Wells Fargo & Company Trims Silgan (NYSE:SLGN) Target Price to $54.00

Silgan (NYSE:SLGN) had its price objective reduced by Wells Fargo & Company from $55.00 to $54.00 in a research note released on Thursday morning, Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

Several other equities research analysts have also recently issued reports on the stock. Royal Bank of Canada lifted their price objective on shares of Silgan from $49.00 to $51.00 and gave the company an outperform rating in a research report on Thursday, February 1st. Truist Financial boosted their price target on shares of Silgan from $52.00 to $56.00 and gave the stock a buy rating in a research note on Thursday, January 4th. JPMorgan Chase & Co. raised their price objective on Silgan from $39.00 to $46.00 and gave the company an underweight rating in a research report on Thursday, February 1st. Citigroup boosted their target price on Silgan from $47.00 to $51.00 and gave the stock a neutral rating in a research report on Friday, February 2nd. Finally, Raymond James raised their price target on Silgan from $52.00 to $54.00 and gave the company an outperform rating in a report on Thursday, February 1st. One analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $53.00.

Silgan Stock Up 2.0 %

SLGN opened at $46.28 on Thursday. Silgan has a fifty-two week low of $38.11 and a fifty-two week high of $49.72. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.61 and a current ratio of 0.49. The stock has a market cap of $4.94 billion, a price-to-earnings ratio of 16.24, a price-to-earnings-growth ratio of 2.52 and a beta of 0.69. The firm’s fifty day moving average is $46.10 and its 200 day moving average is $44.16.

Silgan (NYSE:SLGN) last announced its quarterly earnings data on Wednesday, May 1st. The industrial products company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.67 by $0.02. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.37 billion. Silgan had a return on equity of 19.26% and a net margin of 5.25%. The business’s revenue was down 7.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.78 earnings per share. On average, sell-side analysts forecast that Silgan will post 3.66 earnings per share for the current fiscal year.

Silgan Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, March 14th were paid a dividend of $0.19 per share. This is a boost from Silgan’s previous quarterly dividend of $0.18. This represents a $0.76 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend was Wednesday, March 13th. Silgan’s payout ratio is presently 26.67%.

Insider Activity

In related news, VP B Frederik Prinzen sold 4,684 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $43.89, for a total transaction of $205,580.76. Following the sale, the vice president now owns 8,613 shares in the company, valued at approximately $378,024.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 13.08% of the company’s stock.

Hedge Funds Weigh In On Silgan

Hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its stake in Silgan by 43.0% in the third quarter. Wellington Management Group LLP now owns 4,220,003 shares of the industrial products company’s stock worth $181,924,000 after purchasing an additional 1,269,349 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Silgan by 20.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,053,086 shares of the industrial products company’s stock valued at $260,949,000 after acquiring an additional 1,047,558 shares during the period. Norges Bank purchased a new stake in Silgan in the fourth quarter worth $41,921,000. Fuller & Thaler Asset Management Inc. boosted its stake in shares of Silgan by 9.9% during the third quarter. Fuller & Thaler Asset Management Inc. now owns 1,269,176 shares of the industrial products company’s stock valued at $54,714,000 after purchasing an additional 114,849 shares during the period. Finally, Nordea Investment Management AB grew its holdings in shares of Silgan by 118.0% in the first quarter. Nordea Investment Management AB now owns 201,258 shares of the industrial products company’s stock worth $9,755,000 after purchasing an additional 108,942 shares during the last quarter. 70.25% of the stock is currently owned by institutional investors.

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.