JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Silgan (NYSE:SLGN) Stock

Silgan (NYSE:SLGN) had its target price increased by stock analysts at JPMorgan Chase & Co. from $53.00 to $57.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 1.87% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Raymond James lifted their price objective on shares of Silgan from $62.00 to $65.00 and gave the company an “outperform” rating in a report on Thursday. Bank of America lifted their price target on Silgan from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Monday, January 6th. StockNews.com lowered Silgan from a “buy” rating to a “hold” rating in a report on Wednesday, October 9th. Wells Fargo & Company increased their target price on Silgan from $58.00 to $63.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Truist Financial upped their price objective on shares of Silgan from $63.00 to $69.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $62.25.

Silgan Stock Performance

SLGN traded up $0.18 during midday trading on Thursday, hitting $55.96. 95,738 shares of the company were exchanged, compared to its average volume of 519,545. The company’s 50 day simple moving average is $53.66 and its 200 day simple moving average is $51.77. The firm has a market capitalization of $5.98 billion, a price-to-earnings ratio of 20.27, a price-to-earnings-growth ratio of 1.26 and a beta of 0.71. Silgan has a 1-year low of $41.14 and a 1-year high of $58.14. 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 (NYSE:SLGN) last announced its quarterly earnings results on Wednesday, January 29th. The industrial products company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.03. Silgan had a return on equity of 18.76% and a net margin of 5.11%. As a group, sell-side analysts predict that Silgan will post 3.6 earnings per share for the current year.

Institutional Trading of Silgan

Several institutional investors have recently added to or reduced their stakes in SLGN. Nicola Wealth Management LTD. grew its holdings in shares of Silgan by 24.4% in the third quarter. Nicola Wealth Management LTD. now owns 96,900 shares of the industrial products company’s stock valued at $5,087,000 after purchasing an additional 19,000 shares in the last quarter. Oddo BHF Asset Management Sas acquired a new position in shares of Silgan in the third quarter worth $2,975,000. BNP Paribas Financial Markets raised its stake in shares of Silgan by 144.1% in the third quarter. BNP Paribas Financial Markets now owns 54,938 shares of the industrial products company’s stock valued at $2,884,000 after acquiring an additional 32,432 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Silgan by 1.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,610,421 shares of the industrial products company’s stock valued at $137,047,000 after purchasing an additional 29,565 shares during the period. Finally, Versor Investments LP grew its stake in Silgan by 112.7% during the 3rd quarter. Versor Investments LP now owns 10,208 shares of the industrial products company’s stock worth $536,000 after purchasing an additional 5,408 shares in the last quarter. Institutional investors and hedge funds 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.