Silgan (NYSE:SLGN) Downgraded to “Hold” at StockNews.com

Silgan (NYSE:SLGN) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Thursday.

Several other research firms have also commented on SLGN. Truist Financial reaffirmed a “buy” rating and set a $59.00 price objective (up from $56.00) on shares of Silgan in a research note on Thursday, August 1st. JPMorgan Chase & Co. raised shares of Silgan from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $46.00 to $53.00 in a research note on Thursday, August 1st. Citigroup increased their price objective on shares of Silgan from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Wells Fargo & Company boosted their target price on Silgan from $54.00 to $58.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. Finally, Royal Bank of Canada increased their price target on Silgan from $51.00 to $55.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $57.00.

Silgan Price Performance

Shares of NYSE:SLGN traded down $0.87 on Thursday, reaching $50.73. The company’s stock had a trading volume of 950,786 shares, compared to its average volume of 574,394. The company has a 50-day simple moving average of $50.47 and a 200 day simple moving average of $47.47. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.64 and a current ratio of 1.06. The company has a market cap of $5.42 billion, a P/E ratio of 17.80, a PEG ratio of 1.50 and a beta of 0.67. Silgan has a 52-week low of $38.11 and a 52-week high of $52.84.

Silgan (NYSE:SLGN) last issued its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.01. The company had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Silgan had a return on equity of 19.22% and a net margin of 5.24%. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.83 earnings per share. As a group, equities research analysts anticipate that Silgan will post 3.66 EPS for the current fiscal year.

Insiders Place Their Bets

In other Silgan news, VP Stacey J. Mcgrath sold 1,600 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $49.04, for a total value of $78,464.00. Following the completion of the sale, the vice president now directly owns 11,495 shares in the company, valued at approximately $563,714.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.39% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Silgan

Hedge funds have recently modified their holdings of the business. Blue Trust Inc. raised its stake in Silgan by 256.6% in the second quarter. Blue Trust Inc. now owns 592 shares of the industrial products company’s stock worth $25,000 after buying an additional 426 shares in the last quarter. Versant Capital Management Inc lifted its stake in shares of Silgan by 2,838.5% during the 2nd quarter. Versant Capital Management Inc now owns 1,146 shares of the industrial products company’s stock worth $49,000 after purchasing an additional 1,107 shares during the last quarter. GAMMA Investing LLC boosted its position in Silgan by 109.9% during the second quarter. GAMMA Investing LLC now owns 1,171 shares of the industrial products company’s stock valued at $50,000 after purchasing an additional 613 shares in the last quarter. Covestor Ltd grew its stake in Silgan by 69.7% in the first quarter. Covestor Ltd now owns 1,125 shares of the industrial products company’s stock valued at $55,000 after purchasing an additional 462 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in Silgan in the second quarter worth about $70,000. Hedge funds and other 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.