Mackay Shields LLC reduced its position in Silgan Holdings Inc. (NASDAQ:SLGN) by 11.2% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 138,565 shares of the industrial products company’s stock after selling 17,465 shares during the period. Mackay Shields LLC owned 0.12% of Silgan worth $4,162,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the company. Krane Funds Advisors LLC purchased a new position in shares of Silgan in the 2nd quarter valued at approximately $26,000. Quest Capital Management Inc. ADV purchased a new position in shares of Silgan in the 3rd quarter valued at approximately $36,000. C M Bidwell & Associates Ltd. purchased a new position in shares of Silgan in the 2nd quarter valued at approximately $40,000. Point72 Asset Management L.P. purchased a new position in shares of Silgan in the 2nd quarter valued at approximately $40,000. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Silgan in the 2nd quarter valued at approximately $51,000. Institutional investors and hedge funds own 66.03% of the company’s stock.
In other Silgan news, Director John W. Alden sold 2,000 shares of Silgan stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $29.71, for a total transaction of $59,420.00. Following the sale, the director now owns 67,331 shares of the company’s stock, valued at approximately $2,000,404.01. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 30.32% of the company’s stock.
Silgan (NASDAQ:SLGN) last announced its earnings results on Wednesday, October 23rd. The industrial products company reported $0.76 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.76. Silgan had a net margin of 4.37% and a return on equity of 26.05%. The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the previous year, the company posted $0.76 EPS. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. Equities analysts forecast that Silgan Holdings Inc. will post 2.16 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.44 annualized dividend and a yield of 1.42%. Silgan’s dividend payout ratio (DPR) is presently 21.15%.
Several equities analysts recently commented on SLGN shares. ValuEngine lowered shares of Silgan from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 2nd. Zacks Investment Research lowered shares of Silgan from a “hold” rating to a “sell” rating and set a $32.00 price objective for the company. in a research report on Tuesday, October 15th. JPMorgan Chase & Co. raised shares of Silgan from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $31.00 to $33.00 in a research report on Wednesday, July 17th. Finally, BidaskClub raised shares of Silgan from a “sell” rating to a “hold” rating in a research report on Wednesday, September 25th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. Silgan has a consensus rating of “Hold” and an average target price of $33.67.
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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