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SLGN

Silgan Holdings

$47.81

0.13 (0.27%)

08:04
10/17/16
10/17
08:04
10/17/16
08:04

Silgan board authorizes repurchase of up to additional $300M of stock

Silgan announced that its Board of Directors has authorized Silgan to repurchase up to an additional $300 million of its common stock, effective through December 31, 2021. This new authorization, together with the remaining amount from a previous authorization, results in an aggregate outstanding authorization for stock repurchases of approximately $398.8 million, a portion of which will be utilized in the tender offer commenced today. We remain committed to driving shareholder value through a combination of acquisitions, organic investments and return of capital to shareholders," commented Bob Lewis, Executive Vice President and CFO. "Given the stable cash flow generation of our business, our relatively low net debt leverage level and the continued low interest rate environment, we believe that it is appropriate at this time to return capital to shareholders in the form of a share repurchase. This return of capital will bring our net debt leverage toward the middle of our targeted range, while still allowing us to pursue other strategic initiatives," concluded Mr. Lewis.

  • 26

    Oct

SLGN Silgan Holdings
$47.81

0.13 (0.27%)

06/08/16
BMOC
06/08/16
DOWNGRADE
BMOC
Market Perform
Silgan Holdings downgraded to Market Perform from Outperform at BMO Capital
06/08/16
BMOC
06/08/16
DOWNGRADE
BMOC
Market Perform
Silgan Holdings downgraded at BMO Capital
As noted earlier, BMO Capital downgraded Silgan Holdings (SLGN) to Market Perform from Outperform. The firm had predicated its Outperform rating on the stock on the company's acquisition of assets being sold by Ball Corp (BLL).and REX American Resources (REX). BMO Capital downgraded Silgan as this scenario failed to materialize, as Ardagh acquired the divested assets. Silgan target to $47 from $58.
07/28/16
WELS
07/28/16
DOWNGRADE
WELS
Market Perform
Silgan Holdings downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Christopher Manuel downgraded Silgan Holdings to Market Perform citing a "more muted" path to earnings and free cash flow acceleration over the next 12-24 months. Following the company's Q2 results, Manuel lowered his price target for the shares to $52-$54 from $57-$60.
09/13/16
JPMS
09/13/16
INITIATION
Target $51
JPMS
Neutral
Silgan Holdings initiated with a Neutral at JPMorgan
JPMorgan analyst Tyler Langton started Silgan Holdings with a Neutral rating and $51 price target.

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SIX

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