American International Group Inc. increased its stake in shares of Silgan Holdings Inc. (NASDAQ:SLGN) by 5.5% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 157,561 shares of the industrial products company’s stock after buying an additional 8,216 shares during the quarter. American International Group Inc. owned about 0.14% of Silgan worth $4,380,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in SLGN. Itau Unibanco Holding S.A. purchased a new position in Silgan during the second quarter worth approximately $208,000. State of Alaska Department of Revenue lifted its position in Silgan by 169.6% during the third quarter. State of Alaska Department of Revenue now owns 8,534 shares of the industrial products company’s stock worth $236,000 after buying an additional 5,368 shares in the last quarter. BNP Paribas Arbitrage SA lifted its position in Silgan by 118.7% during the second quarter. BNP Paribas Arbitrage SA now owns 11,379 shares of the industrial products company’s stock worth $305,000 after buying an additional 6,177 shares in the last quarter. Commonwealth Bank of Australia purchased a new position in Silgan during the third quarter worth approximately $330,000. Finally, Bank of Montreal Can purchased a new position in Silgan during the second quarter worth approximately $443,000. Hedge funds and other institutional investors own 67.48% of the company’s stock.
NASDAQ:SLGN opened at $25.50 on Friday. Silgan Holdings Inc. has a 52 week low of $23.14 and a 52 week high of $31.05. The company has a current ratio of 1.17, a quick ratio of 0.70 and a debt-to-equity ratio of 2.40. The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of 15.45, a price-to-earnings-growth ratio of 1.19 and a beta of 0.69.
Silgan (NASDAQ:SLGN) last posted its earnings results on Wednesday, October 24th. The industrial products company reported $0.76 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.76. Silgan had a return on equity of 26.91% and a net margin of 7.59%. The company had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the previous year, the business earned $0.66 earnings per share. The company’s revenue for the quarter was up 3.2% on a year-over-year basis. On average, research analysts predict that Silgan Holdings Inc. will post 2.05 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, December 3rd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Friday, November 30th. This represents a $0.40 annualized dividend and a dividend yield of 1.57%. Silgan’s dividend payout ratio is presently 24.24%.
A number of brokerages recently commented on SLGN. BidaskClub upgraded Silgan from a “sell” rating to a “hold” rating in a research report on Saturday. Barclays reduced their target price on Silgan from $35.00 to $33.00 and set an “overweight” rating on the stock in a research report on Monday, October 29th. ValuEngine downgraded Silgan from a “sell” rating to a “strong sell” rating in a research report on Thursday, November 1st. TheStreet downgraded Silgan from a “b-” rating to a “c+” rating in a research report on Wednesday, November 14th. Finally, Royal Bank of Canada reduced their target price on Silgan to $25.00 and set a “sector perform” rating on the stock in a research report on Monday, October 29th. Five research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $29.33.
In related news, VP Robert B. Lewis sold 15,000 shares of the business’s stock in a transaction on Thursday, November 1st. The stock was sold at an average price of $24.10, for a total value of $361,500.00. Following the sale, the vice president now owns 398,063 shares in the company, valued at approximately $9,593,318.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Robert B. Lewis sold 25,000 shares of the business’s stock in a transaction on Thursday, November 8th. The shares were sold at an average price of $24.83, for a total value of $620,750.00. The disclosure for this sale can be found here. Insiders sold a total of 75,040 shares of company stock worth $1,851,055 in the last quarter. Company insiders own 30.32% of the company’s stock.
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Silgan Holdings Inc, together with its subsidiaries, manufactures and sells rigid packaging for consumer goods products worldwide. It operates through three segments: Metal Containers, Closures, and Plastic Containers. The Metal Containers segment manufactures and sells steel and aluminum containers for food products, such as soups, vegetables, fruit, meat, tomato based products, seafood, coffee, adult nutritional drinks, pet food, and other miscellaneous food products, as well as general line metal containers primarily for chemicals.
Further Reading: Return on Equity (ROE)
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