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.

Silgan Stock Performance

Shares of SLGN traded up $0.89 during trading hours on Friday, reaching $46.28. 704,405 shares of the company traded hands, compared to its average volume of 647,615. The stock has a market capitalization of $4.94 billion, a P/E ratio of 16.24, a P/E/G ratio of 2.48 and a beta of 0.69. 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 business has a fifty day moving average price of $46.10 and a 200-day moving average price of $44.16. Silgan has a 12-month low of $38.11 and a 12-month high of $49.72.

Silgan (NYSE:SLGN) last issued its earnings results 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 return on equity of 19.26% and a net margin of 5.25%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the prior year, the firm earned $0.78 earnings per share. Silgan’s revenue for the quarter was down 7.1% on a year-over-year basis. Equities analysts anticipate that Silgan will post 3.67 EPS for the current fiscal 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 of this dividend 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%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on SLGN shares. Royal Bank of Canada raised their target price on Silgan from $49.00 to $51.00 and gave the company an outperform rating in a research report on Thursday, February 1st. Wells Fargo & Company decreased 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. JPMorgan Chase & Co. boosted their price target on shares of Silgan from $39.00 to $46.00 and gave the stock an underweight rating in a report on Thursday, February 1st. Citigroup increased their price objective on shares of Silgan from $47.00 to $51.00 and gave the company a neutral rating in a report on Friday, February 2nd. Finally, Raymond James lifted their target price 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. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $53.00.

Insider Transactions at Silgan

In other Silgan 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 value 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 approximately $378,024.57. The transaction was disclosed in a filing with the SEC, which is accessible 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.