Silgan (NYSE:SLGN) Upgraded by Citigroup to “Buy”

Citigroup upgraded shares of Silgan (NYSE:SLGN) from a neutral rating to a buy rating in a report issued on Monday morning, MarketBeat reports. Citigroup currently has $50.00 price objective on the industrial products company’s stock.

Separately, Wells Fargo & Company decreased their price objective on Silgan from $55.00 to $54.00 and set an overweight rating for the company in a research note on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Silgan presently has a consensus rating of Moderate Buy and an average price target of $52.00.

Silgan Price Performance

SLGN opened at $43.43 on Monday. The firm has a market cap of $4.64 billion, a price-to-earnings ratio of 15.24, a PEG ratio of 1.43 and a beta of 0.67. The company has a current ratio of 1.04, a quick ratio of 0.62 and a debt-to-equity ratio of 1.33. The stock’s 50-day moving average price is $45.15 and its 200 day moving average price is $45.24. Silgan has a 12-month low of $38.11 and a 12-month high of $49.72.

Silgan (NYSE:SLGN) last posted its quarterly earnings data on Wednesday, May 1st. The industrial products company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.67 by $0.02. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.37 billion. Silgan had a net margin of 5.25% and a return on equity of 19.26%. The business’s revenue for the quarter was down 7.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.78 earnings per share. As a group, sell-side analysts expect that Silgan will post 3.66 earnings per share for the current 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 $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend was Monday, June 3rd. Silgan’s dividend payout ratio (DPR) is 26.67%.

Insider Buying and Selling at Silgan

In related news, SVP Jay A. Martin sold 21,330 shares of the business’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $46.73, for a total value of $996,750.90. Following the completion of the sale, the senior vice president now directly owns 165,989 shares of the company’s stock, valued at $7,756,665.97. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, EVP Robert B. Lewis sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $47.08, for a total transaction of $1,412,400.00. Following 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 legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Jay A. Martin sold 21,330 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $46.73, for a total transaction of $996,750.90. Following the completion of the sale, the senior vice president now owns 165,989 shares of the company’s stock, valued at approximately $7,756,665.97. The disclosure for this sale can be found here. Insiders have sold 59,651 shares of company stock worth $2,804,226 over the last three months. Insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Silgan

Institutional investors and hedge funds have recently made changes to their positions in the business. Principal Securities Inc. acquired a new position in Silgan in the 4th quarter valued at $30,000. Quent Capital LLC increased its stake in shares of Silgan by 94.9% during the fourth quarter. Quent Capital LLC now owns 1,037 shares of the industrial products company’s stock worth $47,000 after acquiring an additional 505 shares during the period. Versant Capital Management Inc raised its holdings in Silgan by 2,838.5% during the second quarter. Versant Capital Management Inc now owns 1,146 shares of the industrial products company’s stock worth $49,000 after purchasing an additional 1,107 shares in the last quarter. GAMMA Investing LLC lifted its position in Silgan by 109.9% in the second quarter. GAMMA Investing LLC now owns 1,171 shares of the industrial products company’s stock valued at $50,000 after purchasing an additional 613 shares during the period. Finally, Covestor Ltd increased its position in Silgan by 69.7% during the 1st quarter. Covestor Ltd now owns 1,125 shares of the industrial products company’s stock worth $55,000 after purchasing an additional 462 shares during the period. 70.25% of the stock is owned by hedge funds and other institutional investors.

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.