Silgan (NYSE:SLGN) Trading Up 7.5% on Better-Than-Expected Earnings

Shares of Silgan Holdings Inc. (NYSE:SLGN) shot up 7.5% during mid-day trading on Wednesday following a stronger than expected earnings report. 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 for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. Silgan had a return on equity of 19.47% and a net margin of 4.91%.The company had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same quarter in the previous year, the company earned $0.85 EPS. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year.

Analyst Ratings Changes

Several equities analysts recently weighed in on SLGN shares. Truist Financial set a $50.00 price objective on Silgan and gave the company a “buy” rating in a research note on Tuesday, January 6th. Wells Fargo & Company lowered their price objective on shares of Silgan from $55.00 to $52.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. Royal Bank Of Canada cut shares of Silgan from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from $49.00 to $43.00 in a research report on Thursday, January 15th. UBS Group reiterated a “neutral” rating and issued a $44.00 price target (up from $42.00) on shares of Silgan in a research report on Monday, January 12th. Finally, Zacks Research upgraded Silgan from a “strong sell” rating to a “hold” rating in a research report on Monday, December 29th. Five equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Silgan has an average rating of “Moderate Buy” and a consensus price target of $50.38.

Insiders Place Their Bets

In other Silgan news, CAO Kimberly Irene Ulmer bought 1,000 shares of Silgan stock in a transaction that occurred on Friday, November 7th. The shares were purchased at an average cost of $38.11 per share, for a total transaction of $38,110.00. Following the completion of the transaction, the chief accounting officer owned 105,321 shares of the company’s stock, valued at $4,013,783.31. This represents a 0.96% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.13% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SLGN. Caitong International Asset Management Co. Ltd increased its position in shares of Silgan by 174.6% in the second quarter. Caitong International Asset Management Co. Ltd now owns 497 shares of the industrial products company’s stock worth $27,000 after acquiring an additional 316 shares in the last quarter. Hantz Financial Services Inc. increased its position in shares of Silgan by 359.4% in the 2nd quarter. Hantz Financial Services Inc. now owns 634 shares of the industrial products company’s stock worth $34,000 after purchasing an additional 496 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in Silgan by 627.2% during the second quarter. EverSource Wealth Advisors LLC now owns 669 shares of the industrial products company’s stock valued at $36,000 after buying an additional 577 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new position in shares of Silgan in the 2nd quarter worth approximately $40,000. Finally, Measured Wealth Private Client Group LLC bought a new position in Silgan during the third quarter worth $33,000. 70.25% of the stock is owned by hedge funds and other institutional investors.

Silgan Trading Up 7.3%

The firm’s 50 day simple moving average is $41.18 and its two-hundred day simple moving average is $43.09. 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 stock has a market cap of $4.96 billion, a P/E ratio of 15.97, a price-to-earnings-growth ratio of 1.92 and a beta of 0.72.

Silgan Company Profile

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.