Silgan (NYSE:SLGN) Shares Gap Up After Better-Than-Expected Earnings

Silgan Holdings Inc. (NYSE:SLGN)’s stock price gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $53.01, but opened at $56.19. Silgan shares last traded at $57.32, with a volume of 191,308 shares traded.

The industrial products company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.03. Silgan had a return on equity of 18.76% and a net margin of 5.11%.

Silgan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a $0.19 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.76 dividend on an annualized basis and a yield of 1.36%. Silgan’s payout ratio is currently 27.54%.

Wall Street Analyst Weigh In

SLGN has been the topic of a number of research analyst reports. Truist Financial reissued a “buy” rating and set a $70.00 price objective (up previously from $69.00) on shares of Silgan in a research report on Thursday. Robert W. Baird raised their price target on shares of Silgan from $60.00 to $62.00 and gave the company an “outperform” rating in a research report on Thursday. StockNews.com downgraded Silgan from a “buy” rating to a “hold” rating in a research note on Wednesday, October 9th. Bank of America lifted their price target on shares of Silgan from $60.00 to $61.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Finally, Royal Bank of Canada lifted their target price on shares of Silgan from $63.00 to $65.00 and gave the stock an “outperform” rating in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Silgan presently has an average rating of “Moderate Buy” and an average target price of $64.22.

Institutional Trading of Silgan

Institutional investors and hedge funds have recently modified their holdings of the business. Venturi Wealth Management LLC boosted its stake in shares of Silgan by 220.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,400 shares of the industrial products company’s stock worth $74,000 after buying an additional 963 shares during the last quarter. GAMMA Investing LLC grew its holdings in Silgan by 51.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,777 shares of the industrial products company’s stock valued at $93,000 after buying an additional 606 shares in the last quarter. KBC Group NV lifted its stake in Silgan by 27.7% in the 3rd quarter. KBC Group NV now owns 2,277 shares of the industrial products company’s stock worth $120,000 after purchasing an additional 494 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Silgan by 13,482.6% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,124 shares of the industrial products company’s stock valued at $132,000 after buying an additional 3,101 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in Silgan during the third quarter valued at $154,000. Institutional investors own 70.25% of the company’s stock.

Silgan Trading Up 0.5 %

The stock has a market cap of $5.99 billion, a P/E ratio of 20.32, a P/E/G ratio of 1.26 and a beta of 0.71. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.75 and a current ratio of 1.09. The stock’s fifty day moving average is $53.67 and its 200 day moving average is $51.80.

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.