Silgan (NYSE:SLGN) Shares Up 7.5% Following Better-Than-Expected Earnings

Silgan Holdings Inc. (NYSE:SLGN)’s share price traded up 7.5% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $46.78 and last traded at $47.0350. 64,233 shares were traded during mid-day trading, a decline of 92% from the average session volume of 826,746 shares. The stock had previously closed at $43.76.

The industrial products company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. Silgan had a net margin of 4.91% and a return on equity of 19.47%. The business had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.46 billion. During the same period in the previous year, the firm earned $0.85 EPS. The business’s revenue was up 4.1% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SLGN. Wells Fargo & Company cut their price objective on Silgan from $55.00 to $52.00 and set an “overweight” rating on the stock in a report on Thursday, October 30th. Citigroup dropped their target price on Silgan from $49.00 to $47.00 and set a “buy” rating for the company in a research report on Tuesday, January 6th. Royal Bank Of Canada cut shares of Silgan from an “outperform” rating to a “sector perform” rating and reduced their price target for the stock from $49.00 to $43.00 in a research report on Thursday, January 15th. UBS Group restated a “neutral” rating and issued a $44.00 price objective (up previously from $42.00) on shares of Silgan in a report on Monday, January 12th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Silgan in a report on Monday, December 29th. Five equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.38.

Insider Buying and Selling

In other Silgan news, CAO Kimberly Irene Ulmer purchased 1,000 shares of the business’s stock in a transaction on Friday, November 7th. The shares were bought at an average cost of $38.11 per share, for a total transaction of $38,110.00. Following the completion of the purchase, the chief accounting officer directly owned 105,321 shares in the company, valued at approximately $4,013,783.31. This represents a 0.96% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.13% of the stock is owned by company insiders.

Institutional Investors Weigh In On Silgan

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Janney Montgomery Scott LLC increased its position in Silgan by 0.4% in the 2nd quarter. Janney Montgomery Scott LLC now owns 50,156 shares of the industrial products company’s stock valued at $2,717,000 after acquiring an additional 223 shares during the period. Atria Investments Inc raised its stake in shares of Silgan by 3.9% during the second quarter. Atria Investments Inc now owns 6,241 shares of the industrial products company’s stock worth $338,000 after purchasing an additional 232 shares during the last quarter. Yousif Capital Management LLC lifted its holdings in shares of Silgan by 1.0% during the third quarter. Yousif Capital Management LLC now owns 27,578 shares of the industrial products company’s stock worth $1,186,000 after purchasing an additional 262 shares during the period. Verdence Capital Advisors LLC grew its position in Silgan by 2.5% in the 4th quarter. Verdence Capital Advisors LLC now owns 11,285 shares of the industrial products company’s stock valued at $456,000 after buying an additional 278 shares during the last quarter. Finally, Fifth Third Bancorp raised its position in Silgan by 37.4% during the 4th quarter. Fifth Third Bancorp now owns 1,084 shares of the industrial products company’s stock worth $44,000 after buying an additional 295 shares during the last quarter. 70.25% of the stock is owned by hedge funds and other institutional investors.

Silgan Trading Up 7.3%

The company has a quick ratio of 0.85, a current ratio of 1.27 and a debt-to-equity ratio of 1.68. The company’s fifty day moving average price is $41.18 and its two-hundred day moving average price is $43.09. The firm has a market cap of $4.96 billion, a PE ratio of 15.97, a P/E/G ratio of 1.92 and a beta of 0.72.

About Silgan

Silgan Holdings Inc (NYSE: SLGN) is a leading supplier of rigid packaging solutions for consumer goods manufacturers. The company’s core business activities center on the design, production and distribution of metal and plastic containers, closures and dispense systems. Silgan serves a broad array of end markets, including food and beverage, home and personal care, health care and industrial products, providing both standard and custom packaging formats.

Founded in 1987 and headquartered in Stamford, Connecticut, Silgan has grown organically and through strategic acquisitions to establish a global manufacturing footprint.