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

Silgan Holdings Inc. (NYSE:SLGN) shares gapped up before the market opened 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 changing hands.

The industrial products company reported $0.85 earnings per share for the quarter, topping 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 Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were paid a $0.19 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.76 annualized dividend and a yield of 1.33%. Silgan’s dividend payout ratio (DPR) is presently 27.54%.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Venturi Wealth Management LLC grew its holdings 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 purchasing an additional 963 shares during the period. GAMMA Investing LLC raised its position in shares of Silgan by 51.8% in the third quarter. GAMMA Investing LLC now owns 1,777 shares of the industrial products company’s stock valued at $93,000 after purchasing an additional 606 shares during the period. KBC Group NV raised its stake in shares of Silgan by 27.7% during the 3rd quarter. KBC Group NV now owns 2,277 shares of the industrial products company’s stock valued at $120,000 after purchasing an additional 494 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in 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 worth $132,000 after acquiring an additional 3,101 shares during the last quarter. Finally, Quarry LP increased its position in shares of Silgan by 226.0% in the second quarter. Quarry LP now owns 3,589 shares of the industrial products company’s stock worth $152,000 after purchasing an additional 2,488 shares during the last quarter. 70.25% of the stock is owned by institutional investors.

Silgan Price Performance

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

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.