Silgan (NYSE:SLGN) Upgraded to Buy at StockNews.com

Silgan (NYSE:SLGN) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Friday.

Several other analysts also recently commented on the company. Citigroup increased their target price on Silgan from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Robert W. Baird upped their target price on shares of Silgan from $53.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Truist Financial restated a “buy” rating and set a $59.00 price objective (up previously from $56.00) on shares of Silgan in a research report on Thursday, August 1st. Royal Bank of Canada lifted their target price on shares of Silgan from $51.00 to $55.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Finally, Wells Fargo & Company increased their price target on Silgan from $54.00 to $58.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.00.

Silgan Stock Up 0.3 %

Shares of SLGN traded up $0.13 during mid-day trading on Friday, reaching $50.48. The company had a trading volume of 499,982 shares, compared to its average volume of 576,014. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.64 and a current ratio of 1.06. The company has a market capitalization of $5.39 billion, a price-to-earnings ratio of 17.71, a price-to-earnings-growth ratio of 1.52 and a beta of 0.67. The firm has a 50-day moving average price of $47.85 and a 200 day moving average price of $46.58. Silgan has a 52 week low of $38.11 and a 52 week high of $52.84.

Silgan (NYSE:SLGN) last released its earnings results on Wednesday, July 31st. The industrial products company reported $0.88 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the previous year, the company posted $0.83 earnings per share. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. On average, sell-side analysts forecast that Silgan will post 3.66 EPS for the current year.

Insider Transactions at Silgan

In other Silgan news, VP Stacey J. Mcgrath sold 1,600 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $49.04, for a total transaction of $78,464.00. Following the completion of the sale, the vice president now owns 11,495 shares of the company’s stock, valued at $563,714.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Silgan

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. New York Life Investment Management LLC purchased a new stake in Silgan in the 4th quarter worth $402,000. Natixis Advisors L.P. grew its position in shares of Silgan by 10.2% during the fourth quarter. Natixis Advisors L.P. now owns 34,536 shares of the industrial products company’s stock worth $1,562,000 after purchasing an additional 3,205 shares in the last quarter. Principal Securities Inc. bought a new stake in Silgan during the 4th quarter valued at approximately $30,000. AGF Management Ltd. lifted its holdings in Silgan by 1.6% in the 4th quarter. AGF Management Ltd. now owns 68,101 shares of the industrial products company’s stock worth $3,082,000 after purchasing an additional 1,061 shares in the last quarter. Finally, QRG Capital Management Inc. boosted its stake in Silgan by 9.9% in the 4th quarter. QRG Capital Management Inc. now owns 12,199 shares of the industrial products company’s stock worth $552,000 after purchasing an additional 1,094 shares during the period. 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.