Silgan (SLGN) Cut to Underperform at Bank of America
Bank of America downgraded shares of Silgan (NASDAQ:SLGN) from a neutral rating to an underperform rating in a research report released on Tuesday morning, Marketbeat reports.
A number of other analysts have also recently issued reports on SLGN. Zacks Investment Research raised Silgan from a hold rating to a buy rating and set a $33.00 price objective for the company in a research report on Tuesday, December 26th. KeyCorp reaffirmed an underweight rating and issued a $25.00 price objective (down from $28.99) on shares of Silgan in a research report on Friday, December 8th. BMO Capital Markets reaffirmed a buy rating and issued a $34.00 price objective on shares of Silgan in a research report on Monday, November 20th. Royal Bank of Canada started coverage on Silgan in a research report on Monday, October 9th. They issued a sector perform rating and a $30.00 price objective for the company. Finally, Robert W. Baird reiterated a hold rating and set a $32.00 target price on shares of Silgan in a research note on Friday, October 27th. Four analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. Silgan currently has an average rating of Hold and an average price target of $31.00.
Silgan (NASDAQ:SLGN) traded down $0.09 on Tuesday, hitting $29.41. The stock had a trading volume of 292,700 shares, compared to its average volume of 535,367. Silgan has a 52 week low of $25.98 and a 52 week high of $32.50. The firm has a market capitalization of $3,256.00, a PE ratio of 22.37, a price-to-earnings-growth ratio of 1.57 and a beta of 0.51. The company has a debt-to-equity ratio of 3.96, a quick ratio of 0.73 and a current ratio of 1.26.
Silgan (NASDAQ:SLGN) last released its quarterly earnings data on Wednesday, October 25th. The industrial products company reported $0.66 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.03). Silgan had a net margin of 3.77% and a return on equity of 32.87%. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same period in the previous year, the business earned $0.61 earnings per share. The business’s quarterly revenue was up 11.2% on a year-over-year basis. analysts forecast that Silgan will post 1.64 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, December 1st were paid a dividend of $0.09 per share. The ex-dividend date was Thursday, November 30th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.22%. Silgan’s dividend payout ratio (DPR) is currently 27.38%.
In other news, Director William C. Jennings sold 25,642 shares of the stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $28.38, for a total transaction of $727,719.96. Following the transaction, the director now owns 42,180 shares in the company, valued at $1,197,068.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 33.10% of the stock is currently owned by company insiders.
Institutional investors have recently bought and sold shares of the business. Northern Trust Corp increased its stake in Silgan by 79.6% during the 2nd quarter. Northern Trust Corp now owns 648,964 shares of the industrial products company’s stock worth $20,623,000 after acquiring an additional 287,658 shares during the period. Bradley Foster & Sargent Inc. CT bought a new position in Silgan during the 3rd quarter worth $491,000. Wells Fargo & Company MN increased its stake in Silgan by 106.8% during the 2nd quarter. Wells Fargo & Company MN now owns 1,608,013 shares of the industrial products company’s stock worth $51,104,000 after acquiring an additional 830,485 shares during the period. JPMorgan Chase & Co. increased its stake in Silgan by 102.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,792,959 shares of the industrial products company’s stock worth $247,661,000 after acquiring an additional 3,939,145 shares during the period. Finally, BlackRock Inc. increased its stake in Silgan by 107.4% during the 2nd quarter. BlackRock Inc. now owns 6,637,734 shares of the industrial products company’s stock worth $210,947,000 after acquiring an additional 3,437,477 shares during the period. Hedge funds and other institutional investors own 66.62% of the company’s stock.
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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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