ProShare Advisors LLC lessened its position in shares of Silgan Holdings Inc. (NYSE:SLGN – Free Report) by 11.3% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 600,749 shares of the industrial products company’s stock after selling 76,180 shares during the period. ProShare Advisors LLC’s holdings in Silgan were worth $28,169,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SLGN. Raymond James & Associates grew its position in shares of Silgan by 21.6% during the 1st quarter. Raymond James & Associates now owns 32,571 shares of the industrial products company’s stock valued at $1,506,000 after acquiring an additional 5,788 shares during the period. Citigroup Inc. boosted its position in Silgan by 5.4% during the first quarter. Citigroup Inc. now owns 12,553 shares of the industrial products company’s stock worth $579,000 after purchasing an additional 640 shares in the last quarter. Natixis Advisors L.P. grew its holdings in Silgan by 9.0% in the first quarter. Natixis Advisors L.P. now owns 27,788 shares of the industrial products company’s stock valued at $1,285,000 after purchasing an additional 2,288 shares during the period. Bank of Montreal Can increased its position in shares of Silgan by 3.3% in the first quarter. Bank of Montreal Can now owns 21,702 shares of the industrial products company’s stock valued at $1,009,000 after buying an additional 703 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Silgan during the 1st quarter worth approximately $89,000. Hedge funds and other institutional investors own 66.24% of the company’s stock.
Analyst Ratings Changes
Several brokerages recently commented on SLGN. Robert W. Baird raised shares of Silgan from a “neutral” rating to an “outperform” rating and set a $53.00 price target for the company in a report on Thursday, July 27th. Raymond James cut their target price on shares of Silgan from $55.00 to $49.00 and set an “outperform” rating for the company in a research note on Thursday, October 26th. Royal Bank of Canada reduced their price target on shares of Silgan from $51.00 to $49.00 and set an “outperform” rating for the company in a research report on Thursday, October 26th. Truist Financial lowered their price objective on Silgan from $56.00 to $52.00 and set a “buy” rating on the stock in a report on Thursday, October 26th. Finally, StockNews.com raised Silgan from a “sell” rating to a “hold” rating in a report on Monday, October 30th. One analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.00.
Silgan Price Performance
SLGN stock opened at $41.75 on Tuesday. Silgan Holdings Inc. has a 1 year low of $38.11 and a 1 year high of $55.41. The firm has a market capitalization of $4.59 billion, a PE ratio of 16.06, a price-to-earnings-growth ratio of 2.51 and a beta of 0.75. The company has a debt-to-equity ratio of 1.86, a current ratio of 1.39 and a quick ratio of 0.91. The business has a 50 day simple moving average of $41.84 and a 200-day simple moving average of $44.55.
Silgan (NYSE:SLGN – Get Free Report) last issued its earnings results on Wednesday, October 25th. The industrial products company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.02. The company had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.95 billion. Silgan had a return on equity of 22.21% and a net margin of 4.69%. The firm’s quarterly revenue was down 8.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.27 EPS. Equities research analysts anticipate that Silgan Holdings Inc. will post 3.36 earnings per share for the current fiscal year.
Silgan Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.72 annualized dividend and a yield of 1.72%. Silgan’s payout ratio is 27.69%.
In other news, insider Thomas James Snyder sold 10,000 shares of Silgan stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $41.55, for a total transaction of $415,500.00. Following the sale, the insider now owns 100,302 shares of the company’s stock, valued at approximately $4,167,548.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Thomas James Snyder sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $41.55, for a total transaction of $415,500.00. Following the completion of the sale, the insider now directly owns 100,302 shares of the company’s stock, valued at approximately $4,167,548.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Stacey J. Mcgrath sold 1,085 shares of the company’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $41.90, for a total transaction of $45,461.50. Following the completion of the transaction, the vice president now directly owns 9,078 shares in the company, valued at approximately $380,368.20. The disclosure for this sale can be found here. Insiders sold a total of 36,085 shares of company stock valued at $1,472,712 in the last 90 days. Company insiders own 13.08% of the company’s stock.
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, and beauty products, as well as capping/sealing equipment and detection systems.
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