Raymond James & Associates Cuts Position in Silgan Holdings Inc. (NYSE:SLGN)

Raymond James & Associates decreased its holdings in Silgan Holdings Inc. (NYSE:SLGN) by 5.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 43,559 shares of the industrial products company’s stock after selling 2,567 shares during the quarter. Raymond James & Associates’ holdings in Silgan were worth $1,971,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Eagle Bay Advisors LLC increased its position in shares of Silgan by 151.1% in the second quarter. Eagle Bay Advisors LLC now owns 836 shares of the industrial products company’s stock valued at $35,000 after buying an additional 503 shares in the last quarter. Fifth Third Bancorp increased its position in Silgan by 92.4% during the 3rd quarter. Fifth Third Bancorp now owns 1,120 shares of the industrial products company’s stock worth $48,000 after purchasing an additional 538 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Silgan during the 3rd quarter worth about $70,000. State of Wyoming increased its position in Silgan by 30.4% during the 2nd quarter. State of Wyoming now owns 1,635 shares of the industrial products company’s stock worth $77,000 after purchasing an additional 381 shares in the last quarter. Finally, Captrust Financial Advisors increased its position in Silgan by 65.2% during the 1st quarter. Captrust Financial Advisors now owns 1,895 shares of the industrial products company’s stock worth $88,000 after purchasing an additional 748 shares in the last quarter. Hedge funds and other institutional investors own 70.25% of the company’s stock.

Silgan Stock Performance

Shares of NYSE:SLGN opened at $47.04 on Wednesday. The company has a market cap of $5.02 billion, a P/E ratio of 15.79, a PEG ratio of 2.59 and a beta of 0.68. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.61 and a current ratio of 1.02. Silgan Holdings Inc. has a one year low of $38.11 and a one year high of $54.92. The business’s 50-day simple moving average is $45.53 and its 200 day simple moving average is $43.73.

Silgan (NYSE:SLGN) last announced its earnings results on Wednesday, January 31st. The industrial products company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.58 by $0.05. The business had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.39 billion. Silgan had a return on equity of 20.29% and a net margin of 5.44%. On average, sell-side analysts forecast that Silgan Holdings Inc. will post 3.67 earnings per share for the current fiscal year.

Silgan Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 14th were issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.62%. This is an increase from Silgan’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Wednesday, March 13th. Silgan’s payout ratio is 25.50%.

Insider Activity

In other news, VP B Frederik Prinzen sold 4,684 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $43.89, for a total value of $205,580.76. Following the completion of the sale, the vice president now directly owns 8,613 shares in the company, valued at approximately $378,024.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 13.08% of the company’s stock.

Wall Street Analyst Weigh In

SLGN has been the subject of a number of recent research reports. Raymond James lifted their price objective on Silgan from $52.00 to $54.00 and gave the stock an “outperform” rating in a research report on Thursday, February 1st. Wells Fargo & Company raised their price target on Silgan from $52.00 to $55.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Royal Bank of Canada raised their price target on Silgan from $49.00 to $51.00 and gave the stock an “outperform” rating in a research note on Thursday, February 1st. JPMorgan Chase & Co. raised their price target on Silgan from $39.00 to $46.00 and gave the stock an “underweight” rating in a research note on Thursday, February 1st. Finally, Truist Financial raised their price target on Silgan from $52.00 to $56.00 and gave the stock a “buy” rating in a research note on Thursday, January 4th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $53.13.

About Silgan

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.