Silgan (NYSE:SLGN) Shares Break Below Two Hundred Day Moving Average – Here’s What Happened

Silgan Holdings Inc. (NYSE:SLGN)’s stock price crossed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $41.36 and traded as low as $40.27. Silgan shares last traded at $41.1940, with a volume of 1,113,120 shares changing hands.

Analysts Set New Price Targets

Several brokerages have weighed in on SLGN. Truist Financial increased their target price on Silgan from $45.00 to $46.00 and gave the stock a “buy” rating in a research report on Friday, October 30th. Bank of America boosted their price target on shares of Silgan from $53.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. UBS Group set a $38.00 price target on shares of Silgan and gave the stock a “neutral” rating in a research report on Monday, October 5th. Royal Bank Of Canada increased their price objective on shares of Silgan from $47.00 to $48.00 and gave the stock an “outperform” rating in a report on Friday, October 30th. Finally, Citigroup lifted their price objective on shares of Silgan from $49.00 to $50.00 and gave the company a “buy” rating in a research report on Monday, November 2nd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Silgan presently has an average rating of “Moderate Buy” and an average price target of $50.70.

Silgan Price Performance

The business’s 50-day simple moving average is $38.30 and its 200 day simple moving average is $41.36. The company has a market capitalization of $4.35 billion, a P/E ratio of 16.61, a P/E/G ratio of 2.40 and a beta of 0.64. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 1.54.

Silgan (NYSE:SLGN) last posted its quarterly earnings data on Thursday, October 29th. The industrial products company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.06. Silgan had a net margin of 3.90% and a return on equity of 16.73%. The business had revenue of $2.04 billion during the quarter, compared to analysts’ expectations of $2.10 billion. During the same period last year, the firm posted $1.22 earnings per share. The business’s revenue was up 1.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Silgan Holdings Inc. will post 3.87 EPS for the current year.

Silgan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, December 1st. Silgan’s payout ratio is currently 33.87%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Buckland Partners Management Co LLC acquired a new position in shares of Silgan in the 2nd quarter worth $6,439,000. Bank of America Corp DE acquired a new stake in Silgan during the 2nd quarter worth about $101,368,000. Quantinno Capital Management LP boosted its position in Silgan by 15.1% during the 1st quarter. Quantinno Capital Management LP now owns 179,341 shares of the industrial products company’s stock worth $6,958,000 after acquiring an additional 23,485 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in shares of Silgan during the second quarter worth approximately $1,291,000. Finally, Skylands Capital LLC grew its holdings in shares of Silgan by 97.6% during the 3rd quarter. Skylands Capital LLC now owns 81,500 shares of the industrial products company’s stock valued at $2,832,000 after acquiring an additional 40,250 shares in the last quarter. Institutional investors own 70.25% of the company’s stock.

About Silgan

Silgan Holdings Inc (NYSE: SLGN) is a manufacturer of rigid packaging products used by consumer goods companies. The company produces metal containers, plastic containers and specialty closures for food, beverage, personal care, household, healthcare, industrial and other products.

Silgan’s metal packaging business supplies cans and containers for food, pet food, paint, chemicals, aerosols and other applications. Its plastic packaging operations manufacture bottles, tubs and other containers, while its closures business produces metal and plastic caps, lids and dispensing systems for a range of consumer and industrial products.

Founded in 1987, Silgan serves customers primarily across North America and Europe through a network of manufacturing facilities.