Silgan Holdings Inc. to Issue Quarterly Dividend of $0.19 (NYSE:SLGN)

Silgan Holdings Inc. (NYSE:SLGN) announced a quarterly dividend on Tuesday, May 7th, Zacks reports. Investors of record on Monday, June 3rd will be paid a dividend of 0.19 per share by the industrial products company on Monday, June 17th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date is Monday, June 3rd.

Silgan has raised its dividend payment by an average of 14.5% per year over the last three years and has raised its dividend every year for the last 21 years. Silgan has a payout ratio of 19.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Silgan to earn $4.04 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 18.8%.

Silgan Price Performance

SLGN traded up $0.28 on Thursday, reaching $46.74. The company had a trading volume of 190,885 shares, compared to its average volume of 584,056. Silgan has a one year low of $38.11 and a one year high of $49.72. The company has a market capitalization of $4.99 billion, a P/E ratio of 16.39, a PEG ratio of 2.53 and a beta of 0.69. The company has a fifty day moving average of $46.25 and a 200-day moving average of $44.29. The company has a current ratio of 0.49, a quick ratio of 0.29 and a debt-to-equity ratio of 1.35.

Silgan (NYSE:SLGN) last issued its quarterly earnings results on Wednesday, May 1st. The industrial products company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.02. Silgan had a return on equity of 19.26% and a net margin of 5.25%. The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same period last year, the firm earned $0.78 EPS. The firm’s revenue for the quarter was down 7.1% on a year-over-year basis. As a group, equities research analysts anticipate that Silgan will post 3.66 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on SLGN shares. Royal Bank of Canada lifted their price target on shares of Silgan from $49.00 to $51.00 and gave the stock an “outperform” rating in a research report on Thursday, February 1st. Raymond James increased their target price on Silgan from $52.00 to $54.00 and gave the company an “outperform” rating in a report on Thursday, February 1st. Wells Fargo & Company lowered their price target on Silgan from $55.00 to $54.00 and set an “overweight” rating on the stock in a report on Thursday, May 2nd. Citigroup lifted their target price on shares of Silgan from $47.00 to $51.00 and gave the company a “neutral” rating in a research note on Friday, February 2nd. Finally, JPMorgan Chase & Co. lifted their price objective on Silgan from $39.00 to $46.00 and gave the company an “underweight” rating in a research report on Thursday, February 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Silgan currently has an average rating of “Moderate Buy” and an average price target of $53.00.

Insider Activity

In related news, VP B Frederik Prinzen sold 4,684 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $43.89, for a total transaction of $205,580.76. Following the completion of the sale, the vice president now directly owns 8,613 shares of the company’s stock, valued at approximately $378,024.57. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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.