Silgan (NYSE:SLGN) Given New $58.00 Price Target at Royal Bank of Canada

Silgan (NYSE:SLGN) had its target price lifted by Royal Bank of Canada from $55.00 to $58.00 in a research report sent to investors on Friday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the industrial products company’s stock.

A number of other equities research analysts have also issued reports on SLGN. Citigroup boosted their target price on Silgan from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Wells Fargo & Company upped their price objective on shares of Silgan from $54.00 to $58.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Robert W. Baird raised their target price on shares of Silgan from $53.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. StockNews.com lowered shares of Silgan from a “buy” rating to a “hold” rating in a report on Wednesday, October 9th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $59.00 price objective (up previously from $56.00) on shares of Silgan in a research note on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $57.43.

Silgan Stock Performance

Shares of SLGN stock opened at $53.07 on Friday. Silgan has a 12-month low of $40.01 and a 12-month high of $53.72. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.52 and a quick ratio of 0.64. The firm has a market capitalization of $5.67 billion, a price-to-earnings ratio of 19.23, a price-to-earnings-growth ratio of 1.26 and a beta of 0.67. The business has a 50 day simple moving average of $51.26 and a 200 day simple moving average of $48.13.

Silgan (NYSE:SLGN) last posted its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.02). Silgan had a net margin of 5.11% and a return on equity of 18.76%. The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter last year, the business earned $1.16 earnings per share. The company’s revenue was down 3.2% on a year-over-year basis. On average, equities research analysts anticipate that Silgan will post 3.6 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SLGN. Blue Trust Inc. boosted its position in Silgan by 256.6% during the second quarter. Blue Trust Inc. now owns 592 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 426 shares during the period. Covestor Ltd raised its holdings in Silgan by 69.7% in the 1st quarter. Covestor Ltd now owns 1,125 shares of the industrial products company’s stock worth $55,000 after acquiring an additional 462 shares during the period. Versant Capital Management Inc lifted its position in Silgan by 2,838.5% during the 2nd quarter. Versant Capital Management Inc now owns 1,146 shares of the industrial products company’s stock worth $49,000 after acquiring an additional 1,107 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Silgan by 109.9% during the second quarter. GAMMA Investing LLC now owns 1,171 shares of the industrial products company’s stock valued at $50,000 after acquiring an additional 613 shares during the period. Finally, Venturi Wealth Management LLC grew its position in shares of Silgan by 220.4% in the third quarter. Venturi Wealth Management LLC now owns 1,400 shares of the industrial products company’s stock valued at $74,000 after purchasing an additional 963 shares during the last quarter. Institutional investors and hedge funds 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.