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

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

A number of other equities analysts also recently issued reports on the company. Citigroup increased their price objective on Silgan from $50.00 to $60.00 and gave the company a buy rating in a report on Thursday, August 1st. Truist Financial reissued a buy rating and issued a $59.00 price target (up previously from $56.00) on shares of Silgan in a report on Thursday, August 1st. JPMorgan Chase & Co. upgraded Silgan from an underweight rating to a neutral rating and boosted their price target for the stock from $46.00 to $53.00 in a research note on Thursday, August 1st. Wells Fargo & Company increased their price objective on shares of Silgan from $54.00 to $58.00 and gave the company an overweight rating in a research report on Thursday, August 1st. Finally, Royal Bank of Canada boosted their target price on shares of Silgan from $51.00 to $55.00 and gave the stock an outperform rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Silgan currently has a consensus rating of Moderate Buy and an average target price of $57.00.

Silgan Price Performance

NYSE SLGN opened at $49.95 on Friday. The company has a market cap of $5.33 billion, a PE ratio of 17.53, a P/E/G ratio of 1.47 and a beta of 0.67. The firm’s 50 day moving average price is $48.01 and its 200-day moving average price is $46.65. 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 52-week low of $38.11 and a 52-week high of $52.84.

Silgan (NYSE:SLGN) last issued its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. The company had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.43 billion. Silgan had a return on equity of 19.22% and a net margin of 5.24%. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.83 earnings per share. Sell-side analysts forecast that Silgan will post 3.66 EPS for the current fiscal year.

Silgan Announces Dividend

The firm 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 $0.19 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $0.76 annualized dividend and a yield of 1.52%. Silgan’s dividend payout ratio (DPR) is presently 26.67%.

Insiders Place Their Bets

In related news, VP Stacey J. Mcgrath sold 1,600 shares of the firm’s 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 of the company’s stock, valued at $563,714.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.39% of the stock is currently owned by insiders.

Institutional Trading of Silgan

Several hedge funds and other institutional investors have recently bought and sold shares of SLGN. Daiwa Securities Group Inc. boosted its stake in shares of Silgan by 0.5% during the 2nd quarter. Daiwa Securities Group Inc. now owns 40,071 shares of the industrial products company’s stock worth $1,696,000 after acquiring an additional 218 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Silgan by 5.1% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 5,156 shares of the industrial products company’s stock worth $218,000 after purchasing an additional 250 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in Silgan by 2.6% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 10,707 shares of the industrial products company’s stock valued at $453,000 after purchasing an additional 267 shares during the period. Retirement Systems of Alabama increased its position in shares of Silgan by 0.3% in the first quarter. Retirement Systems of Alabama now owns 101,639 shares of the industrial products company’s stock valued at $4,936,000 after buying an additional 268 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its stake in shares of Silgan by 4.3% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 6,686 shares of the industrial products company’s stock worth $303,000 after buying an additional 275 shares during the period. 70.25% of the stock is 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.