Truist Financial Issues Positive Forecast for Silgan (NYSE:SLGN) Stock Price

Silgan (NYSE:SLGN) had its price target lifted by investment analysts at Truist Financial from $45.00 to $46.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Truist Financial‘s target price points to a potential upside of 14.01% from the company’s current price.

Several other research firms have also weighed in on SLGN. UBS Group set a $38.00 price objective on Silgan and gave the company a “neutral” rating in a research note on Monday, October 5th. Weiss Ratings cut shares of Silgan from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, October 13th. BMO Capital Markets started coverage on Silgan in a research report on Thursday, July 16th. They issued an “outperform” rating and a $57.00 target price on the stock. Royal Bank Of Canada set a $47.00 price target on Silgan and gave the company an “outperform” rating in a research report on Tuesday, October 13th. Finally, Wells Fargo & Company reiterated an “overweight” rating and set a $52.00 price target (down from $56.00) on shares of Silgan in a report on Monday, October 19th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Silgan currently has an average rating of “Moderate Buy” and a consensus target price of $50.50.

Silgan Stock Performance

SLGN traded up $0.86 during trading on Friday, hitting $40.35. The stock had a trading volume of 199,228 shares, compared to its average volume of 1,048,766. Silgan has a twelve month low of $33.70 and a twelve month high of $49.55. The company’s 50-day moving average price is $38.36 and its 200 day moving average price is $41.39. The firm has a market capitalization of $4.26 billion, a P/E ratio of 15.83, a PEG ratio of 2.21 and a beta of 0.67. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.80 and a current ratio of 1.27.

Silgan (NYSE:SLGN) last issued its quarterly earnings data on Thursday, October 29th. The industrial products company reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.06. The firm had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $2.10 billion. Silgan had a net margin of 4.05% and a return on equity of 16.74%. The firm’s revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the company earned $1.22 EPS. On average, equities research analysts forecast that Silgan will post 3.81 EPS for the current fiscal year.

Institutional Trading of Silgan

A number of hedge funds and other institutional investors have recently made changes to their positions in SLGN. ARGA Investment Management LP increased its holdings in Silgan by 7.6% during the third quarter. ARGA Investment Management LP now owns 427,192 shares of the industrial products company’s stock worth $14,845,000 after buying an additional 30,136 shares during the last quarter. VCI Wealth Management LLC bought a new position in shares of Silgan during the third quarter worth approximately $1,375,000. State of Wyoming acquired a new stake in shares of Silgan during the third quarter worth $121,000. Choreo LLC boosted its position in shares of Silgan by 3.1% in the third quarter. Choreo LLC now owns 19,970 shares of the industrial products company’s stock valued at $694,000 after acquiring an additional 605 shares during the period. Finally, Evergreen Capital Management LLC grew its stake in shares of Silgan by 22.8% in the third quarter. Evergreen Capital Management LLC now owns 16,206 shares of the industrial products company’s stock valued at $563,000 after acquiring an additional 3,005 shares in the last quarter. 70.25% of the stock is currently owned by institutional investors and hedge funds.

Silgan News Summary

Here are the key news stories impacting Silgan this week:

• Positive Sentiment: Silgan reported third-quarter adjusted earnings of $1.31 per share, exceeding analysts’ expectations of approximately $1.25–$1.26 and rising from $1.22 a year earlier. The earnings beat supports the positive stock reaction. Silgan Holdings Tops Q3 Earnings Estimates
• Positive Sentiment: The company raised the midpoint of its full-year earnings outlook, signaling confidence in operating performance and providing a supportive catalyst for SLGN. Silgan Announces Third Quarter Results and Raises Earnings Estimate
• Positive Sentiment: Truist increased its price target to $46 from $45 while maintaining a Buy rating, suggesting the analyst sees additional upside based on Silgan’s earnings performance and outlook. Truist Raises Silgan Price Target
• Neutral Sentiment: Third-quarter revenue increased 1.5% year over year to $2.04 billion, but it fell short of the roughly $2.10 billion consensus estimate. The mixed result indicates that earnings benefits did not fully translate into top-line growth. Silgan Third Quarter Earnings Results

Silgan Company Profile

Silgan Holdings Inc (NYSE: SLGN) is a manufacturer of rigid packaging products used by consumer goods companies. The company produces metal containers, plastic containers and specialty closures for food, beverage, personal care, household, healthcare, industrial and other products.

Silgan’s metal packaging business supplies cans and containers for food, pet food, paint, chemicals, aerosols and other applications. Its plastic packaging operations manufacture bottles, tubs and other containers, while its closures business produces metal and plastic caps, lids and dispensing systems for a range of consumer and industrial products.

Founded in 1987, Silgan serves customers primarily across North America and Europe through a network of manufacturing facilities.