Silgan (NYSE:SLGN) Releases Q2 Earnings Guidance

Silgan (NYSE:SLGN) updated its second quarter earnings guidance on Wednesday. The company provided EPS guidance of $0.82-0.92 for the period, compared to the consensus EPS estimate of $0.87. Silgan also updated its FY 2024 guidance to 3.550-3.750 EPS.

Silgan Stock Performance

Shares of SLGN traded up $0.89 during mid-day trading on Friday, hitting $46.28. 704,405 shares of the company’s stock were exchanged, compared to its average volume of 647,615. The company has a current ratio of 0.49, a quick ratio of 0.61 and a debt-to-equity ratio of 1.35. Silgan has a fifty-two week low of $38.11 and a fifty-two week high of $49.72. The business’s 50 day moving average is $46.10 and its two-hundred day moving average is $44.16. The firm has a market capitalization of $4.94 billion, a P/E ratio of 16.24, a P/E/G ratio of 2.48 and a beta of 0.69.

Silgan (NYSE:SLGN) last issued its quarterly earnings results on Wednesday, May 1st. The industrial products company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.02. The firm 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%. The company’s revenue for the quarter was down 7.1% on a year-over-year basis. During the same period last year, the company earned $0.78 earnings per share. On average, equities analysts expect that Silgan will post 3.67 earnings per share for the current year.

Silgan Increases Dividend

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

Analysts Set New Price Targets

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

Insider Activity

In other Silgan news, VP B Frederik Prinzen sold 4,684 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $43.89, for a total transaction of $205,580.76. Following the completion of the transaction, the vice president now directly owns 8,613 shares of the company’s stock, valued at approximately $378,024.57. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 13.08% of the company’s stock.

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.