Silgan (NYSE:SLGN) Reaches New 52-Week Low - Here's What Happened

Silgan Holdings Inc. (NYSE:SLGN - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $50.00 and last traded at $51.49, with a volume of 1555534 shares trading hands. The stock had previously closed at $52.45.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company increased their price objective on shares of Silgan from $58.00 to $63.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Bank of America raised their price target on Silgan from $60.00 to $61.00 and gave the stock a "buy" rating in a research report on Monday, January 6th. Truist Financial cut their price objective on Silgan from $70.00 to $62.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. JPMorgan Chase & Co. upgraded 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. Finally, Robert W. Baird boosted their price target on shares of Silgan from $60.00 to $62.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $62.78.

Silgan Price Performance

The firm has a market capitalization of $5.82 billion, a price-to-earnings ratio of 21.10, a price-to-earnings-growth ratio of 1.27 and a beta of 0.81. The stock's fifty day moving average price is $50.43 and its two-hundred day moving average price is $52.49. The company has a current ratio of 0.45, a quick ratio of 0.28 and a debt-to-equity ratio of 1.24.

Silgan (NYSE:SLGN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $0.82 earnings per share for the quarter, beating analysts' consensus estimates of $0.78 by $0.04. Silgan had a return on equity of 19.70% and a net margin of 4.72%. The company had revenue of $1.47 billion for the quarter, compared to analysts' expectations of $1.48 billion. During the same period last year, the firm earned $0.69 earnings per share. Silgan's quarterly revenue was up 11.4% on a year-over-year basis. Equities research analysts expect that Silgan Holdings Inc. will post 4.11 EPS for the current year.

Silgan Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a $0.20 dividend. This is a positive change from Silgan's previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a yield of 1.47%. The ex-dividend date was Monday, March 17th. Silgan's dividend payout ratio is currently 29.74%.

Insiders Place Their Bets

In other Silgan news, EVP Robert B. Lewis sold 20,000 shares of the firm's stock in a transaction dated Thursday, February 13th. The stock was sold at an average price of $53.22, for a total transaction of $1,064,400.00. Following the transaction, the executive vice president now owns 152,133 shares of the company's stock, valued at approximately $8,096,518.26. This trade represents a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Adam J. Greenlee sold 125,000 shares of the business's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $54.73, for a total value of $6,841,250.00. Following the completion of the sale, the chief executive officer now directly owns 227,332 shares of the company's stock, valued at $12,441,880.36. The trade was a 35.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.39% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. CX Institutional acquired a new position in shares of Silgan in the 1st quarter valued at $42,000. UMB Bank n.a. grew its position in Silgan by 254.9% during the 1st quarter. UMB Bank n.a. now owns 898 shares of the industrial products company's stock worth $46,000 after purchasing an additional 645 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in Silgan in the first quarter valued at $51,000. GeoWealth Management LLC purchased a new stake in shares of Silgan in the fourth quarter valued at about $56,000. Finally, Bank of Jackson Hole Trust acquired a new stake in shares of Silgan during the fourth quarter worth about $59,000. Institutional investors and hedge funds own 70.25% of the company's stock.

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.