Rhumbline Advisers Sells 71,519 Shares of Silgan Holdings Inc. (NYSE:SLGN)

Rhumbline Advisers lowered its stake in Silgan Holdings Inc. (NYSE:SLGN - Free Report) by 24.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 224,190 shares of the industrial products company's stock after selling 71,519 shares during the period. Rhumbline Advisers owned approximately 0.21% of Silgan worth $11,461,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently bought and sold shares of SLGN. GeoWealth Management LLC bought a new position in Silgan during the fourth quarter valued at about $56,000. Bank of Jackson Hole Trust acquired a new stake in shares of Silgan in the 4th quarter valued at approximately $59,000. Smartleaf Asset Management LLC grew its position in shares of Silgan by 1,229.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,061 shares of the industrial products company's stock valued at $107,000 after purchasing an additional 1,906 shares during the period. Venturi Wealth Management LLC increased its holdings in Silgan by 153.2% during the 4th quarter. Venturi Wealth Management LLC now owns 3,545 shares of the industrial products company's stock worth $185,000 after purchasing an additional 2,145 shares in the last quarter. Finally, Central Pacific Bank Trust Division boosted its holdings in 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 worth $192,000 after purchasing an additional 210 shares during the last quarter. 70.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. JPMorgan Chase & Co. raised Silgan from a "neutral" rating to an "overweight" rating and set a $57.00 price objective on the stock in a report on Thursday, May 1st. Raymond James raised shares of Silgan from an "outperform" rating to a "strong-buy" rating and dropped their price target for the company from $65.00 to $60.00 in a research note on Tuesday, April 22nd. Citigroup upped their price target on shares of Silgan from $60.00 to $63.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Finally, Truist Financial decreased their price target on shares of Silgan from $70.00 to $62.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Silgan presently has an average rating of "Buy" and a consensus price target of $63.11.

Silgan Price Performance

Shares of SLGN stock traded down $1.02 during mid-day trading on Friday, hitting $54.13. 559,980 shares of the stock were exchanged, compared to its average volume of 662,816. The firm has a fifty day moving average of $52.63 and a 200 day moving average of $52.76. Silgan Holdings Inc. has a 52-week low of $41.14 and a 52-week high of $58.14. The company has a market cap of $5.79 billion, a PE ratio of 20.98, a price-to-earnings-growth ratio of 1.27 and a beta of 0.76. The company has a quick ratio of 0.28, a current ratio of 0.45 and a debt-to-equity ratio of 1.24.

Silgan (NYSE:SLGN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $0.82 earnings per share (EPS) for the quarter, beating 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 19.70% and a net margin of 4.72%. The business's revenue was up 11.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.69 earnings per share. Research analysts anticipate that Silgan Holdings Inc. will post 4.11 earnings per share for the current year.

Silgan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date is Monday, June 2nd. Silgan's dividend payout ratio is presently 29.74%.

Insider Transactions at Silgan

In related news, EVP Robert B. Lewis sold 10,000 shares of the stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $55.92, for a total transaction of $559,200.00. Following the completion of the transaction, the executive vice president now directly owns 153,378 shares of the company's stock, valued at $8,576,897.76. This represents a 6.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP B Frederik Prinzen sold 2,378 shares of the company's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $54.05, for a total transaction of $128,530.90. Following the transaction, the vice president now directly owns 1,380 shares of the company's stock, valued at approximately $74,589. This represents a 63.28% decrease in their position. The disclosure for this sale can be found here. Corporate 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.