Silgan Holdings Inc. (NASDAQ:SLGN) declared a quarterly dividend on Thursday, March 1st, Wall Street Journal reports. Investors of record on Friday, March 16th will be given a dividend of 0.10 per share by the industrial products company on Friday, March 30th. This represents a $0.40 annualized dividend and a yield of 1.41%. The ex-dividend date of this dividend is Thursday, March 15th. This is a boost from Silgan’s previous quarterly dividend of $0.09.
Silgan has raised its dividend payment by an average of 6.3% per year over the last three years and has increased its dividend annually for the last 14 consecutive years. Silgan has a payout ratio of 22.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Silgan to earn $2.24 per share next year, which means the company should continue to be able to cover its $0.36 annual dividend with an expected future payout ratio of 16.1%.
Silgan (NASDAQ SLGN) traded down $0.26 during mid-day trading on Thursday, reaching $28.45. 256,800 shares of the company traded hands, compared to its average volume of 615,596. The stock has a market cap of $3,168.81, a P/E ratio of 11.53, a PEG ratio of 1.37 and a beta of 0.49. Silgan has a 52 week low of $27.21 and a 52 week high of $32.50. The company has a quick ratio of 0.17, a current ratio of 0.38 and a debt-to-equity ratio of 3.96.
Several research firms recently commented on SLGN. Bank of America raised their price target on shares of Silgan from $32.00 to $33.00 and gave the stock an “underperform” rating in a research note on Thursday, February 1st. BMO Capital Markets reaffirmed a “buy” rating and issued a $34.00 price target on shares of Silgan in a research note on Monday, November 20th. Zacks Investment Research raised shares of Silgan from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a research note on Monday, February 5th. KeyCorp reaffirmed a “sell” rating and issued a $25.00 price target on shares of Silgan in a research note on Thursday, February 1st. Finally, Vertical Research raised shares of Silgan from a “hold” rating to a “buy” rating in a research report on Tuesday, January 23rd. Five analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $31.20.
In other Silgan news, Director D Greg Horrigan sold 69,121 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $28.69, for a total transaction of $1,983,081.49. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Robert B. Lewis sold 15,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $29.01, for a total transaction of $435,150.00. The disclosure for this sale can be found here. Insiders have sold a total of 468,655 shares of company stock worth $13,206,189 in the last three months. Insiders own 33.10% of the company’s stock.
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Silgan Holdings Inc is a holding company. The Company is a manufacturer of rigid packaging for consumer goods products. The Company operates in three business segments: metal containers, closures and plastic containers. Its metal container segment is engaged in the manufacture and sale of steel and aluminum containers for human and pet food and general line products.
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