Silgan (NYSE:SLGN) Price Target Raised to $67.00 at Truist Financial

Silgan (NYSE:SLGN - Free Report) had its price target raised by Truist Financial from $62.00 to $67.00 in a report issued on Friday,Benzinga reports. They currently have a buy rating on the industrial products company's stock.

A number of other brokerages have also recently issued reports on SLGN. Citigroup upped 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. Bank of America reaffirmed a "neutral" rating and issued a $59.00 target price (up from $57.00) on shares of Silgan in a report on Wednesday. JPMorgan Chase & Co. upgraded shares of Silgan from a "neutral" rating to an "overweight" rating and set a $57.00 price target on the stock in a research note on Thursday, May 1st. Finally, Raymond James Financial upgraded shares of Silgan from an "outperform" rating to a "strong-buy" rating and decreased their price target for the company from $65.00 to $60.00 in a research note on Tuesday, April 22nd. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Silgan has an average rating of "Moderate Buy" and an average price target of $63.44.

Silgan Stock Down 0.7%

SLGN traded down $0.38 during trading on Friday, hitting $54.96. The company had a trading volume of 365,441 shares, compared to its average volume of 667,438. The company has a market capitalization of $5.88 billion, a PE ratio of 20.43, a PEG ratio of 1.28 and a beta of 0.75. Silgan has a one year low of $43.47 and a one year high of $58.14. The firm's 50-day moving average price is $54.79 and its 200 day moving average price is $52.76. The company has a quick ratio of 0.67, a current ratio of 1.14 and a debt-to-equity ratio of 1.67.

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

Silgan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date was Monday, June 2nd. Silgan's dividend payout ratio (DPR) is presently 29.74%.

Insider Buying and Selling

In related news, VP B Frederik Prinzen sold 2,378 shares of the stock in a transaction that occurred on 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 of the company's stock, valued at $74,589. This represents a 63.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction of $559,200.00. Following the completion of the transaction, the executive vice president directly owned 153,378 shares of the company's stock, valued at approximately $8,576,897.76. The trade was a 6.12% decrease in their position. The disclosure for this sale can be found here. Corporate 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 the stock. State of Michigan Retirement System lifted its stake in Silgan by 1.0% in the 1st quarter. State of Michigan Retirement System now owns 19,400 shares of the industrial products company's stock valued at $992,000 after purchasing an additional 200 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Silgan by 0.9% during the first quarter. Louisiana State Employees Retirement System now owns 22,700 shares of the industrial products company's stock valued at $1,160,000 after acquiring an additional 200 shares during the last quarter. Central Pacific Bank Trust Division raised its stake in shares of Silgan by 5.9% during the first quarter. Central Pacific Bank Trust Division now owns 3,760 shares of the industrial products company's stock valued at $192,000 after acquiring an additional 210 shares during the last quarter. Aristeia Capital L.L.C. raised its stake in shares of Silgan by 4.0% during the fourth quarter. Aristeia Capital L.L.C. now owns 5,488 shares of the industrial products company's stock valued at $286,000 after acquiring an additional 212 shares during the last quarter. Finally, CX Institutional raised its stake in shares of Silgan by 26.2% during the second quarter. CX Institutional now owns 1,044 shares of the industrial products company's stock valued at $57,000 after acquiring an additional 217 shares during the last quarter. 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.