Bank of America Corp DE Cuts Holdings in Silgan Holdings Inc. (NYSE:SLGN)

Bank of America Corp DE lowered its holdings in shares of Silgan Holdings Inc. (NYSE:SLGN - Free Report) by 7.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 713,825 shares of the industrial products company's stock after selling 58,235 shares during the quarter. Bank of America Corp DE owned 0.67% of Silgan worth $37,155,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of SLGN. Barclays PLC boosted its holdings in Silgan by 23.6% in the third quarter. Barclays PLC now owns 57,327 shares of the industrial products company's stock worth $3,010,000 after acquiring an additional 10,936 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Silgan during the fourth quarter worth $1,142,000. Ritholtz Wealth Management acquired a new stake in shares of Silgan in the fourth quarter valued at about $620,000. Fort Washington Investment Advisors Inc. OH raised its position in shares of Silgan by 5.2% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 385,710 shares of the industrial products company's stock worth $20,076,000 after purchasing an additional 19,080 shares during the last quarter. Finally, Janney Montgomery Scott LLC purchased a new position in Silgan in the 4th quarter valued at about $2,563,000. 70.25% of the stock is owned by hedge funds and other institutional investors.

Silgan Stock Performance

NYSE SLGN traded down $1.16 during trading hours on Wednesday, hitting $54.99. The company had a trading volume of 32,918 shares, compared to its average volume of 664,469. The company has a market cap of $5.88 billion, a PE ratio of 21.36, a price-to-earnings-growth ratio of 1.27 and a beta of 0.74. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.28 and a current ratio of 0.45. Silgan Holdings Inc. has a 1-year low of $41.14 and a 1-year high of $58.14. The business has a 50 day moving average of $51.07 and a 200-day moving average of $52.73.

Silgan (NYSE:SLGN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $0.82 earnings per share for the quarter, topping analysts' consensus estimates of $0.78 by $0.04. The firm had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.48 billion. Silgan had a net margin of 4.72% and a return on equity of 19.70%. Silgan's quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.69 EPS. As a group, equities research analysts expect that Silgan Holdings Inc. will post 4.11 EPS for the current year.

Silgan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be paid a $0.20 dividend. The ex-dividend date is Monday, June 2nd. This represents a $0.80 annualized dividend and a yield of 1.45%. Silgan's dividend payout ratio is currently 29.74%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Royal Bank of Canada boosted their price target on Silgan from $63.00 to $65.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Wells Fargo & Company increased their target price on shares of Silgan from $58.00 to $63.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. 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 research note on Thursday, January 30th. JPMorgan Chase & Co. raised Silgan from a "neutral" rating to an "overweight" rating and set a $57.00 price target for the company in a report on Thursday, May 1st. Finally, Raymond James raised Silgan from an "outperform" rating to a "strong-buy" rating and lowered their price objective for the stock from $65.00 to $60.00 in a research note on Tuesday, April 22nd. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $63.11.

Insider Transactions at Silgan

In other news, CEO Adam J. Greenlee sold 125,000 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 227,332 shares in the company, valued at $12,441,880.36. This represents a 35.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP B Frederik Prinzen sold 2,378 shares of the firm's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $54.05, for a total value of $128,530.90. Following the transaction, the vice president now directly owns 1,380 shares of the company's stock, valued at $74,589. The trade was a 63.28% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.39% of the company's stock.

Silgan Company 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.