Silgan (NYSE:SLGN) PT Raised to $60.00

Silgan (NYSE:SLGN) had its price objective boosted by Citigroup from $50.00 to $60.00 in a research note issued to investors on Thursday morning, Benzinga reports. Citigroup currently has a buy rating on the industrial products company’s stock.

Several other analysts also recently issued reports on SLGN. JPMorgan Chase & Co. upgraded Silgan from an underweight rating to a neutral rating and boosted their price objective for the stock from $46.00 to $53.00 in a report on Thursday. Royal Bank of Canada upped their target price on Silgan from $51.00 to $55.00 and gave the company an outperform rating in a research note on Thursday. Wells Fargo & Company increased their price objective on Silgan from $54.00 to $58.00 and gave the stock an overweight rating in a research note on Thursday. Robert W. Baird raised their target price on Silgan from $53.00 to $60.00 and gave the company an outperform rating in a research note on Thursday. Finally, Truist Financial reiterated a buy rating and issued a $59.00 price target (up previously from $56.00) on shares of Silgan in a report on Thursday. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $57.00.

Silgan Stock Down 4.6 %

Shares of NYSE SLGN traded down $2.37 during trading on Thursday, reaching $48.89. 139,146 shares of the stock were exchanged, compared to its average volume of 583,413. The business’s 50-day moving average price is $45.24 and its 200 day moving average price is $45.56. Silgan has a twelve month low of $38.11 and a twelve month high of $52.84. The company has a quick ratio of 0.62, a current ratio of 0.53 and a debt-to-equity ratio of 1.33. The company has a market capitalization of $5.22 billion, a price-to-earnings ratio of 17.99, a price-to-earnings-growth ratio of 1.77 and a beta of 0.67.

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

Silgan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were issued a dividend of $0.19 per share. The ex-dividend date was Monday, June 3rd. This represents a $0.76 dividend on an annualized basis and a yield of 1.55%. Silgan’s dividend payout ratio (DPR) is currently 26.67%.

Insider Buying and Selling at Silgan

In other news, EVP Robert B. Lewis sold 30,000 shares of Silgan stock in a transaction on Friday, May 10th. The stock was sold at an average price of $47.08, for a total value of $1,412,400.00. Following the completion of the transaction, the executive vice president now directly owns 172,133 shares in the company, valued at $8,104,021.64. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Robert B. Lewis sold 30,000 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $47.08, for a total value of $1,412,400.00. Following the completion of the sale, the executive vice president now owns 172,133 shares of the company’s stock, valued at approximately $8,104,021.64. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP B Frederik Prinzen sold 4,093 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $47.84, for a total value of $195,809.12. Following the completion of the sale, the vice president now directly owns 4,520 shares of the company’s stock, valued at approximately $216,236.80. The disclosure for this sale can be found here. Insiders have sold a total of 59,651 shares of company stock worth $2,804,226 over the last ninety days. 1.39% of the stock is currently owned by company insiders.

Institutional Trading of Silgan

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Nordea Investment Management AB boosted its stake in 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 purchasing an additional 108,942 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Silgan by 3.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,323,963 shares of the industrial products company’s stock valued at $105,159,000 after purchasing an additional 66,837 shares during the last quarter. Seven Eight Capital LP purchased a new stake in Silgan during the 1st quarter valued at $1,129,000. State Board of Administration of Florida Retirement System boosted its stake in 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 purchasing an additional 13,289 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its stake in Silgan by 33.0% during the 4th quarter. New York State Common Retirement Fund now owns 210,066 shares of the industrial products company’s stock valued at $9,505,000 after purchasing an additional 52,146 shares during the last quarter. Hedge funds and other institutional investors own 70.25% of the company’s stock.

Silgan Company Profile

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.