New York State Common Retirement Fund Raises Position in Silgan Holdings Inc. (NYSE:SLGN)

New York State Common Retirement Fund increased its stake in Silgan Holdings Inc. (NYSE:SLGN - Free Report) by 27.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 146,698 shares of the industrial products company's stock after acquiring an additional 31,447 shares during the quarter. New York State Common Retirement Fund owned approximately 0.14% of Silgan worth $7,499,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SLGN. Millennium Management LLC grew its holdings in shares of Silgan by 764.7% during the fourth quarter. Millennium Management LLC now owns 1,012,644 shares of the industrial products company's stock worth $52,708,000 after buying an additional 895,528 shares in the last quarter. FMR LLC grew its holdings in shares of Silgan by 12.2% during the fourth quarter. FMR LLC now owns 7,046,400 shares of the industrial products company's stock worth $366,765,000 after buying an additional 767,944 shares in the last quarter. Norges Bank acquired a new position in shares of Silgan during the 4th quarter valued at about $38,680,000. JPMorgan Chase & Co. boosted its position in shares of Silgan by 12.8% during the 4th quarter. JPMorgan Chase & Co. now owns 5,795,781 shares of the industrial products company's stock valued at $301,670,000 after acquiring an additional 656,923 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its position in shares of Silgan by 87.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,253,727 shares of the industrial products company's stock valued at $65,257,000 after acquiring an additional 584,840 shares during the last quarter. Hedge funds and other institutional investors own 70.25% of the company's stock.

Insider Activity at Silgan

In other Silgan news, 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 transaction, the executive vice president 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP B Frederik Prinzen sold 2,378 shares of Silgan stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $54.05, for a total transaction of $128,530.90. Following the completion of the transaction, the vice president 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. 1.13% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on SLGN shares. JPMorgan Chase & Co. raised shares of Silgan from a "neutral" rating to an "overweight" rating and set a $57.00 target price on the stock in a research report on Thursday, May 1st. Bank of America restated a "neutral" rating and set a $59.00 target price (up from $57.00) on shares of Silgan in a research report on Wednesday, July 9th. Truist Financial lifted their price objective on shares of Silgan from $62.00 to $67.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Citigroup raised their target price on Silgan from $60.00 to $63.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating on shares of Silgan in a research note on Tuesday, July 15th. Two equities research 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 data from MarketBeat.com, Silgan currently has a consensus rating of "Moderate Buy" and an average target price of $63.78.

Silgan Price Performance

NYSE SLGN traded up $0.95 on Tuesday, hitting $55.91. 309,535 shares of the company's stock were exchanged, compared to its average volume of 668,181. Silgan Holdings Inc. has a 52 week low of $44.37 and a 52 week high of $58.14. The stock has a market cap of $5.98 billion, a price-to-earnings ratio of 20.78, a P/E/G ratio of 1.29 and a beta of 0.75. 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 stock has a 50-day moving average of $54.88 and a 200-day moving average of $52.86.

Silgan (NYSE:SLGN - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $0.82 EPS 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 analyst estimates of $1.48 billion. During the same quarter in the previous year, the company posted $0.69 EPS. The business's revenue was up 11.4% on a year-over-year basis. Analysts expect that Silgan Holdings Inc. will post 4.11 earnings per share for the current year.

Silgan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.80 annualized dividend and a dividend yield of 1.43%. Silgan's dividend payout ratio is currently 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.