United Services Automobile Association increased its position in shares of Silgan Holdings Inc. (NASDAQ:SLGN) by 17.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,825 shares of the industrial products company’s stock after purchasing an additional 7,325 shares during the period. United Services Automobile Association’s holdings in Silgan were worth $1,494,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of the stock. Voloridge Investment Management LLC acquired a new position in shares of Silgan during the second quarter worth $228,000. Zacks Investment Management boosted its stake in Silgan by 6.2% in the second quarter. Zacks Investment Management now owns 80,649 shares of the industrial products company’s stock valued at $2,468,000 after acquiring an additional 4,700 shares in the last quarter. Nuveen Asset Management LLC acquired a new position in Silgan in the second quarter valued at $18,741,000. UBS Asset Management Americas Inc. boosted its stake in Silgan by 34.2% in the second quarter. UBS Asset Management Americas Inc. now owns 129,423 shares of the industrial products company’s stock valued at $3,960,000 after acquiring an additional 32,957 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its stake in Silgan by 117.8% in the second quarter. D. E. Shaw & Co. Inc. now owns 224,239 shares of the industrial products company’s stock valued at $6,862,000 after acquiring an additional 121,283 shares in the last quarter. Hedge funds and other institutional investors own 65.77% of the company’s stock.
In other news, insider Thomas James Snyder sold 10,444 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $31.02, for a total value of $323,972.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John W. Alden sold 2,000 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $29.71, for a total transaction of $59,420.00. Following the completion of the sale, the director now directly owns 67,331 shares of the company’s stock, valued at $2,000,404.01. The disclosure for this sale can be found here. 30.32% of the stock is currently owned by corporate insiders.
Silgan (NASDAQ:SLGN) last announced its earnings results on Wednesday, July 24th. The industrial products company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.01. Silgan had a net margin of 4.46% and a return on equity of 26.45%. The business had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same period in the prior year, the company earned $0.52 earnings per share. The business’s revenue was up 3.2% compared to the same quarter last year. On average, research analysts expect that Silgan Holdings Inc. will post 2.2 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were issued a $0.11 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.51%. Silgan’s payout ratio is 21.15%.
Several equities analysts have issued reports on the stock. BidaskClub upgraded shares of Silgan from a “sell” rating to a “hold” rating in a research note on Wednesday, September 25th. ValuEngine downgraded shares of Silgan from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. upgraded shares of Silgan from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $31.00 to $33.00 in a research note on Wednesday, July 17th. Finally, Citigroup upped their price objective on shares of Silgan from $34.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. Silgan has a consensus rating of “Hold” and an average target price of $30.63.
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.
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