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 guidance of 3.550-3.650 for the period, compared to the consensus earnings per share estimate of 3.640. The company issued revenue guidance of -. Silgan also updated its FY24 guidance to $3.55-$3.65 EPS.

Silgan Trading Down 0.6 %

Silgan stock opened at $50.84 on Wednesday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.64 and a current ratio of 1.06. Silgan has a 1 year low of $39.42 and a 1 year high of $52.84. The firm’s 50-day moving average is $51.18 and its 200-day moving average is $48.02. The company has a market cap of $5.43 billion, a P/E ratio of 17.84, a PEG ratio of 1.22 and a beta of 0.67.

Silgan (NYSE:SLGN) last posted its earnings results on Wednesday, July 31st. The industrial products company reported $0.88 EPS for the quarter, topping the consensus estimate of $0.87 by $0.01. The firm had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Silgan had a net margin of 5.24% and a return on equity of 19.22%. Silgan’s quarterly revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.83 EPS. On average, equities analysts expect that Silgan will post 3.65 earnings per share for the current year.

Silgan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date was Tuesday, September 3rd. Silgan’s payout ratio is 26.67%.

Wall Street Analyst Weigh In

SLGN has been the subject of a number of analyst reports. Truist Financial reaffirmed a “buy” rating and set a $59.00 price objective (up from $56.00) on shares of Silgan in a research note on Thursday, August 1st. JPMorgan Chase & Co. upgraded shares of Silgan from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $46.00 to $53.00 in a research note on Thursday, August 1st. Royal Bank of Canada increased their price objective on Silgan from $51.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. StockNews.com cut Silgan from a “buy” rating to a “hold” rating in a research note on Wednesday, October 9th. Finally, Citigroup raised their price target on shares of Silgan from $50.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Silgan has an average rating of “Moderate Buy” and an average target price of $57.00.

Insider Activity at Silgan

In other news, VP Stacey J. Mcgrath sold 1,600 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $49.04, for a total value of $78,464.00. Following the completion of the sale, the vice president now directly owns 11,495 shares of the company’s stock, valued at $563,714.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.39% of the stock is owned by company 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.