Silgan (NYSE:SLGN) Share Price Crosses Below 200 Day Moving Average - Here's What Happened

Key Points

• Silgan shares fell below their 200-day moving average of $41.36, trading as low as $40.27 before last changing hands at $41.194.
• Analysts’ consensus rating is Moderate Buy, with a $50.70 average price target; recent firms including Citigroup and Truist raised their targets.
• Quarterly earnings were $1.31 per share, beating estimates of $1.25, though revenue of $2.04 billion missed expectations. Silgan also declared a $0.21 quarterly dividend, equivalent to a 2.0% yield.

Silgan Holdings Inc. (NYSE:SLGN - Get Free Report)'s share price crossed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $41.36 and traded as low as $40.27. Silgan shares last traded at $41.1940, with a volume of 1,113,120 shares trading hands.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Citigroup boosted their target price on Silgan from $49.00 to $50.00 and gave the stock a "buy" rating in a research report on Monday, November 2nd. Truist Financial boosted their price objective on shares of Silgan from $45.00 to $46.00 and gave the stock a "buy" rating in a research note on Friday, October 30th. BMO Capital Markets started coverage on shares of Silgan in a research note on Thursday, July 16th. They set an "outperform" rating and a $57.00 target price on the stock. Weiss Ratings downgraded shares of Silgan from a "hold (c)" rating to a "hold (c-)" rating in a research report on Tuesday, October 13th. Finally, UBS Group set a $38.00 price objective on shares of Silgan and gave the stock a "neutral" rating in a research report on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $50.70.

Silgan Stock Performance

The firm has a market capitalization of $4.35 billion, a PE ratio of 16.61, a P/E/G ratio of 2.48 and a beta of 0.64. The company's fifty day simple moving average is $38.30 and its 200 day simple moving average is $41.36. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.52 and a quick ratio of 0.37.

Silgan (NYSE:SLGN - Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The industrial products company reported $1.31 EPS for the quarter, beating analysts' consensus estimates of $1.25 by $0.06. The business had revenue of $2.04 billion during the quarter, compared to analysts' expectations of $2.10 billion. Silgan had a return on equity of 16.73% and a net margin of 3.90%. The business's revenue was up 1.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.22 earnings per share. As a group, equities research analysts expect that Silgan Holdings Inc. will post 3.87 EPS for the current fiscal year.

Silgan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.0%. Silgan's dividend payout ratio is currently 33.87%.

Institutional Investors Weigh In On Silgan

Several large investors have recently added to or reduced their stakes in SLGN. BlackRock Inc. purchased a new position in Silgan during the 2nd quarter valued at $369,406,000. Bank of America Corp DE acquired a new stake in Silgan in the 2nd quarter valued at about $101,368,000. Jupiter Topco LLC acquired a new stake in shares of Silgan in the 2nd quarter worth $62,526,000. Atlas FRM LLC acquired a new position in shares of Silgan in the second quarter valued at approximately $48,245,600. Finally, Bank of New York Mellon Corp purchased a new stake in Silgan during the 2nd quarter worth $38,851,000. Hedge funds and other institutional investors own 70.25% of the company's stock.

About Silgan

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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