Zacks: Brokerages Anticipate Silgan Holdings Inc. (NASDAQ:SLGN) Will Post Quarterly Sales of $1.32 Billion

Equities research analysts predict that Silgan Holdings Inc. (NASDAQ:SLGN) will announce $1.32 billion in sales for the current quarter, Zacks Investment Research reports. Five analysts have issued estimates for Silgan’s earnings, with the highest sales estimate coming in at $1.35 billion and the lowest estimate coming in at $1.29 billion. Silgan posted sales of $1.31 billion in the same quarter last year, which would indicate a positive year over year growth rate of 0.8%. The business is scheduled to report its next quarterly earnings report on Wednesday, October 23rd.

On average, analysts expect that Silgan will report full-year sales of $4.50 billion for the current financial year, with estimates ranging from $4.45 billion to $4.54 billion. For the next year, analysts forecast that the business will post sales of $4.55 billion, with estimates ranging from $4.41 billion to $4.64 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Silgan.

Silgan (NASDAQ:SLGN) last announced its quarterly earnings results on Wednesday, July 24th. The industrial products company reported $0.55 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.01. The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.08 billion. Silgan had a net margin of 4.46% and a return on equity of 26.45%. The firm’s revenue was up 3.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.52 earnings per share.

A number of equities research analysts have commented on SLGN shares. Citigroup raised their target price on Silgan from $34.00 to $36.00 and gave the company a “buy” rating in a report on Thursday, July 11th. BidaskClub raised shares of Silgan from a “sell” rating to a “hold” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. raised shares of Silgan from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $31.00 to $33.00 in a research note on Wednesday, July 17th. Finally, KeyCorp reissued a “hold” rating on shares of Silgan in a research note on Wednesday, April 24th. Eight research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $30.63.

NASDAQ:SLGN traded down $0.07 during midday trading on Friday, reaching $29.96. The stock had a trading volume of 174,622 shares, compared to its average volume of 494,077. The firm has a fifty day simple moving average of $30.48 and a two-hundred day simple moving average of $29.69. Silgan has a 12-month low of $22.24 and a 12-month high of $31.69. The company has a quick ratio of 0.49, a current ratio of 0.98 and a debt-to-equity ratio of 1.96. The stock has a market cap of $3.33 billion, a P/E ratio of 14.40, a P/E/G ratio of 1.81 and a beta of 0.79.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 1.47%. The ex-dividend date is Friday, August 30th. Silgan’s dividend payout ratio (DPR) is presently 21.15%.

In related news, insider Thomas James Snyder sold 10,444 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $31.02, for a total transaction of $323,972.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 30.32% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. Krane Funds Advisors LLC acquired a new position in shares of Silgan in the 2nd quarter valued at approximately $26,000. C M Bidwell & Associates Ltd. acquired a new stake in shares of Silgan during the 2nd quarter valued at approximately $40,000. Point72 Asset Management L.P. acquired a new stake in shares of Silgan during the 2nd quarter valued at approximately $40,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Silgan during the 2nd quarter valued at approximately $51,000. Finally, Huntington National Bank acquired a new stake in shares of Silgan during the 2nd quarter valued at approximately $53,000. 62.86% of the stock is currently owned by institutional investors.

Silgan Company Profile

Silgan Holdings Inc, together with its subsidiaries, manufactures and sells rigid packaging for consumer goods products worldwide. It operates through three segments: Metal Containers, Closures, and Plastic Containers. The Metal Containers segment manufactures and sells steel and aluminum containers for food products, such as pet food, vegetables, soups, proteins, tomato based products, adult nutritional drinks, fruits, and other miscellaneous food products, as well as general line metal containers primarily for chemicals.

Further Reading: Retained Earnings

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