Silgan (NYSE:SLGN) Price Target Raised to $61.00 at Bank of America

Silgan (NYSE:SLGN) had its target price upped by research analysts at Bank of America from $60.00 to $61.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Bank of America‘s target price indicates a potential upside of 18.52% from the stock’s current price.

Several other analysts have also commented on SLGN. StockNews.com lowered Silgan from a “buy” rating to a “hold” rating in a report on Wednesday, October 9th. Royal Bank of Canada boosted their price target on shares of Silgan from $58.00 to $63.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. Finally, Truist Financial upped their price objective on shares of Silgan from $63.00 to $69.00 and gave the company a “buy” rating in a report on Monday. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Silgan currently has a consensus rating of “Moderate Buy” and an average price target of $59.75.

Silgan Stock Up 0.9 %

Shares of NYSE SLGN traded up $0.46 during mid-day trading on Monday, reaching $51.47. 130,009 shares of the company were exchanged, compared to its average volume of 348,537. Silgan has a 1 year low of $41.14 and a 1 year high of $58.14. The stock has a market cap of $5.50 billion, a price-to-earnings ratio of 18.65, a P/E/G ratio of 1.44 and a beta of 0.71. The company has a quick ratio of 0.75, a current ratio of 1.09 and a debt-to-equity ratio of 1.24. The firm has a 50-day moving average of $54.05 and a 200 day moving average of $50.65.

Silgan (NYSE:SLGN) last issued its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.23 by ($0.02). The business had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.82 billion. Silgan had a return on equity of 18.76% and a net margin of 5.11%. Silgan’s revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.16 EPS. On average, research analysts expect that Silgan will post 3.6 earnings per share for the current year.

Institutional Investors Weigh In On Silgan

A number of hedge funds and other institutional investors have recently modified their holdings of SLGN. FMR LLC grew its holdings in shares of Silgan by 87.7% during the third quarter. FMR LLC now owns 6,278,456 shares of the industrial products company’s stock worth $329,619,000 after purchasing an additional 2,932,680 shares during the last quarter. Deprince Race & Zollo Inc. acquired a new stake in shares of Silgan in the second quarter valued at about $19,666,000. Weiss Asset Management LP purchased a new stake in Silgan during the third quarter worth $11,422,000. Dimensional Fund Advisors LP grew its position in shares of Silgan by 7.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,962,414 shares of the industrial products company’s stock valued at $125,404,000 after purchasing an additional 204,384 shares during the last quarter. Finally, Two Sigma Advisers LP increased its position in Silgan by 202.3% during the 3rd quarter. Two Sigma Advisers LP now owns 247,900 shares of the industrial products company’s stock worth $13,015,000 after purchasing an additional 165,900 shares in the last quarter. 70.25% of the stock is currently owned by institutional investors and hedge funds.

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.