Millennium Management LLC Raises Stock Position in Silgan Holdings Inc. (NYSE:SLGN)

Millennium Management LLC lifted its position in Silgan Holdings Inc. (NYSE:SLGN) by 764.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 1,012,644 shares of the industrial products company’s stock after buying an additional 895,528 shares during the quarter. Millennium Management LLC’s holdings in Silgan were worth $52,708,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of SLGN. GeoWealth Management LLC purchased a new stake in Silgan during the 4th quarter worth approximately $56,000. Bank of Jackson Hole Trust purchased a new stake in Silgan during the 4th quarter worth approximately $59,000. Smartleaf Asset Management LLC grew its position in Silgan by 1,229.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,061 shares of the industrial products company’s stock worth $107,000 after purchasing an additional 1,906 shares during the last quarter. KBC Group NV boosted its holdings in shares of Silgan by 52.5% in the 4th quarter. KBC Group NV now owns 3,473 shares of the industrial products company’s stock valued at $181,000 after acquiring an additional 1,196 shares during the last quarter. Finally, Venturi Wealth Management LLC boosted its holdings in shares of Silgan by 153.2% in the 4th quarter. Venturi Wealth Management LLC now owns 3,545 shares of the industrial products company’s stock valued at $185,000 after acquiring an additional 2,145 shares during the last quarter. Hedge funds and other institutional investors own 70.25% of the company’s stock.

Silgan Stock Performance

SLGN opened at $55.44 on Friday. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.45 and a quick ratio of 0.28. The firm has a fifty day moving average price of $50.79 and a 200 day moving average price of $52.67. Silgan Holdings Inc. has a 1 year low of $41.14 and a 1 year high of $58.14. The stock has a market cap of $5.93 billion, a P/E ratio of 21.49, a P/E/G ratio of 1.27 and a beta of 0.74.

Silgan (NYSE:SLGN) last posted its earnings results on Wednesday, April 30th. The industrial products company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.04. Silgan had a net margin of 4.72% and a return on equity of 19.70%. The firm had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the previous year, the business posted $0.69 EPS. The business’s revenue was up 11.4% compared to the same quarter last year. Equities research analysts anticipate that Silgan Holdings Inc. will post 4.11 earnings per share for the current year.

Silgan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.44%. The ex-dividend date of this dividend is Monday, June 2nd. Silgan’s dividend payout ratio is currently 29.74%.

Wall Street Analyst Weigh In

Several analysts have recently commented on SLGN shares. Citigroup upped their price objective on shares of Silgan from $60.00 to $63.00 and gave the company a “buy” rating in a report on Thursday, May 8th. Robert W. Baird upped their price objective on shares of Silgan from $60.00 to $62.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. JPMorgan Chase & Co. raised shares of Silgan from a “neutral” rating to an “overweight” rating and set a $57.00 price objective on the stock in a report on Thursday, May 1st. Truist Financial dropped their price objective on shares of Silgan from $70.00 to $62.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Finally, Raymond James raised shares of Silgan from an “outperform” rating to a “strong-buy” rating and dropped their price objective for the company from $65.00 to $60.00 in a report on Tuesday, April 22nd. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $63.11.

Insider Activity at Silgan

In other Silgan 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 transaction of $6,841,250.00. Following the completion of the transaction, the chief executive officer now directly owns 227,332 shares in the company, 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 is accessible through this hyperlink. Also, VP B Frederik Prinzen sold 2,378 shares of the company’s stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $54.05, for a total transaction of $128,530.90. Following the transaction, the vice president now owns 1,380 shares of the company’s stock, valued at $74,589. This represents a 63.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company 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.