Silgan (NYSE:SLGN) Given New $58.00 Price Target at Wells Fargo & Company

Silgan (NYSE:SLGN) had its price target hoisted by Wells Fargo & Company from $54.00 to $58.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the industrial products company’s stock.

SLGN has been the subject of several other research reports. Citigroup raised Silgan from a neutral rating to a buy rating and set a $50.00 price objective for the company in a report on Monday, July 8th. Robert W. Baird increased their target price on Silgan from $53.00 to $60.00 and gave the company an outperform rating in a report on Thursday. Finally, JPMorgan Chase & Co. raised Silgan from an underweight rating to a neutral rating and increased their target price for the company from $46.00 to $53.00 in a report on Thursday. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $57.00.

Silgan Stock Performance

Shares of NYSE SLGN traded down $2.35 during trading on Thursday, hitting $48.91. The company had a trading volume of 606,126 shares, compared to its average volume of 586,547. The stock has a 50 day simple moving average of $45.24 and a 200 day simple moving average of $45.56. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.62 and a current ratio of 0.53. Silgan has a 12 month low of $38.11 and a 12 month high of $52.84. The firm has a market capitalization of $5.22 billion, a P/E ratio of 17.99, a price-to-earnings-growth ratio of 1.77 and a beta of 0.67.

Silgan (NYSE:SLGN) last released its earnings results on Wednesday, July 31st. The industrial products company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.01. The firm had revenue of $1.38 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Silgan had a return on equity of 19.22% and a net margin of 5.24%. The firm’s revenue was down 3.2% on a year-over-year basis. During the same quarter last year, the business posted $0.83 earnings per share. As a group, analysts anticipate that Silgan will post 3.66 earnings per share for the current year.

Silgan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Monday, June 3rd were issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.55%. The ex-dividend date of this dividend was Monday, June 3rd. Silgan’s payout ratio is 26.67%.

Insider Buying and Selling

In other Silgan news, VP B Frederik Prinzen sold 4,093 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $47.84, for a total transaction of $195,809.12. Following the transaction, the vice president now owns 4,520 shares in the company, valued at approximately $216,236.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Robert B. Lewis sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $47.08, for a total value of $1,412,400.00. Following the sale, the executive vice president now owns 172,133 shares of the company’s stock, valued at approximately $8,104,021.64. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP B Frederik Prinzen sold 4,093 shares of the stock in a transaction on Monday, May 13th. The stock was sold at an average price of $47.84, for a total value of $195,809.12. Following the transaction, the vice president now directly owns 4,520 shares in the company, valued at approximately $216,236.80. The disclosure for this sale can be found here. Insiders have sold a total of 59,651 shares of company stock valued at $2,804,226 over the last quarter. 1.39% of the stock is currently owned by insiders.

Institutional Trading of Silgan

A number of institutional investors and hedge funds have recently made changes to their positions in SLGN. Norges Bank acquired a new stake in Silgan in the 4th quarter valued at $41,921,000. Janus Henderson Group PLC boosted its position in Silgan by 95.6% in the 1st quarter. Janus Henderson Group PLC now owns 1,224,502 shares of the industrial products company’s stock valued at $59,462,000 after buying an additional 598,472 shares during the last quarter. Boston Trust Walden Corp boosted its position in Silgan by 20.6% in the 2nd quarter. Boston Trust Walden Corp now owns 1,884,609 shares of the industrial products company’s stock valued at $79,776,000 after buying an additional 322,511 shares during the last quarter. 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. Finally, SG Capital Management LLC bought a new position in shares of Silgan during the first quarter worth about $8,584,000. 70.25% of the stock is currently owned by institutional investors and hedge funds.

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.