:SLGN) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $3.55-$3.65 for the period, compared to the consensus EPS estimate of $3.64. Silgan also updated its FY 2024 guidance to 3.550-3.650 EPS.

Analysts Set New Price Targets

SLGN has been the subject of several recent research reports. Robert W. Baird boosted their price target on Silgan from $53.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Citigroup increased their price target on shares of Silgan from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Truist Financial reaffirmed a “buy” rating and issued a $59.00 price objective (up previously from $56.00) on shares of Silgan in a research note on Thursday, August 1st. Wells Fargo & Company increased their target price on shares of Silgan from $54.00 to $58.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. raised Silgan from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $46.00 to $53.00 in a research report on Thursday, August 1st. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Silgan presently has an average rating of “Moderate Buy” and an average target price of $57.43.

Silgan Stock Up 1.7 %

SLGN stock opened at $52.64 on Friday. The stock has a market capitalization of $5.62 billion, a price-to-earnings ratio of 19.05, a price-to-earnings-growth ratio of 1.26 and a beta of 0.67. The company has a 50-day moving average of $51.26 and a two-hundred day moving average of $48.11. Silgan has a 52-week low of $40.01 and a 52-week high of $52.84. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.52 and a quick ratio of 0.64.

Silgan (NYSE:SLGN) last announced its earnings results on Wednesday, October 30th. The industrial products company reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.23 by ($0.02). The business had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.82 billion. Silgan had a net margin of 5.11% and a return on equity of 18.76%. Silgan’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.16 EPS. As a group, equities research analysts anticipate that Silgan will post 3.6 EPS for the current year.

Silgan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date was Tuesday, September 3rd. Silgan’s dividend payout ratio (DPR) is currently 27.54%.

Insider Buying and Selling at Silgan

In related news, VP Stacey J. Mcgrath sold 1,600 shares of Silgan stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $49.04, for a total transaction of $78,464.00. Following the sale, the vice president now directly owns 11,495 shares of the company’s stock, valued at $563,714.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.39% 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.