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

Silgan Holdings Inc. (NYSE:SLGN)’s share price gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. 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 trading hands.

The industrial products company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.03. Silgan had a return on equity of 18.76% and a net margin of 5.11%.

Silgan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date was Monday, December 2nd. Silgan’s dividend payout ratio (DPR) is presently 27.54%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on SLGN shares. Truist Financial lifted their price target on shares of Silgan from $63.00 to $69.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Bank of America boosted their price target on Silgan from $60.00 to $61.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Royal Bank of Canada raised their price target on Silgan from $58.00 to $63.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. Finally, StockNews.com cut Silgan from a “buy” rating to a “hold” rating in a research report on Wednesday, October 9th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $59.75.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Venturi Wealth Management LLC boosted its stake in Silgan by 220.4% during the third quarter. Venturi Wealth Management LLC now owns 1,400 shares of the industrial products company’s stock valued at $74,000 after buying an additional 963 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Silgan by 51.8% in the 3rd quarter. GAMMA Investing LLC now owns 1,777 shares of the industrial products company’s stock worth $93,000 after buying an additional 606 shares in the last quarter. KBC Group NV lifted its holdings in shares of Silgan by 27.7% in the 3rd quarter. KBC Group NV now owns 2,277 shares of the industrial products company’s stock valued at $120,000 after acquiring an additional 494 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Silgan by 13,482.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,124 shares of the industrial products company’s stock valued at $132,000 after purchasing an additional 3,101 shares during the last quarter. Finally, Quarry LP raised its holdings in Silgan by 226.0% during the 2nd quarter. Quarry LP now owns 3,589 shares of the industrial products company’s stock valued at $152,000 after buying an additional 2,488 shares during the period. Institutional investors own 70.25% of the company’s stock.

Silgan Trading Up 8.1 %

The company’s 50 day simple moving average is $53.64 and its 200-day simple moving average is $51.75. The firm has a market cap of $6.12 billion, a P/E ratio of 20.75, a P/E/G ratio of 1.26 and a beta of 0.71. The company has a quick ratio of 0.75, a current ratio of 1.09 and a debt-to-equity ratio of 1.24.

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.