Envestnet Asset Management Inc. Reduces Position in Silgan Holdings Inc. (NYSE:SLGN)

Envestnet Asset Management Inc. lessened its stake in Silgan Holdings Inc. (NYSE:SLGN - Free Report) by 5.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 102,649 shares of the industrial products company's stock after selling 5,384 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.10% of Silgan worth $5,247,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. CX Institutional bought a new stake in shares of Silgan in the first quarter valued at $42,000. UMB Bank n.a. raised its stake in shares of Silgan by 254.9% in the first quarter. UMB Bank n.a. now owns 898 shares of the industrial products company's stock valued at $46,000 after buying an additional 645 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Silgan in the first quarter valued at $51,000. GeoWealth Management LLC bought a new stake in shares of Silgan in the fourth quarter valued at $56,000. Finally, Continuum Advisory LLC raised its stake in shares of Silgan by 2,754.3% in the first quarter. Continuum Advisory LLC now owns 1,313 shares of the industrial products company's stock valued at $67,000 after buying an additional 1,267 shares during the period. Institutional investors own 70.25% of the company's stock.

Silgan Stock Performance

Silgan stock traded down $0.26 during trading on Monday, reaching $55.46. The company had a trading volume of 665,171 shares, compared to its average volume of 570,380. Silgan Holdings Inc. has a 52 week low of $44.37 and a 52 week high of $58.14. The company has a current ratio of 1.14, a quick ratio of 0.67 and a debt-to-equity ratio of 1.67. The firm has a market capitalization of $5.93 billion, a price-to-earnings ratio of 20.62, a price-to-earnings-growth ratio of 1.30 and a beta of 0.75. The firm's 50-day simple moving average is $54.96 and its 200 day simple moving average is $53.05.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.78 by $0.04. The business had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.48 billion. Silgan had a return on equity of 20.00% and a net margin of 4.82%. Silgan's revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.69 EPS. Sell-side analysts forecast that Silgan Holdings Inc. will post 4.11 earnings per share for the current fiscal year.

Silgan Announces Dividend

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

Insider Activity

In other Silgan news, VP B Frederik Prinzen sold 2,378 shares of the firm's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $54.05, for a total value of $128,530.90. Following the completion of the sale, the vice president owned 1,380 shares of the company's stock, valued at $74,589. This trade represents a 63.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Robert B. Lewis sold 10,000 shares of Silgan stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $55.92, for a total transaction of $559,200.00. Following the sale, the executive vice president directly owned 153,378 shares of the company's stock, valued at $8,576,897.76. This represents a 6.12% decrease in their position. The disclosure for this sale can be found here. 1.13% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SLGN. Truist Financial lifted their price target on Silgan from $62.00 to $67.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Raymond James Financial reiterated a "strong-buy" rating on shares of Silgan in a research report on Tuesday, July 15th. Bank of America reiterated a "neutral" rating and issued a $59.00 price target (up from $57.00) on shares of Silgan in a research report on Wednesday, July 9th. Citigroup lifted their price target on Silgan from $60.00 to $63.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Finally, Wells Fargo & Company boosted their target price on Silgan from $60.00 to $62.00 and gave the stock an "overweight" rating in a research report on Friday, July 18th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $63.78.

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.