VCI Wealth Management LLC Buys New Stake in Silgan Holdings Inc. $SLGN

Key Points

• VCI Wealth Management acquired 39,580 shares of Silgan Holdings, valued at approximately $1.38 million. Institutional investors collectively own 70.25% of the company.
• Analysts maintain a generally positive outlook, with Silgan receiving a consensus “Moderate Buy” rating and an average price target of $50.70.
• Silgan exceeded quarterly earnings expectations, reporting $1.31 in EPS versus the $1.25 consensus estimate, while revenue increased 1.5% year over year to $2.04 billion.

VCI Wealth Management LLC purchased a new position in shares of Silgan Holdings Inc. (NYSE:SLGN - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 39,580 shares of the industrial products company's stock, valued at approximately $1,375,000.

Several other hedge funds have also made changes to their positions in the stock. Buckland Partners Management Co LLC bought a new position in Silgan during the 2nd quarter worth $6,439,000. Bank of America Corp DE bought a new stake in Silgan in the second quarter valued at $101,368,000. Quantinno Capital Management LP lifted its stake in Silgan by 15.1% in the first quarter. Quantinno Capital Management LP now owns 179,341 shares of the industrial products company's stock valued at $6,958,000 after buying an additional 23,485 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in Silgan in the second quarter valued at $1,291,000. Finally, Kingsview Wealth Management LLC bought a new stake in Silgan in the second quarter valued at $4,046,000. Institutional investors own 70.25% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Royal Bank Of Canada upped their price target on shares of Silgan from $47.00 to $48.00 and gave the stock an "outperform" rating in a research report on Friday. Truist Financial increased their price objective on shares of Silgan from $45.00 to $46.00 and gave the stock a "buy" rating in a report on Friday. BMO Capital Markets began coverage on shares of Silgan in a research report on Thursday, July 16th. They issued an "outperform" rating and a $57.00 price objective on the stock. Wells Fargo & Company reissued an "overweight" rating and set a $52.00 target price (down from $56.00) on shares of Silgan in a research note on Monday, October 19th. Finally, Weiss Ratings lowered shares of Silgan from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, October 13th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Silgan has a consensus rating of "Moderate Buy" and an average target price of $50.70.

Silgan Stock Up 5.1%

SLGN opened at $42.57 on Tuesday. Silgan Holdings Inc. has a 12 month low of $33.70 and a 12 month high of $49.55. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.27 and a quick ratio of 0.80. The stock has a market cap of $4.50 billion, a P/E ratio of 17.17, a P/E/G ratio of 2.21 and a beta of 0.67. The stock's 50 day moving average price is $38.36 and its 200 day moving average price is $41.38.

Silgan (NYSE:SLGN - Get Free Report) last announced its earnings results on Thursday, October 29th. The industrial products company reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.06. Silgan had a return on equity of 16.74% and a net margin of 4.05%. The firm had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $2.10 billion. During the same quarter in the previous year, the business earned $1.22 EPS. The firm's revenue for the quarter was up 1.5% on a year-over-year basis. As a group, research analysts predict that Silgan Holdings Inc. will post 3.89 earnings per share for the current year.

Silgan Company Profile

Silgan Holdings Inc NYSE: SLGN is a manufacturer of rigid packaging products used by consumer goods companies. The company produces metal containers, plastic containers and specialty closures for food, beverage, personal care, household, healthcare, industrial and other products.

Silgan's metal packaging business supplies cans and containers for food, pet food, paint, chemicals, aerosols and other applications. Its plastic packaging operations manufacture bottles, tubs and other containers, while its closures business produces metal and plastic caps, lids and dispensing systems for a range of consumer and industrial products.

Founded in 1987, Silgan serves customers primarily across North America and Europe through a network of manufacturing facilities.

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