Silgan (NYSE:SLGN) Issues Q2 Earnings Guidance

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

Silgan Stock Up 2.0 %

Shares of NYSE:SLGN traded up $0.89 on Friday, reaching $46.28. The company had a trading volume of 704,405 shares, 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. The firm has a market capitalization of $4.94 billion, a PE ratio of 16.24, a PEG ratio of 2.48 and a beta of 0.69. Silgan has a 52-week low of $38.11 and a 52-week high of $49.72. The firm’s 50 day simple moving average is $46.10 and its 200-day simple moving average is $44.16.

Silgan (NYSE:SLGN) last announced its earnings results on Wednesday, May 1st. The industrial products company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.02. Silgan had a net margin of 5.25% and a return on equity of 19.26%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the previous year, the company posted $0.78 earnings per share. The firm’s revenue was down 7.1% on a year-over-year basis. As a group, analysts expect that Silgan will post 3.67 earnings per share for the current fiscal year.

Silgan Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were paid a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.64%. This is an increase from Silgan’s previous quarterly dividend of $0.18. The ex-dividend date was Wednesday, March 13th. Silgan’s dividend payout ratio (DPR) is 26.67%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Raymond James upped their price target on Silgan from $52.00 to $54.00 and gave the stock an outperform rating in a research report on Thursday, February 1st. Citigroup raised their price target on Silgan from $47.00 to $51.00 and gave the stock a neutral rating in a report on Friday, February 2nd. Wells Fargo & Company cut their price objective on shares of Silgan from $55.00 to $54.00 and set an overweight rating on the stock in a report on Thursday. Royal Bank of Canada lifted their target price on shares of Silgan from $49.00 to $51.00 and gave the stock an outperform rating in a research note on Thursday, February 1st. Finally, JPMorgan Chase & Co. raised 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Silgan has an average rating of Moderate Buy and an average price target of $53.00.

Insider Transactions at Silgan

In other Silgan news, VP B Frederik Prinzen sold 4,684 shares of Silgan stock in a transaction dated Monday, March 4th. The stock was 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 owns 8,613 shares in the company, valued at approximately $378,024.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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.