Synovus Financial Corp Reduces Stock Holdings in Silgan Holdings Inc. (NYSE:SLGN)

Synovus Financial Corp lowered its holdings in shares of Silgan Holdings Inc. (NYSE:SLGN) by 6.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 22,353 shares of the industrial products company’s stock after selling 1,513 shares during the quarter. Synovus Financial Corp’s holdings in Silgan were worth $1,174,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. SG Americas Securities LLC bought a new position in Silgan in the 2nd quarter worth $529,000. Wealth Enhancement Advisory Services LLC raised its stake in shares of Silgan by 5.1% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 5,156 shares of the industrial products company’s stock worth $218,000 after buying an additional 250 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in shares of Silgan by 20.0% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 8,271 shares of the industrial products company’s stock worth $350,000 after buying an additional 1,379 shares during the period. Blue Trust Inc. lifted its position in shares of Silgan by 256.6% during the 2nd quarter. Blue Trust Inc. now owns 592 shares of the industrial products company’s stock valued at $25,000 after buying an additional 426 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Silgan by 2.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 832,817 shares of the industrial products company’s stock worth $35,253,000 after acquiring an additional 17,328 shares in the last quarter. Institutional investors own 70.25% of the company’s stock.

Silgan Price Performance

Shares of Silgan stock opened at $54.18 on Tuesday. The firm has a market cap of $5.79 billion, a PE ratio of 19.63, a PEG ratio of 1.44 and a beta of 0.69. The stock has a 50 day moving average of $53.79 and a 200 day moving average of $49.97. The company has a current ratio of 1.09, a quick ratio of 0.75 and a debt-to-equity ratio of 1.24. Silgan Holdings Inc. has a 12 month low of $41.14 and a 12 month high of $58.14.

Silgan (NYSE:SLGN) last posted its earnings results on Wednesday, October 30th. The industrial products company reported $1.21 earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.02). The business had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.82 billion. Silgan had a net margin of 5.11% and a return on equity of 18.76%. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period last year, the business posted $1.16 earnings per share. On average, research analysts expect that Silgan Holdings Inc. will post 3.6 EPS for the current fiscal year.

Silgan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were paid a dividend of $0.19 per share. The ex-dividend date was Monday, December 2nd. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.40%. Silgan’s dividend payout ratio is presently 27.54%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Royal Bank of Canada lifted their price target on shares of Silgan from $55.00 to $58.00 and gave the company an “outperform” rating in a report on Friday, November 1st. StockNews.com cut shares of Silgan from a “buy” rating to a “hold” rating in a research note on Wednesday, October 9th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $57.43.

Silgan 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.