Royal Bank Of Canada Cuts Silgan (NYSE:SLGN) Price Target to $57.00

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 objective reduced by equities researchers at Royal Bank Of Canada from $64.00 to $57.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the industrial products company's stock. Royal Bank Of Canada's price target points to a potential upside of 23.53% from the company's current price.

Several other equities research analysts have also weighed in on SLGN. Wells Fargo & Company increased their target price on Silgan from $60.00 to $62.00 and gave the stock an "overweight" rating in a research report on Friday, July 18th. Truist Financial upped their price objective on Silgan from $62.00 to $67.00 and gave the company a "buy" rating in a report on Friday, July 11th. JPMorgan Chase & Co. upgraded Silgan from a "neutral" rating to an "overweight" rating and set a $57.00 target price on the stock in a report on Thursday, May 1st. Raymond James Financial cut their price target on shares of Silgan from $64.00 to $60.00 and set a "strong-buy" rating on the stock in a report on Thursday. Finally, Citigroup raised their price objective on Silgan from $60.00 to $63.00 and gave the stock a "buy" rating in a research report on Thursday, May 8th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $62.44.

Silgan Stock Down 0.8%

Shares of Silgan stock traded down $0.39 on Friday, hitting $46.14. 740,074 shares of the company's stock traded hands, compared to its average volume of 770,404. The stock has a market cap of $4.94 billion, a P/E ratio of 16.39, a PEG ratio of 1.11 and a beta of 0.75. The company has a quick ratio of 0.67, 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's 50-day moving average is $54.63 and its 200 day moving average is $53.00.

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

Insider Buying and Selling

In related news, EVP Robert B. Lewis sold 10,000 shares of the stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $55.92, for a total value of $559,200.00. Following the transaction, 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP B Frederik Prinzen sold 2,378 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $54.05, for a total transaction of $128,530.90. Following the completion of the transaction, the vice president directly owned 1,380 shares in the company, valued at approximately $74,589. The trade was a 63.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.13% of the company's stock.

Hedge Funds Weigh In On Silgan

A number of hedge funds and other institutional investors have recently bought and sold shares of SLGN. Vaughan Nelson Investment Management L.P. bought a new position in shares of Silgan during the second quarter worth $61,303,000. Millennium Management LLC raised its holdings in shares of Silgan by 764.7% during the fourth quarter. Millennium Management LLC now owns 1,012,644 shares of the industrial products company's stock worth $52,708,000 after acquiring an additional 895,528 shares during the period. FMR LLC increased its stake in Silgan by 12.2% in the 4th quarter. FMR LLC now owns 7,046,400 shares of the industrial products company's stock valued at $366,765,000 after buying an additional 767,944 shares during the last quarter. Norges Bank acquired a new stake in Silgan in the 4th quarter valued at $38,680,000. Finally, T. Rowe Price Investment Management Inc. increased its stake in Silgan by 87.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,253,727 shares of the industrial products company's stock valued at $65,257,000 after buying an additional 584,840 shares during the last quarter. 70.25% of the stock is 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.

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