Silgan (NYSE:SLGN) Issues FY24 Earnings Guidance

Silgan (NYSE:SLGN) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $3.55-3.75 for the period, compared to the consensus estimate of $3.63. Silgan also updated its FY 2024 guidance to 3.550-3.750 EPS.

Wall Street Analysts Forecast Growth

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

Silgan Price Performance

SLGN stock traded up $0.89 on Friday, hitting $46.28. 704,405 shares of the company’s stock traded hands, compared to its average volume of 647,615. The stock 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. Silgan has a 1-year low of $38.11 and a 1-year high of $49.72. The company has a current ratio of 0.49, a quick ratio of 0.61 and a debt-to-equity ratio of 1.35. The stock has a fifty day moving average of $46.10 and a 200-day moving average of $44.16.

Silgan (NYSE:SLGN) last announced its earnings results on Wednesday, May 1st. The industrial products company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.67 by $0.02. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.37 billion. Silgan had a return on equity of 19.26% and a net margin of 5.25%. Silgan’s revenue was down 7.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.78 earnings per share. On average, analysts forecast that Silgan will post 3.67 EPS for the current fiscal year.

Silgan Increases Dividend

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

Insider Activity at Silgan

In other news, VP B Frederik Prinzen sold 4,684 shares of the company’s 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 completion of the sale, the vice president now owns 8,613 shares in the company, valued at approximately $378,024.57. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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.