Bank of America Reiterates "Neutral" Rating for Silgan (NYSE:SLGN)

Silgan (NYSE:SLGN - Get Free Report)'s stock had its "neutral" rating reaffirmed by equities researchers at Bank of America in a report issued on Wednesday, Marketbeat.com reports. They currently have a $59.00 target price on the industrial products company's stock, up from their prior target price of $57.00. Bank of America's price target suggests a potential upside of 6.46% from the stock's previous close.

A number of other equities analysts have also commented on the company. Raymond James Financial raised Silgan from an "outperform" rating to a "strong-buy" rating and reduced their price objective for the stock from $65.00 to $60.00 in a research note on Tuesday, April 22nd. Truist Financial reduced their price objective on Silgan from $70.00 to $62.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Citigroup boosted their price objective on Silgan from $60.00 to $63.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Finally, 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 research report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Silgan currently has an average rating of "Moderate Buy" and a consensus price target of $62.89.

Silgan Price Performance

SLGN stock traded down $0.07 during trading on Wednesday, hitting $55.42. The company had a trading volume of 410,395 shares, compared to its average volume of 717,944. The company has a fifty day moving average price of $54.74 and a two-hundred day moving average price of $52.72. The company has a current ratio of 1.14, a quick ratio of 0.67 and a debt-to-equity ratio of 1.67. The company has a market cap of $5.93 billion, a P/E ratio of 20.60, a P/E/G ratio of 1.27 and a beta of 0.75. Silgan has a fifty-two week low of $42.56 and a fifty-two week high of $58.14.

Silgan (NYSE:SLGN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $0.82 EPS for the quarter, topping analysts' consensus estimates of $0.78 by $0.04. The company 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 business's revenue was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.69 earnings per share. Equities research analysts expect that Silgan will post 4.11 earnings per share for the current fiscal year.

Insider Transactions at Silgan

In related news, VP B Frederik Prinzen sold 2,378 shares of the company's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $54.05, for a total value of $128,530.90. Following the completion of the sale, the vice president owned 1,380 shares in the company, valued at approximately $74,589. This represents a 63.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Robert B. Lewis sold 10,000 shares of the company's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $55.92, for a total value of $559,200.00. Following the completion of the sale, the executive vice president owned 153,378 shares of the company's stock, valued at $8,576,897.76. This represents 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.

Institutional Investors Weigh In On Silgan

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SLGN. Charles Schwab Investment Management Inc. increased its holdings in Silgan by 13.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 921,651 shares of the industrial products company's stock valued at $47,972,000 after purchasing an additional 106,183 shares during the last quarter. Atria Investments Inc increased its holdings in shares of Silgan by 9.2% in the fourth quarter. Atria Investments Inc now owns 5,067 shares of the industrial products company's stock worth $264,000 after acquiring an additional 427 shares in the last quarter. M&T Bank Corp increased its holdings in shares of Silgan by 2.4% in the fourth quarter. M&T Bank Corp now owns 16,970 shares of the industrial products company's stock worth $883,000 after acquiring an additional 404 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Silgan in the fourth quarter worth about $873,000. Finally, Arizona State Retirement System increased its holdings in shares of Silgan by 0.8% in the fourth quarter. Arizona State Retirement System now owns 24,792 shares of the industrial products company's stock worth $1,290,000 after acquiring an additional 195 shares in the last quarter. Institutional investors 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.