New York State Teachers Retirement System Increases Stock Position in Silgan Holdings Inc. (NYSE:SLGN)

New York State Teachers Retirement System grew its stake in Silgan Holdings Inc. (NYSE:SLGN) by 7.6% during the third quarter, Holdings Channel.com reports. The fund owned 106,539 shares of the industrial products company’s stock after acquiring an additional 7,480 shares during the period. New York State Teachers Retirement System’s holdings in Silgan were worth $5,593,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Daiwa Securities Group Inc. grew its position in Silgan by 0.5% in the 2nd quarter. Daiwa Securities Group Inc. now owns 40,071 shares of the industrial products company’s stock valued at $1,696,000 after acquiring an additional 218 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Silgan by 5.1% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 5,156 shares of the industrial products company’s stock worth $218,000 after buying an additional 250 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its position in Silgan by 2.6% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 10,707 shares of the industrial products company’s stock valued at $453,000 after buying an additional 267 shares during the period. AQR Capital Management LLC grew its stake in shares of Silgan by 1.1% in the second quarter. AQR Capital Management LLC now owns 37,660 shares of the industrial products company’s stock worth $1,594,000 after acquiring an additional 421 shares in the last quarter. Finally, Blue Trust Inc. increased its position in shares of Silgan by 256.6% during the second quarter. Blue Trust Inc. now owns 592 shares of the industrial products company’s stock worth $25,000 after acquiring an additional 426 shares during the period. Hedge funds and other institutional investors own 70.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SLGN shares. Citigroup lifted their target price on Silgan from $50.00 to $60.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Truist Financial reissued a “buy” rating and set a $59.00 price objective (up from $56.00) on shares of Silgan in a research report on Thursday, August 1st. Wells Fargo & Company upped their target price on shares of Silgan from $54.00 to $58.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Royal Bank of Canada lifted their price target on shares of Silgan from $55.00 to $58.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Finally, JPMorgan Chase & Co. raised shares of Silgan from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $46.00 to $53.00 in a research report on Thursday, August 1st. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $57.43.

Silgan Stock Performance

Shares of Silgan stock opened at $53.10 on Wednesday. The firm has a market capitalization of $5.67 billion, a P/E ratio of 19.24, a P/E/G ratio of 1.38 and a beta of 0.67. The company has a quick ratio of 0.36, a current ratio of 0.52 and a debt-to-equity ratio of 1.31. Silgan Holdings Inc. has a 52 week low of $40.01 and a 52 week high of $53.72. The firm’s 50 day moving average is $51.30 and its two-hundred day moving average is $48.17.

Silgan (NYSE:SLGN) last announced its quarterly earnings results 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 return on equity of 18.76% and a net margin of 5.11%. The company had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.82 billion. During the same quarter in the prior year, the business earned $1.16 earnings per share. Silgan’s revenue was down 3.2% compared to the same quarter last year. Research analysts forecast that Silgan Holdings Inc. will post 3.6 EPS for the current fiscal year.

Silgan 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.