KLP Kapitalforvaltning AS Buys Shares of 28,000 Silgan Holdings Inc. (NYSE:SLGN)

KLP Kapitalforvaltning AS purchased a new position in Silgan Holdings Inc. (NYSE:SLGN) in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 28,000 shares of the industrial products company’s stock, valued at approximately $1,457,000.

Several other institutional investors and hedge funds have also made changes to their positions in SLGN. FMR LLC raised its holdings in Silgan by 87.7% during the third quarter. FMR LLC now owns 6,278,456 shares of the industrial products company’s stock worth $329,619,000 after purchasing an additional 2,932,680 shares in the last quarter. State Street Corp raised its stake in shares of Silgan by 0.6% in the 3rd quarter. State Street Corp now owns 2,497,683 shares of the industrial products company’s stock worth $131,128,000 after buying an additional 14,109 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Silgan by 0.4% in the fourth quarter. Victory Capital Management Inc. now owns 2,140,028 shares of the industrial products company’s stock valued at $111,388,000 after buying an additional 9,532 shares during the period. Geode Capital Management LLC boosted its stake in Silgan by 11.7% during the third quarter. Geode Capital Management LLC now owns 1,495,033 shares of the industrial products company’s stock valued at $78,509,000 after buying an additional 157,160 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Silgan by 13.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 921,651 shares of the industrial products company’s stock worth $47,972,000 after acquiring an additional 106,183 shares during the period. 70.25% of the stock is currently owned by institutional investors.

Silgan Stock Performance

Shares of Silgan stock opened at $50.69 on Friday. Silgan Holdings Inc. has a 12 month low of $41.14 and a 12 month high of $58.14. The company has a quick ratio of 0.28, a current ratio of 0.45 and a debt-to-equity ratio of 1.24. The stock has a market cap of $5.41 billion, a PE ratio of 19.65, a price-to-earnings-growth ratio of 1.27 and a beta of 0.71. The business has a fifty day simple moving average of $52.65 and a 200-day simple moving average of $52.73.

Silgan (NYSE:SLGN) last announced its quarterly earnings data on Wednesday, January 29th. The industrial products company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.03. Silgan had a return on equity of 19.70% and a net margin of 4.72%. On average, sell-side analysts anticipate that Silgan Holdings Inc. will post 4.11 EPS for the current fiscal year.

Silgan Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.58%. The ex-dividend date is Monday, March 17th. This is a positive change from Silgan’s previous quarterly dividend of $0.19. Silgan’s dividend payout ratio is currently 31.01%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on SLGN shares. Bank of America raised their price objective on shares of Silgan from $60.00 to $61.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Wells Fargo & Company raised their target price on shares of Silgan from $58.00 to $63.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Truist Financial reaffirmed a “buy” rating and issued a $70.00 price target (up previously from $69.00) on shares of Silgan in a report on Thursday, January 30th. JPMorgan Chase & Co. lifted their target price on Silgan from $53.00 to $57.00 and gave the stock a “neutral” rating in a report on Thursday, January 30th. Finally, Loop Capital boosted their target price on Silgan from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Silgan currently has a consensus rating of “Moderate Buy” and an average price target of $64.22.

Insiders Place Their Bets

In other news, CEO Adam J. Greenlee sold 125,000 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $54.73, for a total value of $6,841,250.00. Following the transaction, the chief executive officer now directly owns 227,332 shares of the company’s stock, valued at approximately $12,441,880.36. This represents a 35.48 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Robert B. Lewis sold 20,000 shares of Silgan stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $53.22, for a total value of $1,064,400.00. Following the sale, the executive vice president now directly owns 152,133 shares of the company’s stock, valued at approximately $8,096,518.26. The trade was a 11.62 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.39% of the company’s stock.

Silgan 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.