StockNews.com Downgrades Silgan (NYSE:SLGN) to Hold

Silgan (NYSE:SLGN) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

A number of other analysts have also weighed in on SLGN. JPMorgan Chase & Co. upgraded shares of Silgan from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $46.00 to $53.00 in a research note on Thursday, August 1st. Robert W. Baird increased their price objective on shares of Silgan from $53.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Truist Financial reiterated a “buy” rating and issued a $59.00 price objective (up previously from $56.00) on shares of Silgan in a research note on Thursday, August 1st. Wells Fargo & Company increased their price objective on shares of Silgan from $54.00 to $58.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Finally, Royal Bank of Canada raised their price target on shares of Silgan from $51.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Silgan presently has an average rating of “Moderate Buy” and an average target price of $57.00.

Silgan Trading Up 1.5 %

Shares of Silgan stock opened at $51.52 on Thursday. The company has a current ratio of 1.06, a quick ratio of 0.64 and a debt-to-equity ratio of 1.31. Silgan has a 12-month low of $38.11 and a 12-month high of $52.84. The firm has a market capitalization of $5.50 billion, a price-to-earnings ratio of 18.08, a PEG ratio of 1.50 and a beta of 0.67. The firm’s 50 day simple moving average is $50.54 and its two-hundred day simple moving average is $47.49.

Silgan (NYSE:SLGN) last issued its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.01. The business had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.43 billion. Silgan had a net margin of 5.24% and a return on equity of 19.22%. Silgan’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.83 EPS. Analysts predict that Silgan will post 3.66 EPS for the current year.

Insider Buying and Selling at Silgan

In other Silgan news, VP Stacey J. Mcgrath sold 1,600 shares of the stock in a transaction on Monday, August 5th. The shares were sold at an average price of $49.04, for a total transaction of $78,464.00. Following the transaction, the vice president now directly owns 11,495 shares of the company’s stock, valued at $563,714.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.39% of the company’s stock.

Hedge Funds Weigh In On Silgan

Hedge funds and other institutional investors have recently modified their holdings of the business. Nordea Investment Management AB lifted its stake 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 buying an additional 108,942 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Silgan by 7.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,962,414 shares of the industrial products company’s stock worth $125,404,000 after buying an additional 204,384 shares in the last quarter. Choreo LLC purchased a new position in shares of Silgan in the second quarter worth about $498,000. Seven Eight Capital LP purchased a new position in shares of Silgan in the first quarter worth about $1,129,000. Finally, State Board of Administration of Florida Retirement System lifted its stake in shares of Silgan by 17.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 88,864 shares of the industrial products company’s stock worth $4,769,000 after buying an additional 13,289 shares in the last quarter. 70.25% of the stock is owned by hedge funds and other 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.