Silgan Holdings Inc. (NYSE:SLGN) Increases Dividend to $0.20 Per Share

Silgan Holdings Inc. (NYSE:SLGN) declared a quarterly dividend on Wednesday, February 26th, Wall Street Journal reports. Stockholders of record on Monday, March 17th will be paid a dividend of 0.20 per share by the industrial products company on Monday, March 31st. This represents a $0.80 annualized dividend and a dividend yield of 1.46%. The ex-dividend date of this dividend is Monday, March 17th. This is an increase from Silgan’s previous quarterly dividend of $0.19.

Silgan has raised its dividend payment by an average of 10.7% per year over the last three years and has increased its dividend every year for the last 21 years. Silgan has a payout ratio of 17.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Silgan to earn $4.47 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 17.0%.

Silgan Price Performance

Shares of Silgan stock traded down $0.48 on Wednesday, hitting $54.64. 487,625 shares of the company traded hands, compared to its average volume of 665,648. The firm’s 50-day simple moving average is $53.00 and its 200 day simple moving average is $52.67. The company has a market cap of $5.84 billion, a P/E ratio of 21.20, a P/E/G ratio of 1.27 and a beta of 0.71. Silgan has a 12-month low of $41.14 and a 12-month high of $58.14. The company has a current ratio of 0.45, a quick ratio of 0.28 and a debt-to-equity ratio of 1.24.

Silgan (NYSE:SLGN) last posted its earnings results on Wednesday, January 29th. The industrial products company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.03. Silgan had a return on equity of 19.70% and a net margin of 4.72%. Analysts expect that Silgan will post 4.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on SLGN shares. Loop Capital increased their price objective on shares of Silgan from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. Raymond James lifted their target price on Silgan from $62.00 to $65.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. JPMorgan Chase & Co. upped their price target on shares of Silgan from $53.00 to $57.00 and gave the company a “neutral” rating in a research note on Thursday, January 30th. Robert W. Baird upped their target price on Silgan from $60.00 to $62.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Finally, Wells Fargo & Company boosted their price target on shares of Silgan from $58.00 to $63.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $64.22.

Insider Transactions at Silgan

In other news, EVP Robert B. Lewis sold 20,000 shares of the business’s stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $53.22, for a total transaction of $1,064,400.00. Following the transaction, the executive vice president now owns 152,133 shares of the company’s stock, valued at approximately $8,096,518.26. The trade was a 11.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.39% of the company’s stock.

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.