Silgan (NYSE:SLGN) Sees Strong Trading Volume

Shares of Silgan Holdings Inc. (NYSE:SLGN) saw unusually-high trading volume on Tuesday . Approximately 571,959 shares were traded during mid-day trading, an increase of 0% from the previous session’s volume of 571,271 shares.The stock last traded at $51.65 and had previously closed at $51.33.

Analyst Ratings Changes

Several brokerages recently issued reports on SLGN. StockNews.com upgraded shares of Silgan from a “hold” rating to a “buy” rating in a research report on Friday. 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 note on Thursday, August 1st. Royal Bank of Canada raised their price objective on Silgan from $51.00 to $55.00 and gave the company an “outperform” 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 stock an “overweight” rating in a report on Thursday, August 1st. Finally, Citigroup raised their price target on Silgan from $50.00 to $60.00 and gave the company a “buy” 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $57.00.

Silgan Trading Up 0.5 %

The company has a current ratio of 1.06, a quick ratio of 0.64 and a debt-to-equity ratio of 1.31. The stock has a 50 day simple moving average of $49.65 and a 200-day simple moving average of $47.14. The firm has a market cap of $5.51 billion, a P/E ratio of 17.98, a P/E/G ratio of 1.49 and a beta of 0.67.

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

Silgan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were paid a dividend of $0.19 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.76 annualized dividend and a dividend yield of 1.47%. Silgan’s dividend payout ratio (DPR) is presently 26.67%.

Insider Buying and Selling

In other Silgan news, VP Stacey J. Mcgrath sold 1,600 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $49.04, for a total transaction of $78,464.00. Following the transaction, the vice president now 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 at the SEC website. 1.39% of the stock is currently owned by company insiders.

Institutional Trading of Silgan

Hedge funds have recently added to or reduced their stakes in the company. Nordea Investment Management AB boosted its holdings in Silgan by 118.0% during the first quarter. Nordea Investment Management AB now owns 201,258 shares of the industrial products company’s stock worth $9,755,000 after buying an additional 108,942 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Silgan by 7.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,962,414 shares of the industrial products company’s stock valued at $125,404,000 after purchasing an additional 204,384 shares in the last quarter. Choreo LLC purchased a new position in Silgan during the second quarter valued at $498,000. Seven Eight Capital LP purchased a new position in Silgan during the first quarter valued at $1,129,000. Finally, State Board of Administration of Florida Retirement System lifted its holdings in Silgan by 17.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 88,864 shares of the industrial products company’s stock valued at $4,769,000 after purchasing an additional 13,289 shares in the last quarter. 70.25% of the stock is owned by hedge funds and other institutional investors.

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.