Silgan (NYSE:SLGN) Price Target Cut to $57.00 by Analysts at Royal Bank Of Canada

Key Points

• Royal Bank Of Canada has lowered its price target for Silgan (NYSE:SLGN) from $64.00 to $57.00 while maintaining an "outperform" rating, indicating a potential upside of 23.53% from the current stock price.
• Several analysts, including Wells Fargo and Truist Financial, have adjusted their target prices upwards, reflecting a consensus of buoyancy around Silgan, with an average target price of $62.44.
• Silgan's shares recently traded at $46.14, and the company reported earnings of $1.01 per share, missing estimates slightly, but its revenue increased by 11.4% year-over-year.

Silgan (NYSE:SLGN - Get Free Report) had its price target reduced by investment analysts at Royal Bank Of Canada from $64.00 to $57.00 in a report issued on Friday,Benzinga reports. The firm presently has an "outperform" rating on the industrial products company's stock. Royal Bank Of Canada's price target would indicate a potential upside of 22.98% from the company's current price.

Several other brokerages also recently issued reports on SLGN. Raymond James Financial cut their target price on shares of Silgan from $64.00 to $60.00 and set a "strong-buy" rating for the company in a research note on Thursday, July 31st. Citigroup boosted their target price on shares of Silgan from $60.00 to $63.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Wells Fargo & Company boosted their price objective on shares of Silgan from $60.00 to $62.00 and gave the stock an "overweight" rating in a research note on Friday, July 18th. JPMorgan Chase & Co. upgraded shares of Silgan from a "neutral" rating to an "overweight" rating and set a $57.00 price objective on the stock in a report on Thursday, May 1st. Finally, Bank of America reiterated a "neutral" rating and set a $59.00 price target (up previously from $57.00) on shares of Silgan in a research note on Wednesday, July 9th. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Silgan presently has an average rating of "Moderate Buy" and a consensus target price of $62.44.

Silgan Trading Up 1.2%

Shares of SLGN traded up $0.54 during trading hours on Friday, reaching $46.35. The stock had a trading volume of 241,901 shares, compared to its average volume of 783,141. The company has a quick ratio of 0.28, a current ratio of 0.48 and a debt-to-equity ratio of 1.67. Silgan has a 52 week low of $44.37 and a 52 week high of $58.14. The firm has a 50-day moving average of $54.28 and a 200 day moving average of $52.91. The company has a market cap of $4.96 billion, a P/E ratio of 16.49, a P/E/G ratio of 1.14 and a beta of 0.69.

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

Insider Buying and Selling

In other Silgan news, EVP Robert B. Lewis sold 10,000 shares of the company's stock in a transaction dated Monday, May 19th. The shares were 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 $8,576,897.76. This represents a 6.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.13% of the stock is currently owned by corporate insiders.

Institutional Trading of Silgan

A number of institutional investors have recently modified their holdings of SLGN. Mirae Asset Global Investments Co. Ltd. bought a new position in Silgan in the first quarter worth about $51,000. M&T Bank Corp increased its position in shares of Silgan by 6.9% during the first quarter. M&T Bank Corp now owns 18,135 shares of the industrial products company's stock valued at $927,000 after acquiring an additional 1,165 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Silgan by 13.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 6,903 shares of the industrial products company's stock worth $353,000 after purchasing an additional 815 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Silgan by 1.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 49,933 shares of the industrial products company's stock worth $2,553,000 after acquiring an additional 695 shares during the last quarter. Finally, CX Institutional purchased a new position in shares of Silgan during the 1st quarter worth $42,000. 70.25% of the stock is currently owned by hedge funds and other institutional investors.

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.