Silgan (NYSE:SLGN) Price Target Raised to $50.00

Silgan (NYSE:SLGN) had its target price raised by Citigroup from $49.00 to $50.00 in a report released on Monday morning,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

SLGN has been the subject of several other reports. Wells Fargo & Company reaffirmed an “overweight” rating and set a $52.00 price objective (down from $56.00) on shares of Silgan in a research report on Monday, October 19th. Truist Financial increased their price target on shares of Silgan from $45.00 to $46.00 and gave the company a “buy” rating in a research note on Friday, October 30th. Bank of America raised their price objective on shares of Silgan from $53.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. BMO Capital Markets began coverage on shares of Silgan in a research report on Thursday, July 16th. They set an “outperform” rating and a $57.00 price objective for the company. Finally, Weiss Ratings cut shares of Silgan from a “hold (c)” rating to a “hold (c-)” rating in a report on Tuesday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $50.70.

Silgan Stock Up 3.0%

Silgan stock opened at $42.74 on Monday. Silgan has a twelve month low of $33.70 and a twelve month high of $49.55. The stock’s fifty day simple moving average is $38.34 and its 200-day simple moving average is $41.37. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.54. The firm has a market capitalization of $4.52 billion, a P/E ratio of 17.23, a P/E/G ratio of 2.43 and a beta of 0.64.

Silgan (NYSE:SLGN) last announced its quarterly earnings data on Thursday, October 29th. The industrial products company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.06. Silgan had a return on equity of 16.73% and a net margin of 3.90%. The business had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $2.10 billion. During the same period last year, the firm earned $1.22 earnings per share. The company’s revenue for the quarter was up 1.5% compared to the same quarter last year. As a group, equities analysts expect that Silgan will post 3.87 earnings per share for the current fiscal year.

Silgan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $0.84 annualized dividend and a yield of 2.0%. Silgan’s payout ratio is 33.87%.

Institutional Investors Weigh In On Silgan

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SLGN. Allworth Financial LP purchased a new position in Silgan during the 2nd quarter worth $28,000. Keating Financial Advisory Services Inc. acquired a new stake in shares of Silgan in the 2nd quarter worth $28,000. Parkside Financial Bank & Trust boosted its holdings in shares of Silgan by 105.6% in the second quarter. Parkside Financial Bank & Trust now owns 627 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 322 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of Silgan in the second quarter valued at about $33,000. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of Silgan by 33.1% in the third quarter. Nisa Investment Advisors LLC now owns 1,243 shares of the industrial products company’s stock valued at $43,000 after acquiring an additional 309 shares in the last quarter. Hedge funds and other institutional investors own 70.25% of the company’s stock.

About Silgan

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.