Silgan (NYSE:SLGN) Price Target Cut to $60.00 by Analysts at Raymond James Financial

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Silgan (NYSE:SLGN - Free Report) had its price target lowered by Raymond James Financial from $64.00 to $60.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has a strong-buy rating on the industrial products company's stock.

Several other equities research analysts also recently issued reports on SLGN. JPMorgan Chase & Co. raised Silgan from a "neutral" rating to an "overweight" rating and set a $57.00 price objective for the company in a research note on Thursday, May 1st. Bank of America reissued a "neutral" rating and issued a $59.00 price target (up from $57.00) on shares of Silgan in a research report on Wednesday, July 9th. Wells Fargo & Company boosted their price objective on shares of Silgan from $60.00 to $62.00 and gave the company an "overweight" rating in a research report on Friday, July 18th. Citigroup increased their target price on shares of Silgan from $60.00 to $63.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Finally, Truist Financial boosted their price target on shares of Silgan from $62.00 to $67.00 and gave the company a "buy" rating in a report on Friday, July 11th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Silgan presently has a consensus rating of "Moderate Buy" and a consensus target price of $62.44.

Silgan Trading Up 0.2%

Shares of NYSE:SLGN traded up $0.10 during midday trading on Thursday, reaching $45.78. The company had a trading volume of 1,213,953 shares, compared to its average volume of 1,162,150. The company has a fifty day simple moving average of $54.28 and a two-hundred day simple moving average of $52.91. The firm has a market cap of $4.90 billion, a price-to-earnings ratio of 16.29, a price-to-earnings-growth ratio of 1.14 and a beta of 0.69. Silgan has a 1-year low of $44.37 and a 1-year high of $58.14. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.28 and a current ratio of 0.48.

Silgan (NYSE:SLGN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $1.01 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.02). Silgan had a net margin of 4.90% and a return on equity of 19.98%. The firm had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.53 billion. During the same quarter last year, the company posted $0.88 EPS. The firm's revenue was up 11.4% compared to the same quarter last year. Research analysts predict that Silgan will post 4.11 earnings per share for the current year.

Silgan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.80 dividend on an annualized basis and a yield of 1.7%. Silgan's payout ratio is currently 28.47%.

Insider Transactions at Silgan

In other Silgan news, EVP Robert B. Lewis sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $55.92, for a total value of $559,200.00. Following the sale, the executive vice president owned 153,378 shares of the company's stock, valued at $8,576,897.76. This trade represents a 6.12% decrease in their position. The transaction 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 that occurred 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 transaction, the vice president owned 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. 1.13% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Silgan

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd increased its position in shares of Silgan by 174.6% during the second quarter. Caitong International Asset Management Co. Ltd now owns 497 shares of the industrial products company's stock valued at $27,000 after purchasing an additional 316 shares during the period. Hantz Financial Services Inc. boosted its stake in Silgan by 359.4% during the second quarter. Hantz Financial Services Inc. now owns 634 shares of the industrial products company's stock worth $34,000 after buying an additional 496 shares in the last quarter. Brooklyn Investment Group increased its holdings in Silgan by 4,394.1% in the 1st quarter. Brooklyn Investment Group now owns 764 shares of the industrial products company's stock valued at $39,000 after buying an additional 747 shares during the period. CX Institutional bought a new stake in Silgan in the 1st quarter valued at $42,000. Finally, UMB Bank n.a. raised its stake in shares of Silgan by 254.9% in the 1st quarter. UMB Bank n.a. now owns 898 shares of the industrial products company's stock valued at $46,000 after buying an additional 645 shares in the last quarter. Institutional investors own 70.25% of the company's stock.

About Silgan

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.