Silgan (NYSE:SLGN) Price Target Raised to $61.00 at Bank of America

Silgan (NYSE:SLGN) had its price objective boosted by Bank of America from $60.00 to $61.00 in a research note issued to investors on Monday morning,Benzinga reports. Bank of America currently has a buy rating on the industrial products company’s stock.

A number of other equities analysts also recently commented on the stock. Royal Bank of Canada boosted their target price on shares of Silgan from $58.00 to $63.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. StockNews.com lowered shares of Silgan from a “buy” rating to a “hold” rating in a research note on Wednesday, October 9th. Finally, Truist Financial increased their target price on shares of Silgan from $63.00 to $69.00 and gave the company a “buy” rating in a research report on Monday. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $59.75.

Silgan Price Performance

Shares of SLGN opened at $50.88 on Monday. The stock has a market capitalization of $5.43 billion, a PE ratio of 18.43, a PEG ratio of 1.44 and a beta of 0.71. The company has a 50 day moving average price of $54.04 and a 200-day moving average price of $50.69. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.75 and a current ratio of 1.09. Silgan has a fifty-two week low of $41.14 and a fifty-two week high of $58.14.

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

Silgan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were paid a dividend of $0.19 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.76 dividend on an annualized basis and a yield of 1.49%. Silgan’s payout ratio is 27.54%.

Institutional Trading of Silgan

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SLGN. FMR LLC increased its holdings in shares of Silgan by 87.7% in the third quarter. FMR LLC now owns 6,278,456 shares of the industrial products company’s stock valued at $329,619,000 after purchasing an additional 2,932,680 shares during the period. Deprince Race & Zollo Inc. purchased a new stake in Silgan in the second quarter valued at approximately $19,666,000. Weiss Asset Management LP acquired a new position in Silgan in the 3rd quarter worth approximately $11,422,000. Dimensional Fund Advisors LP raised its position in Silgan by 7.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,962,414 shares of the industrial products company’s stock worth $125,404,000 after buying an additional 204,384 shares during the last quarter. Finally, Two Sigma Advisers LP lifted its stake in Silgan by 202.3% during the 3rd quarter. Two Sigma Advisers LP now owns 247,900 shares of the industrial products company’s stock valued at $13,015,000 after acquiring an additional 165,900 shares during the period. Institutional investors and hedge funds 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.