Silgan (NYSE:SLGN) Hits New 12-Month High After Earnings Beat

Silgan Holdings Inc. (NYSE:SLGN) reached a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $50.69 and last traded at $50.50, with a volume of 23107 shares. The stock had previously closed at $48.74.

The industrial products company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.01. Silgan had a return on equity of 19.42% and a net margin of 5.24%. The firm had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.43 billion. During the same period in the previous year, the firm posted $0.83 earnings per share. The business’s revenue was down 3.2% compared to the same quarter last year.

Silgan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were issued a dividend of $0.19 per share. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $0.76 dividend on an annualized basis and a yield of 1.44%. Silgan’s payout ratio is 26.67%.

Analysts Set New Price Targets

Several research firms have weighed in on SLGN. JPMorgan Chase & Co. raised shares of Silgan from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $46.00 to $53.00 in a research report on Thursday. Wells Fargo & Company upped their target price on Silgan from $54.00 to $58.00 and gave the company an “overweight” rating in a research report on Thursday. Citigroup raised their target price on Silgan from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday. Robert W. Baird boosted their price target on Silgan from $53.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Royal Bank of Canada raised their price objective on Silgan from $51.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $57.00.

Insider Transactions at Silgan

In related news, EVP Robert B. Lewis sold 30,000 shares of the company’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $47.08, for a total value of $1,412,400.00. Following the completion of the sale, the executive vice president now directly owns 172,133 shares of the company’s stock, valued at approximately $8,104,021.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, VP B Frederik Prinzen sold 4,093 shares of Silgan 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 directly owns 4,520 shares in the company, valued at approximately $216,236.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Robert B. Lewis sold 30,000 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $47.08, for a total transaction of $1,412,400.00. Following the transaction, the executive vice president now directly owns 172,133 shares of the company’s stock, valued at $8,104,021.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,651 shares of company stock valued at $2,804,226. Corporate insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Silgan

Large investors have recently bought and sold shares of the stock. Blue Trust Inc. increased its position in Silgan by 256.6% during the second quarter. Blue Trust Inc. now owns 592 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 426 shares during the last quarter. Principal Securities Inc. acquired a new stake in shares of Silgan during the 4th quarter worth $30,000. Versant Capital Management Inc raised its position in shares of Silgan by 2,838.5% in the 2nd quarter. Versant Capital Management Inc now owns 1,146 shares of the industrial products company’s stock worth $49,000 after buying an additional 1,107 shares during the period. GAMMA Investing LLC grew its position in Silgan by 109.9% during the second quarter. GAMMA Investing LLC now owns 1,171 shares of the industrial products company’s stock valued at $50,000 after acquiring an additional 613 shares during the period. Finally, Covestor Ltd increased its stake in Silgan by 69.7% during the first quarter. Covestor Ltd now owns 1,125 shares of the industrial products company’s stock worth $55,000 after acquiring an additional 462 shares during the last quarter. Institutional investors and hedge funds own 70.25% of the company’s stock.

Silgan Trading Up 2.4 %

The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.62 and a current ratio of 1.04. The company has a market capitalization of $5.63 billion, a PE ratio of 18.49, a P/E/G ratio of 1.73 and a beta of 0.67. The business has a fifty day moving average price of $45.15 and a 200 day moving average price of $45.46.

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.