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

StockNews.com cut shares of Silgan (NYSE:SLGN) from a buy rating to a hold rating in a research report sent to investors on Saturday.

SLGN has been the topic of a number of other research reports. JPMorgan Chase & Co. upgraded shares of Silgan from an underweight rating to a neutral rating and raised their target price for the stock from $46.00 to $53.00 in a research report on Thursday, August 1st. Robert W. Baird lifted their price objective on Silgan from $53.00 to $60.00 and gave the company an outperform rating in a research report on Thursday, August 1st. Royal Bank of Canada increased their target price on Silgan from $51.00 to $55.00 and gave the stock an outperform rating in a research report on Thursday, August 1st. Wells Fargo & Company lifted their price target on Silgan from $54.00 to $58.00 and gave the company an overweight rating in a report on Thursday, August 1st. Finally, Truist Financial reiterated 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. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $57.00.

Silgan Stock Up 1.5 %

SLGN opened at $49.20 on Friday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.64 and a current ratio of 1.06. The company has a market cap of $5.25 billion, a price-to-earnings ratio of 17.26, a PEG ratio of 1.43 and a beta of 0.67. Silgan has a one year low of $38.11 and a one year high of $52.84. The business’s fifty day moving average is $45.56 and its two-hundred day moving average is $45.82.

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

Silgan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend is Tuesday, September 3rd. Silgan’s payout ratio is 26.67%.

Insider Buying and Selling at Silgan

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

Institutional Trading of Silgan

Hedge funds and other institutional investors have recently bought and sold shares of the company. International Assets Investment Management LLC bought a new stake in Silgan during the fourth quarter valued at $299,000. Louisiana State Employees Retirement System acquired a new position in Silgan in the fourth quarter valued at approximately $1,027,000. Daiwa Securities Group Inc. grew its holdings in shares of Silgan by 76.6% during the fourth quarter. Daiwa Securities Group Inc. now owns 64,830 shares of the industrial products company’s stock valued at $2,934,000 after purchasing an additional 28,130 shares during the last quarter. Verdence Capital Advisors LLC acquired a new stake in shares of Silgan during the 4th quarter worth approximately $303,000. Finally, Duality Advisers LP bought a new stake in shares of Silgan in the 4th quarter worth approximately $491,000. 70.25% of the stock is owned by institutional investors.

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.