Silgan (NYSE:SLGN) Releases Q3 Earnings Guidance

Silgan (NYSE:SLGN) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $1.20 to $1.30 for the period, compared to the consensus estimate of $1.26. Silgan also updated its FY 2024 guidance to 3.550-3.750 EPS.

Silgan Stock Performance

Shares of SLGN traded down $1.43 during mid-day trading on Friday, hitting $51.26. 843,023 shares of the company’s stock were exchanged, compared to its average volume of 660,086. Silgan has a 52 week low of $38.11 and a 52 week high of $52.84. The stock’s 50-day simple moving average is $45.24 and its 200-day simple moving average is $45.52. The firm has a market cap of $5.47 billion, a price-to-earnings ratio of 18.00, a price-to-earnings-growth ratio of 1.77 and a beta of 0.67. The company has a quick ratio of 0.62, a current ratio of 0.53 and a debt-to-equity ratio of 1.33.

Silgan (NYSE:SLGN) last announced its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. The business had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Silgan had a net margin of 5.24% and a return on equity of 19.22%. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period last year, the firm posted $0.83 earnings per share. On average, equities research analysts expect that Silgan will post 3.66 EPS for the current year.

Silgan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were paid a $0.19 dividend. The ex-dividend date was Monday, June 3rd. This represents a $0.76 dividend on an annualized basis and a yield of 1.48%. Silgan’s dividend payout ratio (DPR) is 26.67%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on SLGN shares. Robert W. Baird lifted their price objective on shares of Silgan from $53.00 to $60.00 and gave the company an outperform rating in a research note on Thursday. JPMorgan Chase & Co. upgraded shares of Silgan from an underweight rating to a neutral rating and raised their target price for the company from $46.00 to $53.00 in a research report on Thursday. Citigroup raised their target price on shares of Silgan from $50.00 to $60.00 and gave the company a buy rating in a research report on Thursday. Truist Financial restated a buy rating and issued a $59.00 target price (up previously from $56.00) on shares of Silgan in a research report on Thursday. Finally, Wells Fargo & Company raised their target price on shares of Silgan from $54.00 to $58.00 and gave the company an overweight rating in a research report on Thursday. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $57.00.

Insider Transactions at Silgan

In other news, SVP Jay A. Martin sold 21,330 shares of Silgan stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $46.73, for a total transaction of $996,750.90. Following the transaction, the senior vice president now owns 165,989 shares in the company, valued at $7,756,665.97. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, VP B Frederik Prinzen sold 4,093 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $47.84, for a total value of $195,809.12. Following the transaction, the vice president now owns 4,520 shares in the company, valued at $216,236.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Jay A. Martin sold 21,330 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $46.73, for a total transaction of $996,750.90. Following the completion of the transaction, the senior vice president now owns 165,989 shares in the company, valued at approximately $7,756,665.97. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,651 shares of company stock worth $2,804,226. Company insiders own 1.39% 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.