Silgan (SLGN) Upgraded at Zacks Investment Research
Silgan (NASDAQ:SLGN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The brokerage currently has a $33.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 12.24% from the company’s current price.
According to Zacks, “For fiscal 2018, Silgan Holdings guided adjusted EPS in the range of $2.03-$2.13. The mid-point of the range depicts year-over-year growth of 26%, which will be driven by improvement in sales and operating income across all segments. Further, the company initiated a guidance range of 32-36 cents for adjusted earnings per share for the fiscal first quarter, reflecting year-over-year growth of around 10%. Its adjusted EPS for first-quarter fiscal 2018 will benefit from inclusion of the synergies of the Dispensing Systems acquisition and benefit of the lower tax rate. Moreover, the stock has outperformed the industry over the past six months.”
A number of other research analysts also recently issued reports on SLGN. Royal Bank of Canada initiated coverage on Silgan in a report on Monday, October 9th. They set a “sector perform” rating and a $30.00 price target on the stock. KeyCorp reaffirmed a “hold” rating on shares of Silgan in a research report on Thursday, October 12th. Robert W. Baird reaffirmed a “hold” rating and issued a $32.00 price objective on shares of Silgan in a research report on Friday, October 27th. 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. Finally, Bank of America cut Silgan from a “neutral” rating to an “underperform” rating in a research report on Tuesday, January 2nd. Five research analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. Silgan presently has a consensus rating of “Hold” and an average target price of $30.70.
Silgan (NASDAQ:SLGN) last released its quarterly earnings data on Tuesday, January 30th. The industrial products company reported $0.32 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.32. The firm had revenue of $995.70 million for the quarter, compared to the consensus estimate of $970.24 million. Silgan had a return on equity of 30.15% and a net margin of 6.59%. The company’s quarterly revenue was up 23.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.48 earnings per share. analysts expect that Silgan will post 2.09 earnings per share for the current year.
In other news, Director William C. Jennings sold 25,642 shares of the stock in a transaction 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 directly owns 42,180 shares of the company’s stock, valued at approximately $1,197,068.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 33.10% of the stock is owned by corporate insiders.
Several large investors have recently bought and sold shares of SLGN. State of Alaska Department of Revenue purchased a new stake in Silgan in the 4th quarter worth $158,000. Cubist Systematic Strategies LLC purchased a new stake in Silgan in the 3rd quarter worth $167,000. Breton Hill Capital Ltd. purchased a new stake in Silgan in the 3rd quarter worth $218,000. Victory Capital Management Inc. increased its stake in Silgan by 73.2% in the 3rd quarter. Victory Capital Management Inc. now owns 7,638 shares of the industrial products company’s stock worth $225,000 after buying an additional 3,228 shares in the last quarter. Finally, Profund Advisors LLC increased its stake in Silgan by 20.5% in the 2nd quarter. Profund Advisors LLC now owns 7,888 shares of the industrial products company’s stock worth $251,000 after buying an additional 1,340 shares in the last quarter. Hedge funds and other institutional investors own 66.45% 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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