Convergence Investment Partners LLC Makes New $732,000 Investment in Silgan Holdings Inc. (NASDAQ:SLGN)

Convergence Investment Partners LLC purchased a new stake in shares of Silgan Holdings Inc. (NASDAQ:SLGN) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 22,606 shares of the industrial products company’s stock, valued at approximately $732,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State of Michigan Retirement System grew its stake in shares of Silgan by 31.2% during the second quarter. State of Michigan Retirement System now owns 28,296 shares of the industrial products company’s stock valued at $917,000 after purchasing an additional 6,734 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Silgan by 24.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,466 shares of the industrial products company’s stock valued at $274,000 after purchasing an additional 1,676 shares during the last quarter. Krueger & Catalano Capital Partners LLC bought a new stake in shares of Silgan during the second quarter valued at approximately $1,422,000. Strs Ohio grew its stake in shares of Silgan by 124.7% during the second quarter. Strs Ohio now owns 51,800 shares of the industrial products company’s stock valued at $1,677,000 after purchasing an additional 28,742 shares during the last quarter. Finally, New York State Teachers Retirement System grew its stake in shares of Silgan by 0.6% during the second quarter. New York State Teachers Retirement System now owns 99,200 shares of the industrial products company’s stock valued at $3,213,000 after purchasing an additional 600 shares during the last quarter. 65.51% of the stock is currently owned by institutional investors and hedge funds.

In related news, CFO Robert B. Lewis sold 2,532 shares of the firm’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $33.30, for a total transaction of $84,315.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 32,532 shares of company stock worth $1,175,316. 30.32% of the stock is currently owned by company insiders.

SLGN traded down $0.08 during mid-day trading on Friday, hitting $38.25. The stock had a trading volume of 620,215 shares, compared to its average volume of 616,497. The stock’s fifty day simple moving average is $33.52 and its 200-day simple moving average is $31.92. The company has a debt-to-equity ratio of 2.13, a current ratio of 0.41 and a quick ratio of 0.23. The firm has a market capitalization of $4.24 billion, a price-to-earnings ratio of 16.92, a price-to-earnings-growth ratio of 2.75 and a beta of 0.67. Silgan Holdings Inc. has a 1-year low of $24.65 and a 1-year high of $38.99.

Silgan (NASDAQ:SLGN) last posted its earnings results on Wednesday, July 22nd. The industrial products company reported $0.85 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.21. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.12 billion. Silgan had a net margin of 5.50% and a return on equity of 27.83%. As a group, research analysts expect that Silgan Holdings Inc. will post 2.78 earnings per share for the current fiscal year.

A number of equities analysts have issued reports on SLGN shares. JPMorgan Chase & Co. raised their price objective on shares of Silgan from $34.00 to $37.00 and gave the company a “neutral” rating in a research note on Friday, April 24th. BidaskClub raised shares of Silgan from a “hold” rating to a “buy” rating in a research note on Tuesday, July 28th. ValuEngine cut shares of Silgan from a “hold” rating to a “sell” rating in a research note on Monday, June 1st. Zacks Investment Research cut shares of Silgan from a “buy” rating to a “hold” rating and set a $36.00 price objective on the stock. in a research note on Friday, April 17th. Finally, Deutsche Bank raised their price objective on shares of Silgan from $31.00 to $37.00 and gave the company a “hold” rating in a research note on Thursday, July 23rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $37.00.

About Silgan

Silgan Holdings Inc, together with its subsidiaries, manufactures and sells rigid packaging for consumer goods products worldwide. It operates through three segments: Metal Containers, Closures, and Plastic Containers. The Metal Containers segment manufactures and sells steel and aluminum containers for food products, such as pet food, vegetables, soups, proteins, tomato based products, adult nutritional drinks, fruits, and other miscellaneous food products, as well as general line metal containers primarily for chemicals.

Recommended Story: What is a Stop Order?

Want to see what other hedge funds are holding SLGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Silgan Holdings Inc. (NASDAQ:SLGN).

Institutional Ownership by Quarter for Silgan (NASDAQ:SLGN)

Receive News & Ratings for Silgan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Silgan and related companies with MarketBeat.com's FREE daily email newsletter.