Silgan (NYSE:SLGN) Shares Gap Up After Strong Earnings

Silgan Holdings Inc. (NYSE:SLGN)’s stock 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.

The industrial products company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.82 by $0.03. Silgan had a net margin of 5.11% and a return on equity of 18.76%.

Silgan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.36%. The ex-dividend date was Monday, December 2nd. Silgan’s payout ratio is presently 27.54%.

Analyst Ratings Changes

SLGN has been the subject of several recent research reports. JPMorgan Chase & Co. increased their price target on shares of Silgan from $53.00 to $57.00 and gave the stock a “neutral” rating in a research report on Thursday. Robert W. Baird raised their price objective on shares of Silgan from $60.00 to $62.00 and gave the company an “outperform” rating in a research report on Thursday. Royal Bank of Canada upped their price target on Silgan from $63.00 to $65.00 and gave the company an “outperform” rating in a research note on Thursday. StockNews.com lowered shares of Silgan from a “buy” rating to a “hold” rating in a report on Wednesday, October 9th. Finally, Wells Fargo & Company upped their price target on Silgan from $58.00 to $63.00 and gave the company an “overweight” rating in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Silgan presently has an average rating of “Moderate Buy” and a consensus target price of $64.22.

Institutional Investors Weigh In On Silgan

Several institutional investors have recently bought and sold shares of SLGN. Squarepoint Ops LLC increased its holdings in Silgan by 37.8% during the second quarter. Squarepoint Ops LLC now owns 45,109 shares of the industrial products company’s stock worth $1,909,000 after buying an additional 12,367 shares during the last quarter. AQR Capital Management LLC boosted its stake in Silgan by 1.1% in the 2nd quarter. AQR Capital Management LLC now owns 37,660 shares of the industrial products company’s stock valued at $1,594,000 after purchasing an additional 421 shares during the period. Millennium Management LLC grew its stake in shares of Silgan by 62.5% in the second quarter. Millennium Management LLC now owns 322,482 shares of the industrial products company’s stock valued at $13,651,000 after acquiring an additional 124,020 shares in the last quarter. Algert Global LLC bought a new stake in Silgan in the 2nd quarter valued at about $363,000. Finally, Northwestern Mutual Wealth Management Co. grew its position in Silgan by 13,482.6% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,124 shares of the industrial products company’s stock worth $132,000 after buying an additional 3,101 shares in the last quarter. Institutional investors own 70.25% of the company’s stock.

Silgan Stock Up 0.5 %

The stock has a 50-day moving average of $53.67 and a 200 day moving average of $51.80. The company has a market cap of $5.99 billion, a P/E ratio of 20.32, a PEG ratio of 1.26 and a beta of 0.71. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.09 and a quick ratio of 0.75.

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.