Silgan (NYSE:SLGN) Price Target Raised to $61.00 at Bank of America

Silgan (NYSE:SLGN) had its target price raised by Bank of America from $60.00 to $61.00 in a report published on Monday morning,Benzinga reports. Bank of America currently has a buy rating on the industrial products company’s stock.

SLGN has been the topic of several other research reports. StockNews.com downgraded shares of Silgan from a “buy” rating to a “hold” rating in a report on Wednesday, October 9th. Truist Financial increased their target price on Silgan from $63.00 to $69.00 and gave the company a “buy” rating in a report on Monday. Finally, Royal Bank of Canada boosted their price target on Silgan from $58.00 to $63.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Silgan has an average rating of “Moderate Buy” and a consensus target price of $59.75.

Silgan Trading Down 0.4 %

NYSE SLGN opened at $51.01 on Monday. Silgan has a 52-week low of $41.14 and a 52-week high of $58.14. The firm has a 50-day moving average price of $54.02 and a 200 day moving average price of $50.74. The stock has a market capitalization of $5.45 billion, a P/E ratio of 18.48, a P/E/G ratio of 1.44 and a beta of 0.71. The company has a quick ratio of 0.75, a current ratio of 1.09 and a debt-to-equity ratio of 1.24.

Silgan (NYSE:SLGN) last announced 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 net margin of 5.11% and a return on equity of 18.76%. The company had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.82 billion. During the same quarter in the prior year, the business earned $1.16 EPS. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. Equities research analysts expect that Silgan will post 3.6 EPS for the current year.

Silgan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.49%. The ex-dividend date was Monday, December 2nd. Silgan’s dividend payout ratio (DPR) is presently 27.54%.

Hedge Funds Weigh In On Silgan

Several institutional investors have recently modified their holdings of the company. Natixis Advisors LLC lifted its stake in shares of Silgan by 3.6% in the 2nd quarter. Natixis Advisors LLC now owns 44,999 shares of the industrial products company’s stock worth $1,905,000 after acquiring an additional 1,570 shares during the period. Arizona State Retirement System raised its stake in shares of Silgan by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 23,853 shares of the industrial products company’s stock worth $1,010,000 after buying an additional 438 shares in the last quarter. LSV Asset Management lifted its holdings in shares of Silgan by 5.3% in the second quarter. LSV Asset Management now owns 352,200 shares of the industrial products company’s stock valued at $14,909,000 after buying an additional 17,600 shares during the period. Oak Thistle LLC bought a new position in Silgan during the second quarter valued at about $573,000. Finally, Quest Partners LLC grew its holdings in Silgan by 156.1% during the second quarter. Quest Partners LLC now owns 51,863 shares of the industrial products company’s stock worth $2,195,000 after acquiring an additional 31,612 shares during the period. Institutional investors own 70.25% of the company’s stock.

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.