Silgan (NYSE:SLGN) Price Target Raised to $50.00

Key Points

• Citigroup raised Silgan’s price target from $49 to $50 while maintaining a “buy” rating, implying approximately 17.9% upside from the stock’s reported $42.40 price.
• Analyst sentiment is broadly positive: Silgan has a “Moderate Buy” consensus rating and an average price target of $50.70, based on one Strong Buy, eight Buy and three Hold ratings.
• Silgan’s latest quarterly earnings exceeded expectations, with EPS of $1.31 versus the $1.25 consensus estimate, while revenue rose 1.5% year over year to $2.04 billion.

Silgan (NYSE:SLGN - Get Free Report) had its price objective boosted by investment analysts at Citigroup from $49.00 to $50.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a "buy" rating on the industrial products company's stock. Citigroup's price objective suggests a potential upside of 17.92% from the company's current price.

Several other research firms have also recently weighed in on SLGN. Weiss Ratings cut Silgan from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, October 13th. BMO Capital Markets began coverage on shares of Silgan in a research note on Thursday, July 16th. They set an "outperform" rating and a $57.00 price target on the stock. Raymond James Financial restated an "outperform" rating and issued a $59.00 price objective on shares of Silgan in a research note on Wednesday, July 15th. Royal Bank Of Canada raised their target price on Silgan from $47.00 to $48.00 and gave the stock an "outperform" rating in a report on Friday. Finally, Wells Fargo & Company reiterated an "overweight" rating and set a $52.00 target price (down from $56.00) on shares of Silgan in a research report on Monday, October 19th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Silgan presently has an average rating of "Moderate Buy" and a consensus target price of $50.70.

Silgan Trading Up 4.7%

SLGN stock traded up $1.89 during trading on Monday, hitting $42.40. 469,997 shares of the company traded hands, compared to its average volume of 1,049,997. The company has a 50-day moving average of $38.35 and a 200-day moving average of $41.38. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.37 and a current ratio of 0.52. Silgan has a 1 year low of $33.70 and a 1 year high of $49.55. The firm has a market capitalization of $4.48 billion, a PE ratio of 17.05, a P/E/G ratio of 2.31 and a beta of 0.64.

Silgan (NYSE:SLGN - Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The industrial products company reported $1.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.25 by $0.06. Silgan had a net margin of 3.90% and a return on equity of 16.73%. The company had revenue of $2.04 billion during the quarter, compared to the consensus estimate of $2.10 billion. During the same period in the prior year, the firm earned $1.22 earnings per share. Silgan's revenue was up 1.5% on a year-over-year basis. Analysts predict that Silgan will post 3.89 earnings per share for the current fiscal year.

Institutional Trading of Silgan

Several institutional investors and hedge funds have recently added to or reduced their stakes in SLGN. Keating Financial Advisory Services Inc. bought a new position in Silgan in the 2nd quarter worth approximately $28,000. Allworth Financial LP bought a new stake in shares of Silgan in the 2nd quarter valued at approximately $28,000. Parkside Financial Bank & Trust boosted its stake in Silgan by 105.6% during the second quarter. Parkside Financial Bank & Trust now owns 627 shares of the industrial products company's stock worth $29,000 after buying an additional 322 shares during the period. Integrated Wealth Concepts LLC bought a new position in Silgan during the 2nd quarter valued at about $33,000. Finally, Nisa Investment Advisors LLC grew its position in Silgan by 33.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,243 shares of the industrial products company's stock valued at $43,000 after acquiring an additional 309 shares during the last quarter. Institutional investors own 70.25% of the company's stock.

Silgan Company Profile

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.

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