Silgan (NYSE:SLGN) Given New $55.00 Price Target at Royal Bank of Canada

Silgan (NYSE:SLGN) had its target price lifted by Royal Bank of Canada from $51.00 to $55.00 in a research note published on Thursday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the industrial products company’s stock.

A number of other brokerages have also commented on SLGN. JPMorgan Chase & Co. upgraded Silgan from an underweight rating to a neutral rating and increased their price objective for the company from $46.00 to $53.00 in a research report on Thursday. Truist Financial reissued a buy rating and issued a $59.00 price target (up previously from $56.00) on shares of Silgan in a research note on Thursday. Robert W. Baird increased their price target on Silgan from $53.00 to $60.00 and gave the company an outperform rating in a research note on Thursday. Wells Fargo & Company increased their price target on Silgan from $54.00 to $58.00 and gave the company an overweight rating in a research note on Thursday. Finally, Citigroup raised Silgan from a neutral rating to a buy rating and set a $50.00 price target on the stock in a research note on Monday, July 8th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Silgan has an average rating of Moderate Buy and an average target price of $57.00.

Silgan Stock Down 2.7 %

Shares of SLGN opened at $51.26 on Thursday. The firm has a market capitalization of $5.47 billion, a price-to-earnings ratio of 17.99, a PEG ratio of 1.77 and a beta of 0.67. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.62 and a current ratio of 0.53. The business’s fifty day moving average price is $45.24 and its two-hundred day moving average price is $45.56. Silgan has a 52 week low of $38.11 and a 52 week high of $52.84.

Silgan (NYSE:SLGN) last announced its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. The firm had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.43 billion. Silgan had a return on equity of 19.22% and a net margin of 5.24%. The business’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same period last year, the company earned $0.83 EPS. On average, analysts predict that Silgan will post 3.66 earnings per share for the current year.

Silgan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.48%. The ex-dividend date was Monday, June 3rd. Silgan’s payout ratio is presently 26.67%.

Insider Buying and Selling

In other news, VP B Frederik Prinzen sold 4,093 shares of the business’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $47.84, for a total value of $195,809.12. Following the sale, the vice president now directly owns 4,520 shares in the company, valued at $216,236.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, SVP Jay A. Martin sold 21,330 shares of the business’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $46.73, for a total value of $996,750.90. Following the sale, the senior vice president now directly owns 165,989 shares in the company, valued at $7,756,665.97. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 owns 4,520 shares in the company, valued at $216,236.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 59,651 shares of company stock valued at $2,804,226. 1.39% of the stock is owned by company insiders.

Institutional Trading of Silgan

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC increased its position in shares of Silgan by 5.1% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 5,156 shares of the industrial products company’s stock valued at $218,000 after acquiring an additional 250 shares during the last quarter. Retirement Systems of Alabama increased its position in shares of Silgan by 0.3% in the first quarter. Retirement Systems of Alabama now owns 101,639 shares of the industrial products company’s stock valued at $4,936,000 after acquiring an additional 268 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its position in shares of Silgan by 4.3% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 6,686 shares of the industrial products company’s stock valued at $303,000 after acquiring an additional 275 shares during the last quarter. Verdence Capital Advisors LLC increased its position in shares of Silgan by 4.6% in the first quarter. Verdence Capital Advisors LLC now owns 7,013 shares of the industrial products company’s stock valued at $341,000 after acquiring an additional 306 shares during the last quarter. Finally, Treasurer of the State of North Carolina increased its position in shares of Silgan by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 37,043 shares of the industrial products company’s stock valued at $1,676,000 after acquiring an additional 360 shares during the last quarter. Institutional investors and hedge funds 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.