Silgan (NYSE:SLGN) Releases FY24 Earnings Guidance

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

Silgan Stock Up 3.2 %

Shares of NYSE:SLGN traded up $1.62 on Wednesday, reaching $52.41. The company had a trading volume of 941,763 shares, compared to its average volume of 560,427. Silgan has a twelve month low of $39.67 and a twelve month high of $52.84. The company has a quick ratio of 0.64, a current ratio of 1.06 and a debt-to-equity ratio of 1.31. The stock has a 50-day moving average price of $51.18 and a 200 day moving average price of $48.02. The stock has a market capitalization of $5.60 billion, a P/E ratio of 17.84, a P/E/G ratio of 1.22 and a beta of 0.67.

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

Silgan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.19 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $0.76 annualized dividend and a dividend yield of 1.45%. Silgan's dividend payout ratio (DPR) is currently 26.67%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on SLGN shares. Royal Bank of Canada lifted their price objective on Silgan from $51.00 to $55.00 and gave the company an "outperform" rating in a report on Thursday, August 1st. Citigroup upped their price target on Silgan from $50.00 to $60.00 and gave the company a "buy" rating in a research report on Thursday, August 1st. Truist Financial reissued a "buy" rating and set a $59.00 price objective (up from $56.00) on shares of Silgan in a report on Thursday, August 1st. JPMorgan Chase & Co. upgraded shares of Silgan from an "underweight" rating to a "neutral" rating and increased their target price for the stock from $46.00 to $53.00 in a research report on Thursday, August 1st. Finally, StockNews.com lowered shares of Silgan from a "buy" rating to a "hold" rating in a research report on Wednesday, October 9th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Silgan currently has an average rating of "Moderate Buy" and a consensus price target of $57.00.

Insider Activity

In related news, VP Stacey J. Mcgrath sold 1,600 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $49.04, for a total value of $78,464.00. Following the sale, the vice president now directly owns 11,495 shares in the company, valued at $563,714.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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.