Bank of America Corporation Downgrades Silgan Holdings Inc. (NASDAQ:SLGN) to Neutral
Bank of America Corporation downgraded shares of Silgan Holdings Inc. (NASDAQ:SLGN) from a buy rating to a neutral rating in a report released on Thursday, MarketBeat.com reports. The brokerage currently has $35.00 price objective on the industrial products company’s stock.
A number of other research firms have also weighed in on SLGN. KeyCorp reaffirmed a hold rating on shares of Silgan Holdings in a report on Wednesday, April 26th. Zacks Investment Research lowered Silgan Holdings from a hold rating to a sell rating in a report on Tuesday, April 25th. Goldman Sachs Group, Inc. (The) lowered Silgan Holdings from a neutral rating to a sell rating and set a $30.00 target price for the company. in a report on Thursday, July 13th. BMO Capital Markets reaffirmed a buy rating and set a $34.00 target price on shares of Silgan Holdings in a report on Sunday, July 9th. Finally, Robert W. Baird lowered Silgan Holdings from an outperform rating to a neutral rating and set a $35.00 target price for the company. in a report on Wednesday, July 19th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $30.81.
Silgan Holdings (NASDAQ:SLGN) traded down 0.20% during midday trading on Thursday, reaching $30.41. 9,562 shares of the company traded hands. The firm has a market capitalization of $3.36 billion, a price-to-earnings ratio of 24.15 and a beta of 0.55. The firm has a 50-day moving average price of $31.68 and a 200-day moving average price of $51.05. Silgan Holdings has a one year low of $23.58 and a one year high of $32.50.
Silgan Holdings (NASDAQ:SLGN) last posted its earnings results on Wednesday, July 26th. The industrial products company reported $0.35 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.35. The business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.03 billion. Silgan Holdings had a return on equity of 31.19% and a net margin of 3.83%. The company’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.60 EPS. Equities analysts predict that Silgan Holdings will post $1.66 EPS for the current fiscal year.
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In other news, VP B Frederik Prinzen sold 3,204 shares of the business’s stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $62.28, for a total transaction of $199,545.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Adam J. Greenlee sold 5,643 shares of the business’s stock in a transaction dated Friday, May 19th. The stock was sold at an average price of $61.56, for a total value of $347,383.08. The disclosure for this sale can be found here. 33.10% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank of Montreal Can raised its stake in Silgan Holdings by 89.3% in the second quarter. Bank of Montreal Can now owns 3,916 shares of the industrial products company’s stock valued at $124,000 after buying an additional 1,847 shares during the period. NN Investment Partners Holdings N.V. acquired a new stake in Silgan Holdings during the second quarter valued at $127,000. Envestnet Asset Management Inc. raised its stake in Silgan Holdings by 9.8% in the first quarter. Envestnet Asset Management Inc. now owns 2,322 shares of the industrial products company’s stock valued at $139,000 after buying an additional 207 shares during the period. Pacer Advisors Inc. raised its stake in Silgan Holdings by 1.0% in the first quarter. Pacer Advisors Inc. now owns 2,732 shares of the industrial products company’s stock valued at $162,000 after buying an additional 27 shares during the period. Finally, LS Investment Advisors LLC raised its stake in Silgan Holdings by 136.4% in the second quarter. LS Investment Advisors LLC now owns 5,788 shares of the industrial products company’s stock valued at $184,000 after buying an additional 3,340 shares during the period. 35.11% of the stock is owned by institutional investors.
Silgan Holdings Company Profile
Silgan Holdings Inc is a holding company. The Company is a manufacturer of rigid packaging for consumer goods products. The Company operates in three business segments: metal containers, closures and plastic containers. Its metal container segment is engaged in the manufacture and sale of steel and aluminum containers for human and pet food and general line products.
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