Silgan (NYSE:SLGN) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Silgan (NYSE:SLGN) from a hold rating to a buy rating in a research report released on Friday morning.

Several other research firms have also issued reports on SLGN. Royal Bank of Canada raised their target price on shares of 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 Silgan from an underweight rating to a neutral rating and upped their target price for the company from $46.00 to $53.00 in a research note on Thursday, August 1st. Citigroup raised their price target on Silgan from $50.00 to $60.00 and gave the stock a buy rating in a research note on Thursday, August 1st. Robert W. Baird raised their target price on Silgan from $53.00 to $60.00 and gave the stock an outperform rating in a research note on Thursday, August 1st. Finally, Truist Financial reiterated a buy rating and set a $59.00 price target (up previously from $56.00) on shares of Silgan in a research note on Thursday, August 1st. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $57.00.

Silgan Trading Up 0.3 %

Shares of SLGN opened at $50.48 on Friday. The stock has a market capitalization of $5.39 billion, a PE ratio of 17.71, a P/E/G ratio of 1.52 and a beta of 0.67. The company’s fifty day moving average is $47.85 and its 200 day moving average is $46.58. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.64 and a current ratio of 1.06. Silgan has a fifty-two week low of $38.11 and a fifty-two week high of $52.84.

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, beating the consensus estimate of $0.87 by $0.01. Silgan had a net margin of 5.24% and a return on equity of 19.22%. The firm had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.43 billion. During the same period in the prior year, the company earned $0.83 EPS. The business’s revenue was down 3.2% compared to the same quarter last year. Sell-side analysts expect that Silgan will post 3.66 earnings per share for the current fiscal year.

Silgan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend is Tuesday, September 3rd. Silgan’s dividend payout ratio is presently 26.67%.

Insider Activity at Silgan

In other news, VP Stacey J. Mcgrath sold 1,600 shares of the company’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 value of $78,464.00. Following the completion of the sale, the vice president now directly owns 11,495 shares in the company, valued at $563,714.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.39% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Silgan

Several hedge funds and other institutional investors have recently bought and sold shares of the company. TFO Wealth Partners LLC grew its stake in shares of Silgan by 10,540.0% in the 4th quarter. TFO Wealth Partners LLC now owns 532 shares of the industrial products company’s stock valued at $226,000 after buying an additional 527 shares during the period. Blue Trust Inc. raised its position in Silgan by 256.6% in the second quarter. Blue Trust Inc. now owns 592 shares of the industrial products company’s stock valued at $25,000 after purchasing an additional 426 shares during the period. Principal Securities Inc. acquired a new position in shares of Silgan in the 4th quarter valued at $30,000. Covestor Ltd grew its holdings in shares of 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. Finally, Versant Capital Management Inc boosted its stake 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 buying an additional 1,107 shares during the period. 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.