Silgan Holdings Inc. (SLGN) to Issue Dividend Increase – $0.10 Per Share
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 dividend on an annualized basis and a dividend yield of 1.36%. The ex-dividend date of this dividend is Thursday, March 15th. This is a positive change from Silgan’s previous quarterly dividend of $0.09.
Silgan has raised its dividend by an average of 6.3% annually over the last three years and has raised its dividend annually for the last 14 consecutive years. Silgan has a dividend 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 (SLGN) opened at $29.52 on Wednesday. The company has a debt-to-equity ratio of 3.18, a quick ratio of 0.60 and a current ratio of 1.35. Silgan has a 1 year low of $27.21 and a 1 year high of $32.50. The stock has a market cap of $3,230.98, a price-to-earnings ratio of 12.20, a P/E/G ratio of 1.40 and a beta of 0.53.
Several research firms have weighed in on SLGN. Bank of America upped their price objective on shares of Silgan from $32.00 to $33.00 and gave the stock an “underperform” rating in a report on Thursday, February 1st. Zacks Investment Research downgraded shares of Silgan from a “hold” rating to a “sell” rating in a report on Thursday, January 18th. BMO Capital Markets restated a “buy” rating and set a $34.00 price objective on shares of Silgan in a report on Monday, November 20th. KeyCorp restated an “underweight” rating and set a $25.00 price objective (down previously from $28.99) on shares of Silgan in a report on Friday, December 8th. Finally, Barclays upgraded shares of Silgan from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $30.00 to $35.00 in a report on Monday, February 12th. Five analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $31.20.
In other news, Director D Greg Horrigan sold 69,121 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $28.69, for a total value of $1,983,081.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Robert B. Lewis sold 15,000 shares of the company’s stock in a transaction on Monday, February 26th. The stock was 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. In the last quarter, insiders sold 468,655 shares of company stock valued at $13,206,189. Company insiders own 33.10% of the company’s stock.
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Silgan Company Profile
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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