Chase Investment Counsel Corp Invests $2.73 Million in Silgan Holdings Inc. (NYSE:SLGN)

Chase Investment Counsel Corp bought a new position in Silgan Holdings Inc. (NYSE:SLGN) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 52,463 shares of the industrial products company’s stock, valued at approximately $2,730,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SLGN. Bank of Jackson Hole Trust purchased a new position in Silgan in the fourth quarter worth $59,000. Venturi Wealth Management LLC grew its position in Silgan by 220.4% in the third quarter. Venturi Wealth Management LLC now owns 1,400 shares of the industrial products company’s stock worth $74,000 after acquiring an additional 963 shares in the last quarter. KBC Group NV grew its position in Silgan by 27.7% in the third quarter. KBC Group NV now owns 2,277 shares of the industrial products company’s stock worth $120,000 after acquiring an additional 494 shares in the last quarter. GAMMA Investing LLC grew its position in Silgan by 48.6% in the fourth quarter. GAMMA Investing LLC now owns 2,640 shares of the industrial products company’s stock worth $137,000 after acquiring an additional 863 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in Silgan in the third quarter worth $154,000. 70.25% of the stock is currently owned by hedge funds and other institutional investors.

Silgan Stock Performance

Silgan stock opened at $54.28 on Friday. The company has a current ratio of 0.45, a quick ratio of 0.28 and a debt-to-equity ratio of 1.24. The firm has a 50-day moving average of $53.13 and a 200-day moving average of $52.73. The firm has a market cap of $5.80 billion, a P/E ratio of 21.04, a P/E/G ratio of 1.27 and a beta of 0.71. Silgan Holdings Inc. has a 1-year low of $41.14 and a 1-year high of $58.14.

Silgan (NYSE:SLGN) last posted its earnings results on Wednesday, January 29th. The industrial products company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.03. Silgan had a net margin of 4.72% and a return on equity of 19.70%. Sell-side analysts expect that Silgan Holdings Inc. will post 4.11 EPS for the current year.

Silgan Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, March 17th. This is a positive change from Silgan’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a yield of 1.47%. Silgan’s dividend payout ratio (DPR) is 29.46%.

Insiders Place Their Bets

In other Silgan news, CEO Adam J. Greenlee sold 125,000 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $54.73, for a total value of $6,841,250.00. Following the completion of the sale, the chief executive officer now directly owns 227,332 shares in the company, valued at $12,441,880.36. This trade represents a 35.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Robert B. Lewis sold 20,000 shares of the firm’s stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $53.22, for a total transaction of $1,064,400.00. Following the completion of the sale, the executive vice president now owns 152,133 shares of the company’s stock, valued at $8,096,518.26. This trade represents a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.39% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SLGN. Raymond James upped their target price on shares of Silgan from $62.00 to $65.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Wells Fargo & Company upped their price target on shares of Silgan from $58.00 to $63.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Royal Bank of Canada upped their price target on shares of Silgan from $63.00 to $65.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Loop Capital upped their price target on shares of Silgan from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. Finally, JPMorgan Chase & Co. upped their price target on shares of Silgan from $53.00 to $57.00 and gave the company a “neutral” rating in a research report on Thursday, January 30th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $64.22.

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.