Edgestream Partners L.P. Acquires Shares of 33,857 Silgan Holdings Inc. (NYSE:SLGN)

Edgestream Partners L.P. acquired a new stake in Silgan Holdings Inc. (NYSE:SLGN) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 33,857 shares of the industrial products company’s stock, valued at approximately $1,433,000.

A number of other hedge funds have also recently added to or reduced their stakes in SLGN. Blue Trust Inc. grew 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 valued at $25,000 after acquiring an additional 426 shares during the period. Principal Securities Inc. acquired a new stake in Silgan in the fourth quarter valued at approximately $30,000. Versant Capital Management Inc boosted its position in shares of Silgan by 2,838.5% during the second quarter. Versant Capital Management Inc now owns 1,146 shares of the industrial products company’s stock valued at $49,000 after buying an additional 1,107 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of 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 buying an additional 613 shares during the last quarter. Finally, Covestor Ltd boosted its position in shares of Silgan by 69.7% during the first quarter. Covestor Ltd now owns 1,125 shares of the industrial products company’s stock valued at $55,000 after buying an additional 462 shares during the last quarter. Institutional investors and hedge funds own 70.25% of the company’s stock.

Insider Activity

In other news, VP Stacey J. Mcgrath sold 1,600 shares of Silgan 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 transaction, the vice president now directly owns 11,495 shares in the company, valued at $563,714.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.39% of the stock is owned by company insiders.

Silgan Stock Performance

Shares of SLGN opened at $51.32 on Friday. The firm has a market cap of $5.48 billion, a PE ratio of 18.01, a PEG ratio of 1.49 and a beta of 0.67. The stock’s fifty day moving average price is $49.38 and its two-hundred day moving average price is $46.97. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.06 and a quick ratio of 0.64. Silgan Holdings Inc. has a 1 year low of $38.11 and a 1 year high of $52.84.

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

Silgan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd were paid a $0.19 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $0.76 annualized dividend and a dividend yield of 1.48%. Silgan’s payout ratio is presently 26.67%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Truist Financial reaffirmed a “buy” rating and set a $59.00 target price (up previously from $56.00) on shares of Silgan in a research report on Thursday, August 1st. Wells Fargo & Company lifted 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. JPMorgan Chase & Co. upgraded 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 report on Thursday, August 1st. Citigroup lifted their price target on Silgan from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Robert W. Baird lifted their price target on Silgan from $53.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $57.00.

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.