Silgan (NYSE:SLGN) Issues Quarterly Earnings Results

Silgan (NYSE:SLGN) released its earnings results on Wednesday. The industrial products company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01, Briefing.com reports. Silgan had a return on equity of 19.26% and a net margin of 5.25%. The company had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same quarter in the prior year, the company earned $0.83 earnings per share. The company’s revenue for the quarter was down 3.2% on a year-over-year basis.

Silgan Stock Up 1.5 %

Shares of NYSE:SLGN traded up $0.78 on Thursday, reaching $52.21. The company had a trading volume of 611,015 shares, compared to its average volume of 580,577. The company has a quick ratio of 0.62, a current ratio of 1.04 and a debt-to-equity ratio of 1.33. The stock has a market capitalization of $5.57 billion, a P/E ratio of 18.34, a P/E/G ratio of 1.64 and a beta of 0.67. The stock has a 50-day moving average price of $44.93 and a 200 day moving average price of $45.37. Silgan has a twelve month low of $38.11 and a twelve month high of $52.52.

Silgan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.46%. The ex-dividend date of this dividend was Monday, June 3rd. Silgan’s payout ratio is 26.67%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Robert W. Baird raised their price objective on Silgan from $53.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday. Citigroup boosted their price objective on shares of Silgan from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday. Truist Financial reiterated a “buy” rating and issued a $59.00 price objective (up previously from $56.00) on shares of Silgan in a research note on Thursday. Wells Fargo & Company lifted their target price on shares of Silgan from $54.00 to $58.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Royal Bank of Canada upped their price target on shares of 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 assigned a buy rating to the stock. According to data from MarketBeat, Silgan has a consensus rating of “Moderate Buy” and a consensus target price of $57.00.

Insider Activity at Silgan

In other Silgan news, EVP Robert B. Lewis sold 30,000 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the executive vice president now owns 172,133 shares of the company’s stock, valued at $8,104,021.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Robert B. Lewis sold 30,000 shares of Silgan 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 transaction, the executive vice president now directly owns 172,133 shares in the company, valued at $8,104,021.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jay A. Martin sold 21,330 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $46.73, for a total value of $996,750.90. Following the completion of the sale, the senior vice president now directly owns 165,989 shares in the company, valued at approximately $7,756,665.97. The disclosure for this sale can be found here. In the last ninety 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.

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.