Silgan Holdings (NASDAQ:SLGN)’s share price rose 7.4% during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $29.54 and last traded at $29.15. Approximately 1,610,214 shares changed hands during mid-day trading, an increase of 169% from the average daily volume of 598,434 shares. The stock had previously closed at $27.14.
The industrial products company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.07. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $981.34 million. Silgan had a return on equity of 30.15% and a net margin of 6.59%. The company’s revenue for the quarter was up 25.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.31 EPS.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Friday, March 16th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.37%. This is an increase from Silgan’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Thursday, March 15th. Silgan’s dividend payout ratio is 24.24%.
A number of equities analysts have recently issued reports on the company. Citigroup cut their target price on Silgan from $33.00 to $31.00 and set a “neutral” rating for the company in a research note on Thursday, April 5th. ValuEngine downgraded Silgan from a “hold” rating to a “sell” rating in a research note on Monday, April 2nd. Bank of America increased their target price on Silgan from $32.00 to $33.00 and gave the stock an “underperform” rating in a research note on Thursday, February 1st. Zacks Investment Research downgraded Silgan from a “buy” rating to a “hold” rating in a research note on Tuesday, April 3rd. Finally, KeyCorp restated a “sell” rating and issued a $25.00 price target on shares of Silgan in a report on Thursday, February 1st. Six research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $31.18.
In other Silgan news, Director D Greg Horrigan sold 355,934 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $28.01, for a total transaction of $9,969,711.34. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Robert B. Lewis sold 15,000 shares of the stock in a transaction on Monday, February 26th. The shares were sold at an average price of $29.01, for a total value of $435,150.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 468,655 shares of company stock worth $13,206,189. 33.10% of the stock is owned by insiders.
A number of large investors have recently made changes to their positions in SLGN. Millennium Management LLC grew its holdings in Silgan by 1,994.4% during the 4th quarter. Millennium Management LLC now owns 1,301,496 shares of the industrial products company’s stock valued at $38,251,000 after buying an additional 1,239,355 shares during the last quarter. Deprince Race & Zollo Inc. grew its holdings in Silgan by 63.9% during the 4th quarter. Deprince Race & Zollo Inc. now owns 1,409,945 shares of the industrial products company’s stock valued at $41,438,000 after buying an additional 549,657 shares during the last quarter. American Century Companies Inc. grew its holdings in Silgan by 22.4% during the 4th quarter. American Century Companies Inc. now owns 1,768,586 shares of the industrial products company’s stock valued at $51,979,000 after buying an additional 323,252 shares during the last quarter. Citadel Advisors LLC grew its holdings in Silgan by 205.2% during the 4th quarter. Citadel Advisors LLC now owns 391,813 shares of the industrial products company’s stock valued at $11,515,000 after buying an additional 263,414 shares during the last quarter. Finally, Allianz Asset Management GmbH grew its holdings in Silgan by 17.1% during the 4th quarter. Allianz Asset Management GmbH now owns 1,183,488 shares of the industrial products company’s stock valued at $34,783,000 after buying an additional 173,014 shares during the last quarter. Hedge funds and other institutional investors own 68.08% of the company’s stock.
The firm has a market cap of $3,016.83, a P/E ratio of 16.67, a price-to-earnings-growth ratio of 1.31 and a beta of 0.48. The company has a debt-to-equity ratio of 3.18, a current ratio of 1.35 and a quick ratio of 0.60.
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Silgan Holdings Inc, together with its subsidiaries, manufactures and sells rigid packaging for consumer goods products worldwide. It operates through three segments: Metal Containers, Closures, and Plastic Containers. The Metal Containers segment manufactures and sells steel and aluminum containers for food products, such as soups, vegetables, fruit, meat, tomato based products, seafood, coffee, adult nutritional drinks, pet food, and other miscellaneous food products, as well as general line metal containers primarily for chemicals.
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