Loop Capital Forecasts Strong Price Appreciation for Silgan (NYSE:SLGN) Stock

Silgan (NYSE:SLGN) had its target price increased by analysts at Loop Capital from $70.00 to $75.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Loop Capital’s target price would suggest a potential upside of 36.12% from the company’s previous close.

SLGN has been the topic of a number of other reports. Royal Bank of Canada raised their target price on Silgan from $63.00 to $65.00 and gave the company an “outperform” rating in a research note on Thursday. StockNews.com lowered shares of Silgan from a “buy” rating to a “hold” rating in a research note on Wednesday, October 9th. Truist Financial reaffirmed a “buy” rating and set a $70.00 price target (up previously from $69.00) on shares of Silgan in a report on Thursday. Raymond James raised their target price on Silgan from $62.00 to $65.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Wells Fargo & Company increased their price target on Silgan from $58.00 to $63.00 and gave the stock an “overweight” rating in a research note on Thursday. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Silgan presently has an average rating of “Moderate Buy” and an average price target of $64.22.

Silgan Stock Performance

SLGN stock opened at $55.10 on Thursday. The firm has a market cap of $5.88 billion, a P/E ratio of 21.36, a P/E/G ratio of 1.34 and a beta of 0.71. The stock’s 50 day simple moving average is $53.64 and its 200 day simple moving average is $51.87. 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 has a 12-month low of $41.14 and a 12-month high of $58.14.

Silgan (NYSE:SLGN) last posted its quarterly earnings results on Wednesday, January 29th. The industrial products company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.82 by $0.03. Silgan had a net margin of 4.72% and a return on equity of 19.77%. As a group, equities research analysts predict that Silgan will post 4.09 EPS for the current year.

Hedge Funds Weigh In On Silgan

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Nicola Wealth Management LTD. increased its stake in shares of Silgan by 24.4% in the 3rd quarter. Nicola Wealth Management LTD. now owns 96,900 shares of the industrial products company’s stock valued at $5,087,000 after buying an additional 19,000 shares during the period. Oddo BHF Asset Management Sas bought a new stake in shares of Silgan during the third quarter worth approximately $2,975,000. BNP Paribas Financial Markets boosted its stake in 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 during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Silgan by 1.1% in the 3rd 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 shares of Silgan by 112.7% during the third 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 during the period. 70.25% of the stock is currently owned by institutional investors and hedge funds.

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.