Silgan (NYSE:SLGN) Updates Q2 2023 Earnings Guidance

() updated its second-quarter 2023 earnings guidance Thursday. The company gave a guidance for earnings per share of $0.85 to $0.95 during the period, as opposed to the consensus estimate of $1.03. The company provided revenue guidance. Silgan updated its FY2023 guidance to $3.95-4.15 EPS.

Wall Street analysts forecast growth

Many analysts of equity research have published reports about the company. Wells Fargo & Company raised their price target for Silgan in a report published on April 3rd from $58.00 up to $60.00. The company was also given an overweight rating. Bank of America raised their price target for Silgan to $64.00 in a report published on April 20th. The company was also given a buy rating. Silgan was first covered in a report published on March 16th. The company was given a Hold rating. Citigroup, in a Thursday research report, upgraded Silgan's rating from neutral to buy and set the target price at $56.00. Seven investment analysts have given the stock a buy or hold rating. One analyst gave the stock a sell. Trading at midday on Friday saw a $0.90 increase, bringing the price to $49.26. Stock of the company traded at 707,550 shares compared to an average of 407 812. The company's quick ratio is 0.95, its current ratio is 0.50 and its debt-to equity ratio is 1.95. The 50-day average stock price is $52.18, and the 200-day average is $52.67. Silgan's 12 month low is $38.59, and its 12 month high is $55.41. The company has a market capitalization of $5.43 billion, a PE ratio of 16.70, a price-to-earnings-growth ratio of 2.39 and a beta of 0.79.

The last time ) released its quarterly results was on Wednesday, 26th April. The industrial products company posted $0.78 per share for the quarter. This was in line with the consensus estimate. The company reported revenue of $1.42billion for the quarter compared with analysts' expectations of $1.4billion. Silgan's net margin was 5.13%, and its return on equity was 25.88%. Silgan's quarterly revenue was down 1.6% from the same period last year. In the same quarter last year, Silgan earned $0.78 per share. Analysts expect Silgan to post 4 earnings per shares for the current fiscal.

Silgan Dividend Increases

A quarterly dividend was also paid by the company on Friday, 31st March. Dividends of $0.18 were paid to shareholders who had their shares registered on the Friday, March 17, 2018. This is a $0.72 dividend annualized and yields 1.46%. This dividend became payable on Thursday, 16th March. Silgan had previously paid a quarterly dividend of $0.16. Silgan's current payout ratio is 24.41%.

Silgan: Insiders' Buying and selling

Silgan sold 50,972 Silgan shares in a transaction on Thursday, February 9th. The stock was bought at $54.08 on average, for a transaction totaling $2,756,565.76. After the transaction, the Director now owns approximately 38,369,814.08 worth of stock. Insiders control 24,433% of the stock in their company.

Hedge Funds weigh in on Silgan

Recently, several institutional investors and hedge fund have bought and sold shares in the company. Point72 Middle East FZE purchased a new stake of shares in Silgan during the 4th Quarter valued at around $650,000. Jane Street Group LLC purchased a stake in Silgan shares in the third quarter, valued at about $581,000. Citigroup Inc. increased its stake in Silgan shares by 5.4% during the first quarter. Citigroup Inc. owns 12,553 of the industrial product company's shares valued at $579,000. This is after purchasing an additional 640 in the previous quarter. Linden Thomas Advisory Services LLC purchased a stake in Silgan shares in the fourth quarter worth approximately $458,000. Mariner LLC also bought shares of Silgan during the fourth quarter, valued at about $287,000. Hedge funds, other institutional investors and pension funds own 68.36% the company's shares.

Silgan Company Profile

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Silgan Holdings, Inc manufactures and sells rigid packaging for consumer products. It is organized into three business segments: Dispensing and Specialty Closures; Metal Containers; and Custom Containers. The Dispensing and Specialty Closures Segment offers dispensing and speciality closures for products in the following categories: food, beverage and health care.

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