Silgan's (SLGN) Neutral Rating Reiterated at Bank of America

Silgan (NYSE:SLGN - Get Free Report)'s stock had its "neutral" rating restated by equities researchers at Bank of America in a note issued to investors on Wednesday,Benzinga reports. They currently have a $59.00 price objective on the industrial products company's stock, up from their previous price objective of $57.00. Bank of America's price objective suggests a potential upside of 4.31% from the company's previous close.

SLGN has been the subject of a number of other reports. Citigroup increased their price objective on Silgan from $60.00 to $63.00 and gave the stock a "buy" rating in a report on Thursday, May 8th. Truist Financial dropped their price target on Silgan from $70.00 to $62.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Raymond James Financial raised Silgan from an "outperform" rating to a "strong-buy" rating and dropped their price objective for the company from $65.00 to $60.00 in a report on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. raised Silgan from a "neutral" rating to an "overweight" rating and set a $57.00 price objective for the company in a report on Thursday, May 1st. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $62.89.

Silgan Stock Performance

Shares of NYSE:SLGN opened at $56.56 on Wednesday. The business's fifty day moving average price is $54.66 and its two-hundred day moving average price is $52.70. Silgan has a fifty-two week low of $41.85 and a fifty-two week high of $58.14. The stock has a market capitalization of $6.05 billion, a price-to-earnings ratio of 21.03, a price-to-earnings-growth ratio of 1.27 and a beta of 0.75. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.14 and a quick ratio of 0.67.

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 for the quarter, beating the consensus estimate of $0.78 by $0.04. The firm had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.48 billion. Silgan had a return on equity of 20.00% and a net margin of 4.82%. The company's quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.69 earnings per share. As a group, analysts predict that Silgan will post 4.11 EPS for the current fiscal year.

Insider Activity

In other news, EVP Robert B. Lewis sold 10,000 shares of the business's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $55.92, for a total value of $559,200.00. Following the sale, the executive vice president directly owned 153,378 shares of the company's stock, valued at $8,576,897.76. The trade was a 6.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP B Frederik Prinzen sold 2,378 shares of the company'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 value of $128,530.90. Following the completion of the transaction, the vice president directly owned 1,380 shares in the company, valued at $74,589. This trade represents a 63.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.13% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Brooklyn Investment Group increased its position in shares of Silgan by 4,394.1% during the first quarter. Brooklyn Investment Group now owns 764 shares of the industrial products company's stock worth $39,000 after acquiring an additional 747 shares during the period. CX Institutional purchased a new position in Silgan during the first quarter valued at approximately $42,000. UMB Bank n.a. increased its holdings in Silgan by 254.9% during the first quarter. UMB Bank n.a. now owns 898 shares of the industrial products company's stock valued at $46,000 after buying an additional 645 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in Silgan in the first quarter worth $51,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Silgan in the first quarter worth about $54,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.