Silgan (NYSE:SLGN) Hits New 12-Month High – What’s Next?

Silgan Holdings Inc. (NYSE:SLGN)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $55.32 and last traded at $55.11, with a volume of 74753 shares. The stock had previously closed at $54.52.

Analyst Ratings Changes

SLGN has been the topic of several recent analyst reports. Royal Bank of Canada lifted their target price on shares of Silgan from $55.00 to $58.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Truist Financial restated a “buy” rating and set a $59.00 price target (up previously from $56.00) on shares of Silgan in a research note on Thursday, August 1st. Wells Fargo & Company raised their price target 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. StockNews.com lowered shares of Silgan from a “buy” rating to a “hold” rating in a research note on Wednesday, October 9th. Finally, Robert W. Baird raised their price target 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. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Silgan presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.43.

Silgan Price Performance

The company has a debt-to-equity ratio of 1.24, a current ratio of 1.09 and a quick ratio of 0.75. The firm has a market capitalization of $5.76 billion, a P/E ratio of 19.54, a P/E/G ratio of 1.44 and a beta of 0.67. The firm’s 50 day simple moving average is $51.72 and its two-hundred day simple moving average is $48.54.

Silgan (NYSE:SLGN) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $1.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.02). Silgan had a return on equity of 18.76% and a net margin of 5.11%. The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.82 billion. During the same period in the previous year, the company earned $1.16 earnings per share. Silgan’s quarterly revenue was down 3.2% on a year-over-year basis. As a group, analysts predict that Silgan Holdings Inc. will post 3.6 earnings per share for the current year.

Silgan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date is Monday, December 2nd. Silgan’s payout ratio is 27.54%.

Institutional Investors Weigh In On Silgan

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its holdings in 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 purchasing an additional 204,384 shares during the last quarter. Choreo LLC purchased a new stake in Silgan in the second quarter worth approximately $498,000. Seven Eight Capital LP purchased a new stake in Silgan in the first quarter worth approximately $1,129,000. State Board of Administration of Florida Retirement System boosted its stake in shares of Silgan by 17.6% during the 1st 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 acquiring an additional 13,289 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Silgan by 6.8% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,580,856 shares of the industrial products company’s stock worth $109,248,000 after acquiring an additional 163,853 shares during the last quarter. Hedge funds and other institutional investors own 70.25% of the company’s stock.

Silgan Company Profile

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.