Millennium Management LLC Raises Stock Position in Silgan Holdings Inc. (NYSE:SLGN)

Millennium Management LLC boosted its holdings in shares of Silgan Holdings Inc. (NYSE:SLGN - Free Report) by 764.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,012,644 shares of the industrial products company's stock after acquiring an additional 895,528 shares during the period. Millennium Management LLC owned 0.95% of Silgan worth $52,708,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Silgan by 5.4% during the fourth quarter. Vanguard Group Inc. now owns 8,931,526 shares of the industrial products company's stock valued at $464,886,000 after acquiring an additional 455,381 shares in the last quarter. FMR LLC grew its position in Silgan by 12.2% during the 4th quarter. FMR LLC now owns 7,046,400 shares of the industrial products company's stock valued at $366,765,000 after purchasing an additional 767,944 shares during the last quarter. JPMorgan Chase & Co. increased its stake in 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 purchasing an additional 656,923 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Silgan by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,062,013 shares of the industrial products company's stock worth $159,377,000 after buying an additional 11,836 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in Silgan by 0.4% in the fourth quarter. Victory Capital Management Inc. now owns 2,140,028 shares of the industrial products company's stock worth $111,388,000 after buying an additional 9,532 shares during the last quarter. Institutional investors own 70.25% of the company's stock.

Insider Activity

In related 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 now directly owns 153,378 shares of the company's stock, valued at $8,576,897.76. This trade represents a 6.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP B Frederik Prinzen sold 2,378 shares of the company's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $54.05, for a total value of $128,530.90. Following the sale, the vice president now 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. Over the last quarter, insiders sold 137,378 shares of company stock valued at $7,528,981. Corporate insiders own 1.39% of the company's stock.

Silgan Trading Down 1.3%

Shares of SLGN traded down $0.70 during midday trading on Thursday, hitting $54.37. The stock had a trading volume of 123,812 shares, compared to its average volume of 664,240. The stock's 50 day moving average is $51.18 and its 200 day moving average is $52.75. The firm has a market cap of $5.82 billion, a PE ratio of 21.07, a price-to-earnings-growth ratio of 1.27 and a beta of 0.74. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.45 and a quick ratio of 0.28. Silgan Holdings Inc. has a 1 year low of $41.14 and a 1 year high of $58.14.

Silgan (NYSE:SLGN - Get Free Report) last posted its quarterly earnings data 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. Silgan had a return on equity of 19.70% and a net margin of 4.72%. The company had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.48 billion. During the same quarter in the previous year, the business earned $0.69 EPS. Silgan's revenue was up 11.4% compared to the same quarter last year. As a group, analysts forecast that Silgan Holdings Inc. will post 4.11 EPS for the current fiscal year.

Silgan Dividend Announcement

The business also recently announced 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 1.47%. The ex-dividend date is Monday, June 2nd. Silgan's dividend payout ratio (DPR) is presently 29.74%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Loop Capital lifted their price target on shares of Silgan from $70.00 to $75.00 and gave the stock a "buy" rating in a research note on Thursday, January 30th. Raymond James raised Silgan from an "outperform" rating to a "strong-buy" rating and lowered their price objective for the company from $65.00 to $60.00 in a research report on Tuesday, April 22nd. Truist Financial dropped their target price on shares of Silgan from $70.00 to $62.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Royal Bank of Canada increased their price objective on shares of Silgan from $63.00 to $65.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Finally, Robert W. Baird boosted their target price on shares of Silgan from $60.00 to $62.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $63.11.

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.