Silgan (NYSE:SLGN) Given New $55.00 Price Target at Royal Bank of Canada

Silgan (NYSE:SLGN) had its price objective raised by Royal Bank of Canada from $51.00 to $55.00 in a research report sent to investors on Thursday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the industrial products company’s stock.

A number of other brokerages have also weighed in on SLGN. JPMorgan Chase & Co. upgraded Silgan from an underweight rating to a neutral rating and raised their price objective for the company from $46.00 to $53.00 in a research note on Thursday. Citigroup upgraded Silgan from a neutral rating to a buy rating and set a $50.00 price objective for the company in a research note on Monday, July 8th. Truist Financial restated a buy rating and set a $59.00 price objective (up previously from $56.00) on shares of Silgan in a research note on Thursday. Robert W. Baird raised their price objective on Silgan from $53.00 to $60.00 and gave the company an outperform rating in a research note on Thursday. Finally, Wells Fargo & Company raised their price objective on Silgan from $54.00 to $58.00 and gave the company an overweight rating in a research note on Thursday. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $57.00.

Silgan Stock Performance

Shares of NYSE:SLGN opened at $51.26 on Thursday. The company has a market cap of $5.47 billion, a P/E ratio of 17.99, a PEG ratio of 1.77 and a beta of 0.67. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.62 and a current ratio of 0.53. Silgan has a one year low of $38.11 and a one year high of $52.84. The business’s 50-day simple moving average is $45.24 and its 200 day simple moving average is $45.56.

Silgan (NYSE:SLGN) last announced its earnings results on Wednesday, July 31st. The industrial products company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.87 by $0.01. The business had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.43 billion. Silgan had a return on equity of 19.22% and a net margin of 5.24%. The company’s revenue was down 3.2% on a year-over-year basis. During the same period last year, the business posted $0.83 EPS. On average, sell-side analysts forecast that Silgan will post 3.66 earnings per share for the current fiscal year.

Silgan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were given a $0.19 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $0.76 annualized dividend and a dividend yield of 1.48%. Silgan’s payout ratio is 26.67%.

Insider Transactions at Silgan

In related news, SVP Jay A. Martin sold 21,330 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $46.73, for a total transaction of $996,750.90. Following the completion of the transaction, the senior vice president now owns 165,989 shares in the company, valued at approximately $7,756,665.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Robert B. Lewis sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $47.08, for a total transaction of $1,412,400.00. Following the completion of the transaction, the executive vice president now owns 172,133 shares in the company, valued at approximately $8,104,021.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jay A. Martin sold 21,330 shares of the business’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $46.73, for a total value of $996,750.90. Following the transaction, the senior vice president now owns 165,989 shares of the company’s stock, valued at approximately $7,756,665.97. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,651 shares of company stock worth $2,804,226. 1.39% of the stock is currently owned by corporate insiders.

Institutional Trading of Silgan

Hedge funds have recently added to or reduced their stakes in the business. Nordea Investment Management AB raised its stake in Silgan by 118.0% during the 1st quarter. Nordea Investment Management AB now owns 201,258 shares of the industrial products company’s stock valued at $9,755,000 after acquiring an additional 108,942 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Silgan by 3.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,323,963 shares of the industrial products company’s stock valued at $105,159,000 after acquiring an additional 66,837 shares in the last quarter. Seven Eight Capital LP bought a new stake in Silgan during the 1st quarter valued at $1,129,000. State Board of Administration of Florida Retirement System raised its stake in Silgan by 17.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 88,864 shares of the industrial products company’s stock valued at $4,769,000 after acquiring an additional 13,289 shares in the last quarter. Finally, New York State Common Retirement Fund raised its stake in Silgan by 33.0% during the 4th quarter. New York State Common Retirement Fund now owns 210,066 shares of the industrial products company’s stock valued at $9,505,000 after acquiring an additional 52,146 shares in the last quarter. Institutional investors own 70.25% of the company’s stock.

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.