JPMorgan Chase & Co. Boosts Stake in Silgan Holdings Inc. (NYSE:SLGN)

Key Points

• JPMorgan Chase & Co. increased its stake in Silgan Holdings Inc. by 2.1%, owning 5,916,625 shares worth approximately $302.4 million after acquiring an additional 120,844 shares in the first quarter.
• Silgan reported $1.01 earnings per share for the last quarter, slightly below the consensus estimate of $1.03, while its revenue increased by 11.4% year-over-year to $1.54 billion.
• The company announced a quarterly dividend of $0.20 per share, reflecting an annualized dividend yield of 1.7%, with a payout ratio of 28.47%.

JPMorgan Chase & Co. raised its holdings in shares of Silgan Holdings Inc. (NYSE:SLGN - Free Report) by 2.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,916,625 shares of the industrial products company's stock after acquiring an additional 120,844 shares during the quarter. JPMorgan Chase & Co. owned approximately 5.53% of Silgan worth $302,458,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. State of Michigan Retirement System grew its position in shares of Silgan by 1.0% during the first quarter. State of Michigan Retirement System now owns 19,400 shares of the industrial products company's stock valued at $992,000 after purchasing an additional 200 shares in the last quarter. Louisiana State Employees Retirement System grew its position in shares of Silgan by 0.9% during the first quarter. Louisiana State Employees Retirement System now owns 22,700 shares of the industrial products company's stock valued at $1,160,000 after purchasing an additional 200 shares in the last quarter. Central Pacific Bank Trust Division grew its position in shares of Silgan by 5.9% during the first quarter. Central Pacific Bank Trust Division now owns 3,760 shares of the industrial products company's stock valued at $192,000 after purchasing an additional 210 shares in the last quarter. Aristeia Capital L.L.C. grew its position in shares of Silgan by 4.0% during the fourth quarter. Aristeia Capital L.L.C. now owns 5,488 shares of the industrial products company's stock valued at $286,000 after purchasing an additional 212 shares in the last quarter. Finally, Treasurer of the State of North Carolina grew its position in shares of Silgan by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 36,440 shares of the industrial products company's stock valued at $1,897,000 after purchasing an additional 230 shares in the last quarter. 70.25% of the stock is owned by institutional investors.

Silgan Trading Down 1.1%

Shares of NYSE:SLGN traded down $0.51 during trading hours on Friday, hitting $46.49. 1,246,406 shares of the company's stock traded hands, compared to its average volume of 1,330,329. Silgan Holdings Inc. has a 1 year low of $44.37 and a 1 year high of $58.14. The business has a fifty day moving average price of $52.87 and a 200-day moving average price of $52.53. The firm has a market capitalization of $4.97 billion, a P/E ratio of 16.54, a price-to-earnings-growth ratio of 1.18 and a beta of 0.69. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.96 and a quick ratio of 0.56.

Silgan (NYSE:SLGN - Get Free Report) last announced its earnings results on Wednesday, July 30th. The industrial products company reported $1.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.02). Silgan had a net margin of 4.90% and a return on equity of 19.98%. The business had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.53 billion. During the same quarter last year, the firm earned $0.88 EPS. The firm's quarterly revenue was up 11.4% on a year-over-year basis. Equities analysts expect that Silgan Holdings Inc. will post 4.11 earnings per share for the current year.

Silgan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be issued a $0.20 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.7%. Silgan's payout ratio is presently 28.47%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on SLGN shares. Citigroup raised their price objective on Silgan from $60.00 to $63.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Wells Fargo & Company lifted their price target on Silgan from $60.00 to $62.00 and gave the stock an "overweight" rating in a research report on Friday, July 18th. Bank of America reiterated a "neutral" rating and issued a $59.00 price target (up previously from $57.00) on shares of Silgan in a research report on Wednesday, July 9th. Royal Bank Of Canada dropped their price target on Silgan from $64.00 to $57.00 and set an "outperform" rating for the company in a research report on Friday, August 1st. Finally, Truist Financial lifted their price target on Silgan from $62.00 to $67.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $62.44.

Insider Activity

In other Silgan news, EVP Robert B. Lewis sold 10,000 shares of the company'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 owned 153,378 shares in the company, valued at $8,576,897.76. This represents a 6.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.13% 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.