Synovus Financial Corp acquired a new position in Silgan Holdings Inc. (NASDAQ:SLGN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 9,319 shares of the industrial products company’s stock, valued at approximately $281,000.
A number of other hedge funds have also bought and sold shares of SLGN. Amundi Pioneer Asset Management Inc. purchased a new position in Silgan in the first quarter worth $190,000. Crossmark Global Holdings Inc. boosted its position in Silgan by 5.4% in the second quarter. Crossmark Global Holdings Inc. now owns 10,620 shares of the industrial products company’s stock worth $325,000 after purchasing an additional 542 shares during the last quarter. Retirement Systems of Alabama boosted its position in Silgan by 0.6% in the second quarter. Retirement Systems of Alabama now owns 101,193 shares of the industrial products company’s stock worth $3,097,000 after purchasing an additional 565 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in Silgan in the second quarter worth $444,000. Finally, NN Investment Partners Holdings N.V. purchased a new position in Silgan in the second quarter worth $165,000. 66.03% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ SLGN traded up $0.03 during trading on Monday, reaching $31.02. 294,418 shares of the stock traded hands, compared to its average volume of 463,108. Silgan Holdings Inc. has a 52-week low of $22.24 and a 52-week high of $31.69. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.48 and a quick ratio of 0.27. The company has a 50-day moving average of $30.20 and a 200-day moving average of $30.09. The stock has a market capitalization of $3.37 billion, a P/E ratio of 14.91, a price-to-earnings-growth ratio of 1.84 and a beta of 0.76.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.11 per share. The ex-dividend date is Friday, November 29th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.42%. Silgan’s dividend payout ratio is presently 21.15%.
In other news, Director John W. Alden sold 2,000 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $29.71, for a total transaction of $59,420.00. Following the transaction, the director now owns 67,331 shares of the company’s stock, valued at approximately $2,000,404.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 30.32% of the stock is owned by corporate insiders.
Several research analysts have weighed in on SLGN shares. ValuEngine cut Silgan from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 2nd. Zacks Investment Research cut Silgan from a “hold” rating to a “sell” rating and set a $32.00 price target on the stock. in a research report on Tuesday, October 15th. JPMorgan Chase & Co. raised Silgan from an “underweight” rating to a “neutral” rating and upped their price target for the company from $31.00 to $33.00 in a research report on Wednesday, July 17th. Finally, BidaskClub raised Silgan from a “sell” rating to a “hold” rating in a research report on Wednesday, September 25th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $33.67.
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.
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