Silgan Holdings Inc. (NYSE:SLGN) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its position in Silgan Holdings Inc. (NYSE:SLGN – Get Rating) by 0.2% during the third quarter, HoldingsChannel.com reports. The fund owned 970,460 shares of the industrial products company’s stock after acquiring an additional 1,553 shares during the quarter. Bank of New York Mellon Corp’s holdings in Silgan were worth $40,798,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Mirabella Financial Services LLP grew its holdings in shares of Silgan by 19.7% in the 3rd quarter. Mirabella Financial Services LLP now owns 51,576 shares of the industrial products company’s stock worth $2,160,000 after acquiring an additional 8,477 shares during the period. Park Avenue Securities LLC acquired a new stake in Silgan during the 3rd quarter valued at $211,000. CX Institutional grew its holdings in Silgan by 61.0% during the 3rd quarter. CX Institutional now owns 10,399 shares of the industrial products company’s stock valued at $437,000 after buying an additional 3,941 shares during the last quarter. Rhumbline Advisers grew its holdings in Silgan by 8.7% during the 2nd quarter. Rhumbline Advisers now owns 289,348 shares of the industrial products company’s stock valued at $11,965,000 after buying an additional 23,132 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Silgan by 2.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 4,849,746 shares of the industrial products company’s stock valued at $200,537,000 after buying an additional 125,121 shares during the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.

Silgan Trading Down 1.4 %

Shares of SLGN opened at $51.54 on Monday. The company has a current ratio of 1.39, a quick ratio of 0.88 and a debt-to-equity ratio of 1.92. The firm has a market capitalization of $5.67 billion, a P/E ratio of 16.84, a price-to-earnings-growth ratio of 2.66 and a beta of 0.80. The stock’s fifty day simple moving average is $52.98 and its 200 day simple moving average is $49.60. Silgan Holdings Inc. has a twelve month low of $38.59 and a twelve month high of $55.41.

Silgan Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Friday, March 17th will be given a $0.18 dividend. This is a positive change from Silgan’s previous quarterly dividend of $0.16. This represents a $0.72 annualized dividend and a dividend yield of 1.40%. The ex-dividend date is Thursday, March 16th. Silgan’s dividend payout ratio (DPR) is 23.53%.

Insider Buying and Selling

In related news, Director Anthony J. Allott sold 50,972 shares of the stock in a transaction on Thursday, February 9th. The stock was sold at an average price of $54.08, for a total value of $2,756,565.76. Following the transaction, the director now directly owns 709,501 shares of the company’s stock, valued at approximately $38,369,814.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 24.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SLGN. Robert W. Baird increased their target price on Silgan from $50.00 to $53.00 and gave the company a “neutral” rating in a report on Thursday, January 26th. Truist Financial upgraded Silgan from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a report on Thursday, January 5th. Raymond James increased their target price on Silgan from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday, January 26th. KeyCorp increased their price target on Silgan from $49.00 to $57.00 and gave the stock an “overweight” rating in a research note on Thursday, December 15th. Finally, JPMorgan Chase & Co. increased their price target on Silgan from $43.00 to $47.00 and gave the stock an “underweight” rating in a research note on Thursday, January 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. According to MarketBeat, Silgan presently has an average rating of “Hold” and a consensus price target of $55.78.

Silgan Company Profile

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Silgan Holdings, Inc engages in the manufacture and sale of rigid packaging for consumer goods products. It operates through the following business segments: Dispensing and Specialty Closures, Metal Containers, and Custom Containers. The Dispensing and Specialty Closures segment offers dispensing and specialty closures for food, beverage, health care, garden, home, personal care, fragrance, and beauty products.