Brokerages Set Silgan Holdings Inc. (NYSE:SLGN) Price Target at $63.11

Silgan Holdings Inc. (NYSE:SLGN) has received a consensus recommendation of “Buy” from the nine ratings firms that are presently covering the company, MarketBeat reports. Eight equities research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $63.11.

A number of brokerages have issued reports on SLGN. Raymond James Financial upgraded Silgan from an “outperform” rating to a “strong-buy” rating and reduced their target price for the stock from $65.00 to $60.00 in a report on Tuesday, April 22nd. Truist Financial reduced their price objective on shares of Silgan from $70.00 to $62.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. 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 note on Thursday, May 1st. Finally, Citigroup lifted their price target on shares of Silgan from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, May 8th.

Insider Buying and Selling at Silgan

In other Silgan news, EVP Robert B. Lewis sold 10,000 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at approximately $8,576,897.76. The trade was a 6.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP B Frederik Prinzen sold 2,378 shares of the business’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $54.05, for a total value of $128,530.90. Following the completion of the sale, the vice president now owns 1,380 shares in the company, valued at $74,589. The trade was a 63.28% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.13% of the company’s stock.

Institutional Trading of Silgan

Institutional investors have recently made changes to their positions in the business. Millennium Management LLC lifted its position in Silgan by 764.7% during the 4th quarter. Millennium Management LLC now owns 1,012,644 shares of the industrial products company’s stock worth $52,708,000 after buying an additional 895,528 shares in the last quarter. FMR LLC lifted its position in Silgan by 12.2% during the 4th quarter. FMR LLC now owns 7,046,400 shares of the industrial products company’s stock worth $366,765,000 after buying an additional 767,944 shares in the last quarter. Norges Bank bought a new stake in Silgan during the fourth quarter worth about $38,680,000. JPMorgan Chase & Co. raised its holdings in Silgan by 12.8% during the fourth quarter. JPMorgan Chase & Co. now owns 5,795,781 shares of the industrial products company’s stock worth $301,670,000 after acquiring an additional 656,923 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its holdings in Silgan by 87.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,253,727 shares of the industrial products company’s stock worth $65,257,000 after acquiring an additional 584,840 shares in the last quarter. Institutional investors own 70.25% of the company’s stock.

Silgan Price Performance

Shares of SLGN stock opened at $54.69 on Thursday. Silgan has a 52-week low of $41.14 and a 52-week high of $58.14. The stock has a market cap of $5.85 billion, a PE ratio of 20.33, a PEG ratio of 1.21 and a beta of 0.76. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.67 and a current ratio of 1.14. The firm’s 50 day moving average price is $53.52 and its two-hundred day moving average price is $52.57.

Silgan (NYSE:SLGN) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $0.82 earnings per share (EPS) 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 business had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period last year, the company earned $0.69 EPS. The firm’s revenue was up 11.4% on a year-over-year basis. As a group, analysts forecast that Silgan will post 4.11 EPS for the current year.

Silgan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date of this dividend was Monday, June 2nd. Silgan’s payout ratio is currently 29.74%.

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.