Silgan (NYSE:SLGN) Upgraded by Raymond James to “Strong-Buy” Rating

Raymond James upgraded shares of Silgan (NYSE:SLGN) from an outperform rating to a strong-buy rating in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. Raymond James currently has $60.00 price objective on the industrial products company’s stock, down from their previous price objective of $65.00.

Several other equities research analysts have also recently commented on SLGN. Bank of America increased their price target on Silgan from $60.00 to $61.00 and gave the company a “buy” rating in a report on Monday, January 6th. Truist Financial reiterated a “buy” rating and set a $70.00 price target (up previously from $69.00) on shares of Silgan in a report on Thursday, January 30th. Royal Bank of Canada raised their price objective on shares of Silgan from $63.00 to $65.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Wells Fargo & Company boosted their target price on shares of Silgan from $58.00 to $63.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Finally, JPMorgan Chase & Co. raised their price target on shares of Silgan from $53.00 to $57.00 and gave the stock a “neutral” rating in a report on Thursday, January 30th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Silgan has an average rating of “Moderate Buy” and a consensus price target of $62.78.

Silgan Stock Up 4.4 %

Shares of SLGN opened at $50.97 on Tuesday. The stock has a 50 day moving average price of $50.80 and a 200 day moving average price of $52.42. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.28 and a current ratio of 0.45. The stock has a market capitalization of $5.44 billion, a price-to-earnings ratio of 19.75, a PEG ratio of 1.27 and a beta of 0.81. Silgan has a one year low of $41.14 and a one year high of $58.14.

Silgan (NYSE:SLGN) last released its earnings results on Wednesday, January 29th. The industrial products company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.03. Silgan had a net margin of 4.72% and a return on equity of 19.70%. Equities research analysts forecast that Silgan will post 4.11 earnings per share for the current fiscal year.

Silgan Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a $0.20 dividend. This is a positive change from Silgan’s previous quarterly dividend of $0.19. The ex-dividend date was Monday, March 17th. This represents a $0.80 dividend on an annualized basis and a yield of 1.57%. Silgan’s payout ratio is presently 31.01%.

Insider Transactions at Silgan

In other news, CEO Adam J. Greenlee sold 125,000 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $54.73, for a total value of $6,841,250.00. Following the completion of the transaction, the chief executive officer now owns 227,332 shares of the company’s stock, valued at approximately $12,441,880.36. This trade represents a 35.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Robert B. Lewis sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $53.22, for a total transaction of $1,064,400.00. Following the sale, the executive vice president now directly owns 152,133 shares in the company, valued at approximately $8,096,518.26. The trade was a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Silgan

Large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Silgan by 5.4% in the fourth quarter. Vanguard Group Inc. now owns 8,931,526 shares of the industrial products company’s stock valued at $464,886,000 after purchasing an additional 455,381 shares in the last quarter. FMR LLC boosted its holdings in shares of Silgan by 12.2% in the 4th quarter. FMR LLC now owns 7,046,400 shares of the industrial products company’s stock valued at $366,765,000 after buying an additional 767,944 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Silgan by 12.8% in the 4th quarter. JPMorgan Chase & Co. now owns 5,795,781 shares of the industrial products company’s stock valued at $301,670,000 after buying an additional 656,923 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Silgan by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,062,013 shares of the industrial products company’s stock worth $159,377,000 after acquiring an additional 11,836 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in Silgan by 0.4% in the fourth quarter. Victory Capital Management Inc. now owns 2,140,028 shares of the industrial products company’s stock valued at $111,388,000 after acquiring an additional 9,532 shares during the last quarter. 70.25% of the stock is owned by hedge funds and other institutional investors.

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.