Silgan (NYSE:SLGN) Raised 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 sent to investors on Friday morning.

SLGN has been the topic of several other research reports. JPMorgan Chase & Co. raised Silgan from an underweight rating to a neutral rating and raised their price objective for the stock from $46.00 to $53.00 in a research note on Thursday, August 1st. Truist Financial reaffirmed a buy rating and set a $59.00 price target (up previously from $56.00) on shares of Silgan in a report on Thursday, August 1st. Robert W. Baird increased their price objective on shares of Silgan from $53.00 to $60.00 and gave the stock an outperform rating in a research note on Thursday, August 1st. Wells Fargo & Company lifted their target price on shares of Silgan from $54.00 to $58.00 and gave the company an overweight rating in a research note on Thursday, August 1st. Finally, Citigroup increased 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. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $57.00.

Silgan Price Performance

NYSE SLGN opened at $51.37 on Friday. The company has a quick ratio of 0.64, a current ratio of 1.06 and a debt-to-equity ratio of 1.31. The firm has a market capitalization of $5.49 billion, a P/E ratio of 18.02, a PEG ratio of 1.49 and a beta of 0.67. The company has a 50-day moving average price of $49.52 and a 200-day moving average price of $47.08. Silgan has a 52 week low of $38.11 and a 52 week high of $52.84.

Silgan (NYSE:SLGN) last released 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. The business had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.43 billion. Silgan had a net margin of 5.24% and a return on equity of 19.22%. The company’s quarterly revenue was down 3.2% on a year-over-year basis. During the same period last year, the firm earned $0.83 earnings per share. Equities research analysts anticipate that Silgan will post 3.66 earnings per share for the current year.

Silgan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.19 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.48%. Silgan’s dividend payout ratio is currently 26.67%.

Insider Buying and Selling

In other Silgan news, VP Stacey J. Mcgrath sold 1,600 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $49.04, for a total transaction 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 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 currently owned by company insiders.

Institutional Trading of Silgan

A number of hedge funds and other institutional investors have recently bought and sold shares of SLGN. Sanctuary Advisors LLC bought a new position in shares of Silgan in the second quarter worth about $255,000. Aristides Capital LLC bought a new position in Silgan in the 2nd quarter worth about $234,000. Quarry LP increased its position in shares of Silgan by 226.0% during the second quarter. Quarry LP now owns 3,589 shares of the industrial products company’s stock worth $152,000 after acquiring an additional 2,488 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in shares of Silgan by 13,482.6% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,124 shares of the industrial products company’s stock valued at $132,000 after acquiring an additional 3,101 shares in the last quarter. Finally, Algert Global LLC purchased a new stake in shares of Silgan in the second quarter valued at approximately $363,000. Hedge funds and other institutional investors 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.