Silgan (NYSE:SLGN) Lowered to Hold at StockNews.com

StockNews.com downgraded shares of Silgan (NYSE:SLGN) from a buy rating to a hold rating in a report published on Thursday morning.

A number of other brokerages have also recently commented on SLGN. Wells Fargo & Company upped their target price on shares of Silgan from $54.00 to $58.00 and gave the company an overweight rating in a report on Thursday, August 1st. Citigroup upped their price objective on Silgan from $50.00 to $60.00 and gave the stock a buy rating in a research note on Thursday, August 1st. Truist Financial reiterated a buy rating and set a $59.00 target price (up from $56.00) on shares of Silgan in a research report on Thursday, August 1st. JPMorgan Chase & Co. upgraded Silgan from an underweight rating to a neutral rating and upped their price target for the stock from $46.00 to $53.00 in a research report on Thursday, August 1st. Finally, Royal Bank of Canada increased their target price on shares of Silgan from $51.00 to $55.00 and gave the stock an outperform rating in a report on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $57.00.

Silgan Stock Performance

Shares of SLGN opened at $50.73 on Thursday. The firm has a market capitalization of $5.42 billion, a P/E ratio of 17.80, a PEG ratio of 1.50 and a beta of 0.67. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.06 and a quick ratio of 0.64. Silgan has a one year low of $38.11 and a one year high of $52.84. The business has a fifty day moving average of $50.47 and a 200 day moving average of $47.47.

Silgan (NYSE:SLGN) last released its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. Silgan had a return on equity of 19.22% and a net margin of 5.24%. The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the previous year, the company posted $0.83 EPS. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Silgan will post 3.66 EPS for the current year.

Silgan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.50%. The ex-dividend date was Tuesday, September 3rd. Silgan’s dividend payout ratio is currently 26.67%.

Insider Activity at Silgan

In other Silgan news, VP Stacey J. Mcgrath sold 1,600 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $49.04, for a total value of $78,464.00. Following the completion of the transaction, the vice president now directly owns 11,495 shares in the company, valued at approximately $563,714.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.39% of the stock is owned by corporate insiders.

Institutional Trading of Silgan

Hedge funds have recently bought and sold shares of the stock. Nordea Investment Management AB boosted its position in shares of Silgan by 118.0% during the 1st quarter. Nordea Investment Management AB now owns 201,258 shares of the industrial products company’s stock valued at $9,755,000 after acquiring an additional 108,942 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Silgan by 7.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,962,414 shares of the industrial products company’s stock valued at $125,404,000 after purchasing an additional 204,384 shares during the last quarter. Choreo LLC purchased a new position in shares of Silgan in the 2nd quarter worth $498,000. Seven Eight Capital LP bought a new stake in shares of Silgan in the 1st quarter worth about $1,129,000. Finally, State Board of Administration of Florida Retirement System raised its position in shares of Silgan by 17.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 88,864 shares of the industrial products company’s stock valued at $4,769,000 after buying an additional 13,289 shares in the last quarter. Hedge funds and other institutional investors own 70.25% 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.