CX Institutional bought a new stake in Silgan Holdings Inc. (NYSE:SLGN – Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm bought 827 shares of the industrial products company’s stock, valued at approximately $42,000.
Other institutional investors have also added to or reduced their stakes in the company. Rhumbline Advisers lifted its stake in shares of Silgan by 0.8% in the 4th quarter. Rhumbline Advisers now owns 295,709 shares of the industrial products company’s stock valued at $15,392,000 after acquiring an additional 2,463 shares during the last quarter. Sanctuary Advisors LLC lifted its stake in shares of Silgan by 7.4% in the fourth quarter. Sanctuary Advisors LLC now owns 7,715 shares of the industrial products company’s stock worth $433,000 after acquiring an additional 533 shares during the period. Venturi Wealth Management LLC lifted its stake in shares of Silgan by 153.2% in the fourth quarter. Venturi Wealth Management LLC now owns 3,545 shares of the industrial products company’s stock worth $185,000 after acquiring an additional 2,145 shares during the period. Bank of Jackson Hole Trust bought a new stake in Silgan in the fourth quarter valued at approximately $59,000. Finally, Bank of New York Mellon Corp increased its position in Silgan by 22.6% during the 4th quarter. Bank of New York Mellon Corp now owns 914,019 shares of the industrial products company’s stock valued at $47,575,000 after purchasing an additional 168,789 shares during the period. 70.25% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In other news, VP B Frederik Prinzen sold 2,378 shares of the company’s stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $54.05, for a total value of $128,530.90. Following the completion of the transaction, the vice president now owns 1,380 shares of the company’s stock, valued at $74,589. This represents a 63.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Robert B. Lewis sold 10,000 shares of the stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $55.92, for a total value of $559,200.00. Following the sale, the executive vice president now owns 153,378 shares of the company’s stock, valued at $8,576,897.76. This represents a 6.12% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.13% of the company’s stock.
Silgan Trading Down 1.6%
Silgan (NYSE:SLGN – Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.04. Silgan had a return on equity of 20.00% and a net margin of 4.82%. The company had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the prior year, the business posted $0.69 EPS. The firm’s quarterly revenue was up 11.4% compared to the same quarter last year. Research analysts forecast that Silgan Holdings Inc. will post 4.11 earnings per share for the current fiscal year.
Silgan Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.49%. The ex-dividend date was Monday, June 2nd. Silgan’s payout ratio is currently 29.74%.
Analysts Set New Price Targets
Several research firms have recently weighed in on SLGN. Truist Financial lowered their price objective on shares of Silgan from $70.00 to $62.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Citigroup raised their price target on shares of Silgan from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, May 8th. Raymond James Financial raised shares of Silgan from an “outperform” rating to a “strong-buy” rating and decreased their price target for the company from $65.00 to $60.00 in a research note on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. raised shares of Silgan from a “neutral” rating to an “overweight” rating and set a $57.00 price objective on the stock in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $63.11.
View Our Latest Stock Analysis on SLGN
Silgan Company Profile
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.
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