Silgan (NYSE:SLGN) Sets New 1-Year High – Here’s Why

Shares of Silgan Holdings Inc. (NYSE:SLGN) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $57.86 and last traded at $57.82, with a volume of 8299 shares changing hands. The stock had previously closed at $57.17.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Truist Financial reiterated 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, August 1st. Wells Fargo & Company increased their price objective on shares of Silgan from $54.00 to $58.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. Citigroup lifted their target price on shares of Silgan from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Royal Bank of Canada increased their price target on shares of Silgan from $55.00 to $58.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, Robert W. Baird boosted their price objective on shares of Silgan from $53.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Silgan currently has an average rating of “Moderate Buy” and an average target price of $57.43.

Silgan Trading Up 0.6 %

The company has a current ratio of 1.09, a quick ratio of 0.75 and a debt-to-equity ratio of 1.24. The stock has a market capitalization of $6.14 billion, a PE ratio of 20.70, a P/E/G ratio of 1.50 and a beta of 0.67. The stock has a 50 day moving average price of $52.40 and a 200-day moving average price of $49.00.

Silgan (NYSE:SLGN) last issued its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.23 by ($0.02). The business had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.82 billion. Silgan had a return on equity of 18.76% and a net margin of 5.11%. The company’s revenue was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.16 EPS. Sell-side analysts expect that Silgan Holdings Inc. will post 3.6 earnings per share for the current year.

Silgan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.32%. The ex-dividend date of this dividend is Monday, December 2nd. Silgan’s dividend payout ratio is currently 27.54%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SLGN. Sanctuary Advisors LLC boosted its holdings in shares of Silgan by 32.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 7,182 shares of the industrial products company’s stock valued at $406,000 after purchasing an additional 1,747 shares during the last quarter. Hohimer Wealth Management LLC bought a new position in shares of Silgan during the 3rd quarter valued at approximately $396,000. Coldstream Capital Management Inc. grew its holdings in shares of Silgan by 10.3% in the third quarter. Coldstream Capital Management Inc. now owns 7,797 shares of the industrial products company’s stock valued at $411,000 after purchasing an additional 728 shares in the last quarter. Geode Capital Management LLC lifted its position in Silgan by 11.7% during the third quarter. Geode Capital Management LLC now owns 1,495,033 shares of the industrial products company’s stock valued at $78,509,000 after purchasing an additional 157,160 shares during the last quarter. Finally, M&T Bank Corp increased its stake in Silgan by 33.4% during the third quarter. M&T Bank Corp now owns 16,566 shares of the industrial products company’s stock worth $869,000 after acquiring an additional 4,151 shares during the last quarter. 70.25% of the stock is currently owned by institutional investors.

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.