Silgan (NYSE:SLGN) Shares Gap Up on Earnings Beat

Silgan Holdings Inc. (NYSE:SLGN)’s stock price gapped up before the market opened on Wednesday following a stronger than expected earnings report. 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 traded.

The industrial products company reported $0.85 earnings per share (EPS) for the quarter, beating 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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.36%. Silgan’s dividend payout ratio (DPR) is currently 27.54%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. StockNews.com lowered Silgan from a “buy” rating to a “hold” rating in a research note on Wednesday, October 9th. Royal Bank of Canada raised their price target on Silgan from $58.00 to $63.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. Bank of America lifted their target price on Silgan from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Finally, Truist Financial lifted their target price 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.75.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Venturi Wealth Management LLC boosted its position 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 last quarter. GAMMA Investing LLC lifted its position in shares of Silgan by 51.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,777 shares of the industrial products company’s stock worth $93,000 after purchasing an additional 606 shares during the last quarter. KBC Group NV increased its stake in Silgan by 27.7% during the third quarter. KBC Group NV now owns 2,277 shares of the industrial products company’s stock valued at $120,000 after acquiring an additional 494 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in shares of 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 valued at $132,000 after purchasing an additional 3,101 shares during the period. Finally, Point72 Asset Management L.P. bought a new stake in shares of Silgan in the 3rd quarter valued at approximately $154,000. Hedge funds and other institutional investors own 70.25% of the company’s stock.

Silgan Stock Performance

The company has a market capitalization of $5.95 billion, a P/E ratio of 20.19, a price-to-earnings-growth ratio of 1.26 and a beta of 0.71. The firm has a 50 day moving average price of $53.66 and a two-hundred day moving average price of $51.77. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.75 and a current ratio of 1.09.

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.