Silgan (SLGN) Raised to “Hold” at Zacks Investment Research
Silgan (NASDAQ:SLGN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Silgan is poised to gain from opportunities in the health care market and its focus on improving operational footprint in the legacy closures business. Further, the Dispensing Systems acquisition will help boost its scope in the closure business. Silgan has outperformed the industry in the past year. However, the company expects that higher anticipated resin cost in the fourth quarter due to recent hurricanes will hurt results. In addition, increase in debt and unfavorable foreign currency translation will also likely hurt the company’s performance.”
A number of other research analysts also recently commented on SLGN. KeyCorp reaffirmed an “underweight” rating and set a $25.00 price objective (down from $28.99) on shares of Silgan in a research report on Friday. BidaskClub raised shares of Silgan from a “strong sell” rating to a “sell” rating in a research report on Monday, August 14th. ValuEngine downgraded shares of Silgan from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. BMO Capital Markets reaffirmed a “buy” rating and set a $34.00 price objective on shares of Silgan in a research report on Monday, November 20th. Finally, Royal Bank of Canada began coverage on shares of Silgan in a research report on Monday, October 9th. They set a “sector perform” rating and a $30.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. Silgan currently has a consensus rating of “Hold” and a consensus target price of $30.75.
Silgan (NASDAQ:SLGN) last announced its quarterly earnings data on Wednesday, October 25th. The industrial products company reported $0.66 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 company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.28 billion. During the same period in the previous year, the firm posted $0.61 earnings per share. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. research analysts predict that Silgan will post 1.64 earnings per share for the current fiscal year.
In other Silgan news, Director William C. Jennings sold 25,642 shares of Silgan stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $28.38, for a total value of $727,719.96. Following the completion of the sale, the director now directly owns 42,180 shares in the company, valued at $1,197,068.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 33.10% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Northern Trust Corp lifted its stake in shares of Silgan by 79.6% in the second quarter. Northern Trust Corp now owns 648,964 shares of the industrial products company’s stock worth $20,623,000 after buying an additional 287,658 shares during the last quarter. Bradley Foster & Sargent Inc. CT acquired a new stake in shares of Silgan in the third quarter worth $491,000. Wells Fargo & Company MN lifted its stake in shares of Silgan by 106.8% in the second quarter. Wells Fargo & Company MN now owns 1,608,013 shares of the industrial products company’s stock worth $51,104,000 after buying an additional 830,485 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Silgan by 102.2% in the second quarter. JPMorgan Chase & Co. now owns 7,792,959 shares of the industrial products company’s stock worth $247,661,000 after buying an additional 3,939,145 shares during the last quarter. Finally, BlackRock Inc. lifted its stake in shares of Silgan by 107.4% in the second quarter. BlackRock Inc. now owns 6,637,734 shares of the industrial products company’s stock worth $210,947,000 after buying an additional 3,437,477 shares during the last quarter. Hedge funds and other institutional investors own 67.69% of the company’s stock.
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Silgan 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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