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

Key Points

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

SLGN has been the subject of several other reports. JPMorgan Chase & Co. raised shares of Silgan from a "neutral" rating to an "overweight" rating and set a $57.00 target price for the company in a report on Thursday, May 1st. Bank of America reissued a "neutral" rating and issued a $59.00 target price (up from $57.00) on shares of Silgan in a report on Wednesday, July 9th. Wells Fargo & Company increased their target price on shares of Silgan from $60.00 to $62.00 and gave the stock an "overweight" rating in a report on Friday, July 18th. Truist Financial increased their target price on shares of Silgan from $62.00 to $67.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Finally, Citigroup increased their price objective on shares of Silgan from $60.00 to $63.00 and gave the company a "buy" rating in a report on Thursday, May 8th. 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. Based on data from MarketBeat.com, Silgan currently has an average rating of "Moderate Buy" and a consensus target price of $62.44.

Silgan Stock Performance

SLGN traded down $0.81 during midday trading on Thursday, hitting $45.72. 2,611,167 shares of the company traded hands, compared to its average volume of 1,031,592. The company has a quick ratio of 0.67, a current ratio of 0.48 and a debt-to-equity ratio of 1.67. The firm has a market capitalization of $4.89 billion, a PE ratio of 16.27, a price-to-earnings-growth ratio of 1.13 and a beta of 0.69. The company's 50-day moving average is $54.45 and its 200 day moving average is $52.96. Silgan has a 52 week low of $44.37 and a 52 week high of $58.14.

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

Silgan Announces Dividend

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

Insider Buying and Selling at Silgan

In other news, EVP Robert B. Lewis sold 10,000 shares of Silgan stock in a transaction on Monday, May 19th. The stock was sold at an average price of $55.92, for a total transaction of $559,200.00. Following the completion of the sale, the executive vice president directly owned 153,378 shares in the company, valued at approximately $8,576,897.76. This trade represents a 6.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP B Frederik Prinzen sold 2,378 shares of Silgan 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 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 insiders.

Institutional Trading of Silgan

Several institutional investors and hedge funds have recently made changes to their positions in SLGN. Caitong International Asset Management Co. Ltd lifted 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 worth $27,000 after purchasing an additional 316 shares during the last quarter. Brooklyn Investment Group raised its holdings in shares of Silgan by 4,394.1% in the first quarter. Brooklyn Investment Group now owns 764 shares of the industrial products company's stock valued at $39,000 after acquiring an additional 747 shares in the last quarter. CX Institutional bought a new stake in shares of Silgan in the first quarter valued at about $42,000. UMB Bank n.a. raised its holdings in shares of Silgan by 254.9% in the first quarter. UMB Bank n.a. now owns 898 shares of the industrial products company's stock valued at $46,000 after acquiring an additional 645 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Silgan in the first quarter valued at about $51,000. 70.25% of the stock is currently owned by institutional investors.

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.