Silgan (NYSE:SLGN) Price Target Raised to $63.00

Silgan (NYSE:SLGN) had its price target hoisted by Royal Bank of Canada from $58.00 to $63.00 in a report released on Thursday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the industrial products company’s stock.

Separately, StockNews.com downgraded shares of Silgan from a “buy” rating to a “hold” rating in a research note on Wednesday, October 9th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Silgan presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.14.

Silgan Stock Down 0.5 %

Shares of SLGN opened at $51.92 on Thursday. The business’s 50 day simple moving average is $53.89 and its 200-day simple moving average is $50.04. Silgan has a one year low of $41.14 and a one year high of $58.14. The company has a market capitalization of $5.54 billion, a P/E ratio of 18.81, a PEG ratio of 1.44 and a beta of 0.69. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.09 and a quick ratio of 0.75.

Silgan (NYSE:SLGN) last announced its earnings results on Wednesday, October 30th. The industrial products company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.02). Silgan had a return on equity of 18.76% and a net margin of 5.11%. The business had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter in the previous year, the company posted $1.16 EPS. Silgan’s revenue for the quarter was down 3.2% on a year-over-year basis. As a group, sell-side analysts predict that Silgan will post 3.6 EPS for the current fiscal year.

Silgan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.46%. The ex-dividend date was Monday, December 2nd. Silgan’s dividend payout ratio (DPR) is presently 27.54%.

Institutional Trading of Silgan

Several institutional investors and hedge funds have recently made changes to their positions in SLGN. Blue Trust Inc. boosted its stake in Silgan by 256.6% during the 2nd quarter. Blue Trust Inc. now owns 592 shares of the industrial products company’s stock worth $25,000 after acquiring an additional 426 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Silgan during the second quarter worth $70,000. Venturi Wealth Management LLC grew its holdings in shares of Silgan by 220.4% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,400 shares of the industrial products company’s stock valued at $74,000 after buying an additional 963 shares during the period. GAMMA Investing LLC increased its position in shares of Silgan by 51.8% in the 3rd quarter. GAMMA Investing LLC now owns 1,777 shares of the industrial products company’s stock valued at $93,000 after buying an additional 606 shares in the last quarter. Finally, Meeder Asset Management Inc. acquired a new stake in Silgan during the 2nd quarter worth $104,000. 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.