Silgan (NYSE:SLGN) Stock Price Expected to Rise, Raymond James Financial Analyst Says

Silgan (NYSE:SLGN - Get Free Report) had its price objective increased by analysts at Raymond James Financial from $60.00 to $64.00 in a report released on Tuesday,Benzinga reports. The firm currently has a "strong-buy" rating on the industrial products company's stock. Raymond James Financial's target price suggests a potential upside of 18.47% from the company's previous close.

SLGN has been the subject of a number of other reports. Truist Financial set a $67.00 price objective on shares of Silgan and gave the company a "buy" rating in a report on Friday. 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. Citigroup raised their target price on shares of Silgan from $60.00 to $63.00 and gave the company a "buy" rating in a report on Thursday, May 8th. Finally, 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. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Silgan presently has an average rating of "Moderate Buy" and an average price target of $63.89.

Silgan Stock Performance

Silgan stock traded down $0.87 during midday trading on Tuesday, hitting $54.02. The stock had a trading volume of 91,691 shares, compared to its average volume of 664,482. The firm's fifty day moving average is $54.79 and its two-hundred day moving average is $52.75. The company has a market capitalization of $5.78 billion, a PE ratio of 20.06, a P/E/G ratio of 1.27 and a beta of 0.75. Silgan has a 52-week low of $44.17 and a 52-week high of $58.14. The company has a current ratio of 1.14, a quick ratio of 0.67 and a debt-to-equity ratio of 1.67.

Silgan (NYSE:SLGN - Get Free Report) last released its earnings results on Wednesday, April 30th. The industrial products company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.04. The company had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.48 billion. Silgan had a net margin of 4.82% and a return on equity of 20.00%. The firm's quarterly revenue was up 11.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.69 EPS. On average, research analysts forecast that Silgan will post 4.11 EPS for the current year.

Insider Buying and Selling at Silgan

In other news, EVP Robert B. Lewis sold 10,000 shares of the firm's 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 transaction, the executive vice president 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP B Frederik Prinzen sold 2,378 shares of Silgan stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $54.05, for a total value of $128,530.90. Following the completion of the transaction, the vice president owned 1,380 shares in the company, valued at $74,589. This trade represents a 63.28% decrease in their position. 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

Several institutional investors and hedge funds have recently added to or reduced their stakes in SLGN. Atria Investments Inc lifted its holdings in shares of Silgan by 9.2% during the fourth quarter. Atria Investments Inc now owns 5,067 shares of the industrial products company's stock worth $264,000 after purchasing an additional 427 shares during the period. Proficio Capital Partners LLC acquired a new stake in shares of Silgan during the fourth quarter worth about $873,000. Raymond James Financial Inc. acquired a new stake in shares of Silgan during the fourth quarter worth about $11,419,000. Swiss National Bank lifted its holdings in shares of Silgan by 0.7% during the fourth quarter. Swiss National Bank now owns 168,000 shares of the industrial products company's stock worth $8,744,000 after purchasing an additional 1,200 shares during the period. Finally, Vestcor Inc acquired a new stake in shares of Silgan during the fourth quarter worth about $429,000. Hedge funds and other 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.

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