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 Up 1.7 %

Shares of SLGN traded up $0.80 during mid-day trading on Wednesday, hitting $47.46. 98,800 shares of the company’s stock were exchanged, compared to its average volume of 565,675. The firm has a fifty day moving average of $46.01 and a two-hundred day moving average of $44.07. Silgan has a twelve month low of $38.11 and a twelve month high of $49.72. The stock has a market cap of $5.07 billion, a price-to-earnings ratio of 15.65, a P/E/G ratio of 2.58 and a beta of 0.68. The company has a quick ratio of 0.61, a current ratio of 1.02 and a debt-to-equity ratio of 1.35.

Silgan (NYSE:SLGN) last announced its quarterly earnings results on Wednesday, January 31st. The industrial products company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.58 by $0.05. Silgan had a net margin of 5.44% and a return on equity of 20.29%. The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.39 billion. On average, sell-side analysts forecast that Silgan will post 3.67 earnings per share for the current year.

Silgan Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were issued a $0.19 dividend. The ex-dividend date of this dividend was Wednesday, March 13th. This is an increase from Silgan’s previous quarterly dividend of $0.18. This represents a $0.76 dividend on an annualized basis and a yield of 1.60%. Silgan’s dividend payout ratio is 25.50%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SLGN. Wells Fargo & Company increased their price target on shares of Silgan from $52.00 to $55.00 and gave the company an overweight rating in a report on Thursday, April 11th. Truist Financial increased their price target on shares of Silgan from $52.00 to $56.00 and gave the company a buy rating in a report on Thursday, January 4th. JPMorgan Chase & Co. raised their price objective on shares of Silgan from $39.00 to $46.00 and gave the stock an underweight rating in a report on Thursday, February 1st. Royal Bank of Canada raised their price objective on shares of Silgan from $49.00 to $51.00 and gave the stock an outperform rating in a report on Thursday, February 1st. Finally, Citigroup raised their price objective on shares of Silgan from $47.00 to $51.00 and gave the stock a neutral rating in a report on Friday, February 2nd. One analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, Silgan currently has a consensus rating of Moderate Buy and a consensus target price of $53.13.

Insider Buying and Selling at Silgan

In other Silgan news, VP B Frederik Prinzen sold 4,684 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $43.89, for a total value 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 Securities & Exchange Commission, which is available at this hyperlink. Corporate 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.