Silgan (NASDAQ:SLGN) Price Target Raised to $36.00

Silgan (NASDAQ:SLGN) had its target price upped by Citigroup from $34.00 to $36.00 in a report released on Thursday morning, BenzingaRatingsTable reports. The brokerage currently has a buy rating on the industrial products company’s stock.

SLGN has been the subject of a number of other research reports. Zacks Investment Research lowered HANNOVER RUECK/S from a hold rating to a sell rating in a research note on Monday, April 22nd. BidaskClub lowered Virtu Financial from a sell rating to a strong sell rating in a research note on Wednesday, June 12th. Finally, KeyCorp reissued a hold rating on shares of Silgan in a research note on Wednesday, April 24th. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $30.29.

NASDAQ:SLGN opened at $30.59 on Thursday. The stock has a market capitalization of $3.40 billion, a price-to-earnings ratio of 14.43, a PEG ratio of 1.82 and a beta of 0.80. Silgan has a fifty-two week low of $22.24 and a fifty-two week high of $31.69. The company has a debt-to-equity ratio of 2.35, a quick ratio of 0.62 and a current ratio of 1.15. The company’s 50 day moving average is $30.06.

Silgan (NASDAQ:SLGN) last released its quarterly earnings data on Wednesday, April 24th. The industrial products company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.01 billion. Silgan had a return on equity of 26.74% and a net margin of 5.04%. The business’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.42 earnings per share. As a group, equities research analysts forecast that Silgan will post 2.19 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were issued a dividend of $0.11 per share. The ex-dividend date was Friday, May 31st. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.44%. Silgan’s dividend payout ratio is presently 21.15%.

In related news, insider Adam J. Greenlee sold 110,000 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $29.90, for a total transaction of $3,289,000.00. Following the completion of the transaction, the insider now owns 131,367 shares in the company, valued at $3,927,873.30. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Anthony P. Andreacchi sold 3,692 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $30.23, for a total value of $111,609.16. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 259,334 shares of company stock valued at $7,772,706. 30.32% of the stock is owned by corporate insiders.

Institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA raised its holdings in shares of Silgan by 283.5% during the first quarter. BNP Paribas Arbitrage SA now owns 4,909 shares of the industrial products company’s stock valued at $145,000 after acquiring an additional 3,629 shares in the last quarter. Meeder Asset Management Inc. bought a new position in Silgan in the first quarter worth $146,000. NN Investment Partners Holdings N.V. bought a new position in Silgan in the second quarter worth $165,000. Amundi Pioneer Asset Management Inc. bought a new position in Silgan in the first quarter worth $190,000. Finally, Squarepoint Ops LLC bought a new position in Silgan in the fourth quarter worth $201,000. Institutional investors own 65.75% of the company’s stock.

About Silgan

Silgan Holdings Inc, together with its subsidiaries, manufactures and sells rigid packaging for consumer goods products worldwide. It operates through three segments: Metal Containers, Closures, and Plastic Containers. The Metal Containers segment manufactures and sells steel and aluminum containers for food products, such as pet food, vegetables, soups, proteins, tomato based products, adult nutritional drinks, fruits, and other miscellaneous food products, as well as general line metal containers primarily for chemicals.

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Analyst Recommendations for Silgan (NASDAQ:SLGN)

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