Silgan (NYSE:SLGN) Downgraded to Hold at StockNews.com

StockNews.com lowered shares of Silgan (NYSE:SLGN) from a buy rating to a hold rating in a report issued on Wednesday morning.

Several other equities research analysts also recently commented on SLGN. Wells Fargo & Company lifted their price objective on shares of Silgan from $54.00 to $58.00 and gave the stock an overweight rating in a research note on Thursday, August 1st. Truist Financial reissued a buy rating and issued a $59.00 price objective (up from $56.00) on shares of Silgan in a report on Thursday, August 1st. Royal Bank of Canada lifted their target price on Silgan from $51.00 to $55.00 and gave the stock an outperform rating in a report on Thursday, August 1st. JPMorgan Chase & Co. raised shares of Silgan from an underweight rating to a neutral rating and raised their price target for the stock from $46.00 to $53.00 in a research report on Thursday, August 1st. Finally, Robert W. Baird lifted their price objective on shares of Silgan from $53.00 to $60.00 and gave the company an outperform rating in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $57.00.

Silgan Stock Performance

Shares of SLGN opened at $51.57 on Wednesday. Silgan has a 12 month low of $38.11 and a 12 month high of $52.84. The stock has a fifty day moving average price of $50.68 and a 200-day moving average price of $47.76. The company has a current ratio of 1.06, a quick ratio of 0.64 and a debt-to-equity ratio of 1.31. The firm has a market cap of $5.51 billion, a PE ratio of 18.09, a P/E/G ratio of 1.48 and a beta of 0.67.

Silgan (NYSE:SLGN) last issued its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.01. Silgan had a return on equity of 19.22% and a net margin of 5.24%. The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter last year, the company earned $0.83 earnings per share. The company’s quarterly revenue was down 3.2% on a year-over-year basis. Equities research analysts predict 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 was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were issued a $0.19 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.76 dividend on an annualized basis and a yield of 1.47%. Silgan’s payout ratio is 26.67%.

Insiders Place Their Bets

In related news, VP Stacey J. Mcgrath sold 1,600 shares of Silgan stock in a transaction dated Monday, August 5th. The stock was 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 owns 11,495 shares in the company, valued at $563,714.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Silgan

Institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased its stake 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 in the last quarter. Moody National Bank Trust Division lifted its position in shares of Silgan by 6.9% in the first quarter. Moody National Bank Trust Division now owns 20,384 shares of the industrial products company’s stock valued at $990,000 after acquiring an additional 1,310 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Silgan by 4.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,417,003 shares of the industrial products company’s stock worth $117,370,000 after purchasing an additional 93,040 shares in the last quarter. State of Michigan Retirement System raised its stake in Silgan by 2.6% in the 1st quarter. State of Michigan Retirement System now owns 19,900 shares of the industrial products company’s stock valued at $966,000 after purchasing an additional 500 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Silgan by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 304,950 shares of the industrial products company’s stock valued at $14,808,000 after purchasing an additional 7,615 shares in 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.