Silgan (NYSE:SLGN) Given New $58.00 Price Target at Royal Bank of Canada

Silgan (NYSE:SLGN) had its target price increased by Royal Bank of Canada from $55.00 to $58.00 in a report issued on Friday, Benzinga reports. The firm currently has an outperform rating on the industrial products company’s stock.

A number of other brokerages have also recently weighed in on SLGN. Truist Financial reaffirmed a “buy” rating and set a $59.00 price target (up from $56.00) on shares of Silgan in a research report on Thursday, August 1st. JPMorgan Chase & Co. upgraded shares of Silgan from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $46.00 to $53.00 in a research report on Thursday, August 1st. Robert W. Baird upped their price target on shares of Silgan from $53.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. StockNews.com downgraded Silgan from a “buy” rating to a “hold” rating in a report on Wednesday, October 9th. Finally, Citigroup boosted their price objective on Silgan from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $57.43.

Silgan Stock Performance

NYSE:SLGN traded up $0.90 during trading hours on Friday, reaching $52.64. 892,882 shares of the company’s stock were exchanged, compared to its average volume of 428,856. Silgan has a 1-year low of $40.01 and a 1-year high of $52.84. The firm has a market capitalization of $5.62 billion, a price-to-earnings ratio of 19.05, a P/E/G ratio of 1.26 and a beta of 0.67. The company has a quick ratio of 0.64, a current ratio of 0.52 and a debt-to-equity ratio of 1.31. The company has a 50-day moving average of $51.26 and a 200 day moving average of $48.11.

Silgan (NYSE:SLGN) last announced its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.02). Silgan had a net margin of 5.11% and a return on equity of 18.76%. The company had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.82 billion. During the same quarter last year, the business earned $1.16 EPS. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. Research analysts anticipate that Silgan will post 3.6 EPS for the current year.

Silgan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were given a dividend of $0.19 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $0.76 dividend on an annualized basis and a yield of 1.44%. Silgan’s payout ratio is currently 27.54%.

Insider Activity

In related news, VP Stacey J. Mcgrath sold 1,600 shares of the firm’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $49.04, for a total value of $78,464.00. Following the completion of the transaction, the vice president now directly owns 11,495 shares of the company’s stock, valued at $563,714.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.39% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SLGN. Nordea Investment Management AB boosted its holdings in Silgan by 118.0% in the first 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 during the last quarter. Dimensional Fund Advisors LP grew its holdings in Silgan by 7.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,962,414 shares of the industrial products company’s stock valued at $125,404,000 after buying an additional 204,384 shares in the last quarter. Choreo LLC acquired a new stake in shares of Silgan during the 2nd quarter worth $498,000. Seven Eight Capital LP acquired a new stake in shares of Silgan during the 1st quarter worth $1,129,000. Finally, State Board of Administration of Florida Retirement System boosted its stake in Silgan by 17.6% in the first 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 buying an additional 13,289 shares in the last quarter. 70.25% of the stock is currently owned by institutional investors and hedge funds.

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.