Silgan (NYSE:SLGN) Releases Q2 Earnings Guidance

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

Wall Street Analysts Forecast Growth

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

Silgan Price Performance

Shares of NYSE SLGN traded up $0.89 during trading on Friday, reaching $46.28. The company had a trading volume of 704,405 shares, compared to its average volume of 647,615. Silgan has a 52 week low of $38.11 and a 52 week high of $49.72. The stock has a market cap of $4.94 billion, a PE ratio of 16.24, a PEG ratio of 2.48 and a beta of 0.69. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.61 and a current ratio of 0.49. The business’s 50 day moving average price is $46.10 and its 200-day moving average price is $44.16.

Silgan (NYSE:SLGN) last announced its earnings results on Wednesday, May 1st. The industrial products company reported $0.69 earnings per share 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 company 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 firm posted $0.78 earnings per share. The company’s revenue was down 7.1% on a year-over-year basis. Analysts expect that Silgan will post 3.67 earnings per share for the current year.

Silgan Increases Dividend

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

Insider Transactions at Silgan

In other news, VP B Frederik Prinzen sold 4,684 shares of Silgan stock in a transaction that occurred 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 sale, the vice president now owns 8,613 shares in the company, valued at approximately $378,024.57. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 13.08% of the stock is owned by corporate insiders.

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.