Silgan (NYSE:SLGN) Share Price Breaks Below Fifty Day Moving Average - Here's What Happened

Silgan Holdings Inc. (NYSE:SLGN - Get Free Report) crossed below its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $38.40 and traded as low as $37.05. Silgan shares last traded at $37.9260, with a volume of 1,290,862 shares.

Analyst Ratings Changes

A number of brokerages recently commented on SLGN. BMO Capital Markets started coverage on shares of Silgan in a research report on Thursday, July 16th. They issued an "outperform" rating and a $57.00 price objective for the company. Truist Financial set a $45.00 target price on Silgan and gave the stock a "buy" rating in a research report on Monday, October 12th. 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. Raymond James Financial reissued an "outperform" rating and issued a $59.00 price target on shares of Silgan in a report on Wednesday, July 15th. Finally, UBS Group set a $38.00 price target on Silgan and gave the company a "neutral" rating in a research note on Monday, October 5th. 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 company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $50.40.

Silgan Trading Down 1.5%

The stock has a market cap of $4.01 billion, a PE ratio of 14.87, a P/E/G ratio of 2.29 and a beta of 0.67. The business's fifty day moving average is $38.40 and its 200 day moving average is $41.41. The company has a quick ratio of 0.80, a current ratio of 1.27 and a debt-to-equity ratio of 1.54.

Silgan (NYSE:SLGN - Get Free Report) last issued its earnings results on Wednesday, July 29th. The industrial products company reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.02. Silgan had a net margin of 4.05% and a return on equity of 16.74%. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same period in the prior year, the business posted $1.01 earnings per share. The firm's revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, analysts predict that Silgan Holdings Inc. will post 3.81 earnings per share for the current year.

Silgan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.84 annualized dividend and a dividend yield of 2.2%. Silgan's payout ratio is 32.94%.

Hedge Funds Weigh In On Silgan

Hedge funds have recently bought and sold shares of the company. State of Wyoming acquired a new stake in Silgan during the 3rd quarter valued at $121,000. Choreo LLC increased its position in Silgan by 3.1% during the third quarter. Choreo LLC now owns 19,970 shares of the industrial products company's stock worth $694,000 after buying an additional 605 shares in the last quarter. Evergreen Capital Management LLC increased its position in Silgan by 22.8% during the third quarter. Evergreen Capital Management LLC now owns 16,206 shares of the industrial products company's stock worth $563,000 after buying an additional 3,005 shares in the last quarter. Inspire Investing LLC raised its holdings in shares of Silgan by 19.6% in the third quarter. Inspire Investing LLC now owns 21,222 shares of the industrial products company's stock worth $737,000 after acquiring an additional 3,477 shares during the last quarter. Finally, Skylands Capital LLC raised its holdings in shares of Silgan by 97.6% in the third quarter. Skylands Capital LLC now owns 81,500 shares of the industrial products company's stock worth $2,832,000 after acquiring an additional 40,250 shares during the last quarter. 70.25% of the stock is owned by hedge funds and other institutional investors.

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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