StockNews.com Lowers Silgan (NYSE:SLGN) to Hold

StockNews.com cut shares of Silgan (NYSE:SLGN) from a buy rating to a hold rating in a research note released on Saturday morning.

Other analysts also recently issued reports about the company. Royal Bank of Canada upped their price objective on Silgan from $51.00 to $55.00 and gave the stock an outperform rating in a report on Thursday, August 1st. Wells Fargo & Company upped their price objective on Silgan from $54.00 to $58.00 and gave the stock an overweight rating in a report on Thursday, August 1st. Robert W. Baird upped their price objective on Silgan from $53.00 to $60.00 and gave the stock an outperform rating in a report on Thursday, August 1st. Truist Financial restated a buy rating and set a $59.00 price objective (up from $56.00) on shares of Silgan in a report on Thursday, August 1st. Finally, Citigroup increased their price target on Silgan from $50.00 to $60.00 and gave the company a buy rating in a report on Thursday, August 1st. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Silgan has an average rating of Moderate Buy and a consensus price target of $57.00.

Silgan Price Performance

Shares of NYSE:SLGN opened at $51.27 on Friday. The business’s 50 day simple moving average is $48.84 and its 200-day simple moving average is $46.85. The firm has a market capitalization of $5.47 billion, a price-to-earnings ratio of 17.99, a price-to-earnings-growth ratio of 1.46 and a beta of 0.67. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.06 and a quick ratio of 0.64. Silgan has a 12 month low of $38.11 and a 12 month high of $52.84.

Silgan (NYSE:SLGN) last posted its earnings results on Wednesday, July 31st. The industrial products company reported $0.88 earnings per share (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%. Silgan’s revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.83 EPS. As a group, equities analysts forecast that Silgan will post 3.66 earnings per share for the current fiscal year.

Silgan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be given a $0.19 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $0.76 dividend on an annualized basis and a yield of 1.48%. Silgan’s payout ratio is currently 26.67%.

Insider Buying and Selling at Silgan

In other Silgan news, VP Stacey J. Mcgrath sold 1,600 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $49.04, for a total value of $78,464.00. Following the completion of the transaction, the vice president now directly owns 11,495 shares of the company’s stock, valued at approximately $563,714.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.39% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Silgan

Several large investors have recently modified their holdings of the stock. Wellington Management Group LLP lifted its position in shares of Silgan by 5.8% during the fourth quarter. Wellington Management Group LLP now owns 4,466,816 shares of the industrial products company’s stock worth $202,123,000 after purchasing an additional 246,813 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Silgan by 7.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,962,414 shares of the industrial products company’s stock worth $125,404,000 after acquiring an additional 204,384 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Silgan by 6.8% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,580,856 shares of the industrial products company’s stock worth $109,248,000 after acquiring an additional 163,853 shares during the last quarter. Boston Trust Walden Corp lifted its holdings in Silgan by 20.6% in the second quarter. Boston Trust Walden Corp now owns 1,884,609 shares of the industrial products company’s stock worth $79,776,000 after acquiring an additional 322,511 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in Silgan by 2.3% in the fourth quarter. First Trust Advisors LP now owns 1,844,260 shares of the industrial products company’s stock worth $83,453,000 after acquiring an additional 41,763 shares during the last quarter. 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.