Allspring Global Investments Holdings LLC Boosts Stock Position in Silgan Holdings Inc. (NYSE:SLGN)

Allspring Global Investments Holdings LLC grew its holdings in shares of Silgan Holdings Inc. (NYSE:SLGN - Free Report) by 4.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,595,520 shares of the industrial products company's stock after purchasing an additional 115,878 shares during the period. Allspring Global Investments Holdings LLC owned about 2.43% of Silgan worth $133,150,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. CX Institutional purchased a new stake in Silgan during the 1st quarter worth approximately $42,000. UMB Bank n.a. increased its stake in 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 buying an additional 645 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Silgan during the 1st quarter worth approximately $51,000. GeoWealth Management LLC purchased a new stake in Silgan during the 4th quarter worth approximately $56,000. Finally, Continuum Advisory LLC increased its stake in 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 buying an additional 1,267 shares during the period. Institutional investors and hedge funds own 70.25% of the company's stock.

Analysts Set New Price Targets

SLGN has been the subject of several analyst reports. Truist Financial lowered their target price on Silgan from $70.00 to $62.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Citigroup boosted their target price on Silgan from $60.00 to $63.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Raymond James Financial raised Silgan from an "outperform" rating to a "strong-buy" rating and lowered their target price for the stock from $65.00 to $60.00 in a research note on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. raised Silgan from a "neutral" rating to an "overweight" rating and set a $57.00 target price for the company in a research note on Thursday, May 1st. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $63.11.

Silgan Stock Down 0.6%

Shares of NYSE:SLGN traded down $0.34 on Friday, hitting $54.48. 1,205,687 shares of the company's stock were exchanged, compared to its average volume of 667,955. The firm's 50-day moving average is $53.96 and its 200 day moving average is $52.57. The company has a market capitalization of $5.83 billion, a PE ratio of 20.25, a P/E/G ratio of 1.22 and a beta of 0.76. Silgan Holdings Inc. has a 1-year low of $41.14 and a 1-year high of $58.14. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.67 and a current ratio of 1.14.

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

Silgan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were given a dividend of $0.20 per share. The ex-dividend date was Monday, June 2nd. This represents a $0.80 annualized dividend and a dividend yield of 1.47%. Silgan's dividend payout ratio is currently 29.74%.

Insider Transactions at Silgan

In related news, EVP Robert B. Lewis sold 10,000 shares of the company's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $55.92, for a total value of $559,200.00. Following the completion of the sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $128,530.90. Following the completion of the sale, the vice president now directly owns 1,380 shares of the company's stock, valued at approximately $74,589. This trade represents a 63.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.13% of the company's stock.

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.