Bank of New York Mellon Corp Has $46.34 Million Stake in Silgan Holdings Inc. (NYSE:SLGN)

Bank of New York Mellon Corp lessened its holdings in shares of Silgan Holdings Inc. (NYSE:SLGN - Free Report) by 0.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 906,524 shares of the industrial products company's stock after selling 7,495 shares during the period. Bank of New York Mellon Corp owned approximately 0.85% of Silgan worth $46,342,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. CX Institutional acquired a new position in shares of Silgan during the 1st quarter worth about $42,000. UMB Bank n.a. lifted its position in shares of Silgan by 254.9% during the 1st quarter. UMB Bank n.a. now owns 898 shares of the industrial products company's stock worth $46,000 after purchasing an additional 645 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Silgan during the 1st quarter worth about $51,000. GeoWealth Management LLC acquired a new position in shares of Silgan during the 4th quarter worth about $56,000. Finally, Continuum Advisory LLC lifted its position in shares of Silgan by 2,754.3% during the 1st quarter. Continuum Advisory LLC now owns 1,313 shares of the industrial products company's stock worth $67,000 after purchasing an additional 1,267 shares during the last quarter. Institutional investors and hedge funds own 70.25% of the company's stock.

Insiders Place Their Bets

In related news, EVP Robert B. Lewis sold 10,000 shares of the firm's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $55.92, for a total transaction of $559,200.00. Following the completion of the sale, the executive vice president directly owned 153,378 shares of the company's stock, valued at $8,576,897.76. This trade represents a 6.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP B Frederik Prinzen sold 2,378 shares of the firm's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $54.05, for a total value of $128,530.90. Following the sale, the vice president directly owned 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 1.13% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on SLGN. Truist Financial set a $67.00 price target on Silgan and gave the company a "buy" rating in a report on Friday, July 11th. 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. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Silgan in a report on Tuesday. Bank of America reaffirmed a "neutral" rating and issued a $59.00 price target (up previously from $57.00) on shares of Silgan in a report on Wednesday, July 9th. Finally, Citigroup upped their price target on Silgan from $60.00 to $63.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Two analysts have rated the stock with a hold rating, seven 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 "Moderate Buy" and a consensus target price of $63.89.

Silgan Price Performance

NYSE:SLGN traded up $0.59 during trading hours on Thursday, reaching $55.36. The company had a trading volume of 631,061 shares, compared to its average volume of 668,379. The stock has a 50-day moving average of $54.85 and a two-hundred day moving average of $52.82. Silgan Holdings Inc. has a one year low of $44.37 and a one year high of $58.14. The firm has a market capitalization of $5.92 billion, a PE ratio of 20.58, a PEG ratio of 1.28 and a beta of 0.75. The company has a quick ratio of 0.67, a current ratio of 1.14 and a debt-to-equity ratio of 1.67.

Silgan (NYSE:SLGN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.78 by $0.04. Silgan had a return on equity of 20.00% and a net margin of 4.82%. The firm had revenue of $1.47 billion for the quarter, compared to analysts' expectations of $1.48 billion. During the same period in the prior year, the business posted $0.69 earnings per share. The business's revenue was up 11.4% compared to the same quarter last year. Analysts forecast that Silgan Holdings Inc. will post 4.11 earnings per share for the current year.

Silgan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date was Monday, June 2nd. Silgan's dividend payout ratio (DPR) is 29.74%.

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.