Silgan (NYSE:SLGN) Updates FY 2024 Earnings Guidance

Silgan (NYSE:SLGN) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 3.550-3.750 for the period, compared to the consensus estimate of 3.650. The company issued revenue guidance of -. Silgan also updated its FY24 guidance to $3.55 to $3.75 EPS.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Citigroup upgraded Silgan from a neutral rating to a buy rating and set a $50.00 price target for the company in a research report on Monday, July 8th. Wells Fargo & Company dropped their price objective on Silgan from $55.00 to $54.00 and set an overweight rating for the company in a research report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $51.83.

Silgan Trading Up 5.0 %

NYSE:SLGN traded up $2.46 during mid-day trading on Wednesday, reaching $51.20. The company’s stock had a trading volume of 98,324 shares, compared to its average volume of 572,046. The stock has a market cap of $5.47 billion, a P/E ratio of 17.09, a P/E/G ratio of 1.61 and a beta of 0.67. Silgan has a twelve month low of $38.11 and a twelve month high of $51.44. The company has a debt-to-equity ratio of 1.33, a current ratio of 1.04 and a quick ratio of 0.62. The company’s fifty day simple moving average is $44.93 and its two-hundred day simple moving average is $45.37.

Silgan (NYSE:SLGN) last released its quarterly earnings data on Wednesday, May 1st. The industrial products company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.02. The business had revenue of $1.32 billion for 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%. The company’s revenue was down 7.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.78 EPS. On average, equities analysts predict that Silgan will post 3.66 EPS for the current year.

Silgan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were issued a dividend of $0.19 per share. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $0.76 annualized dividend and a yield of 1.48%. Silgan’s dividend payout ratio is presently 26.67%.

Insider Activity

In other news, VP B Frederik Prinzen sold 4,093 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $47.84, for a total value of $195,809.12. Following the completion of the sale, the vice president now directly owns 4,520 shares in the company, valued at approximately $216,236.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP B Frederik Prinzen sold 4,093 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $47.84, for a total value of $195,809.12. Following the completion of the sale, the vice president now directly owns 4,520 shares in the company, valued at approximately $216,236.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Robert B. Lewis sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $47.08, for a total value of $1,412,400.00. Following the completion of the sale, the executive vice president now owns 172,133 shares of the company’s stock, valued at $8,104,021.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,651 shares of company stock worth $2,804,226. 1.39% of the stock is currently owned by insiders.

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.