Silgan (NASDAQ:SLGN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Silgan is poised to gain from opportunities in the health care market and its focus on improving operational footprint in the legacy closures business. Further, the Dispensing Systems acquisition will help boost its scope in the closure business. Silgan has outperformed the industry in the past year. However, the company expects that higher anticipated resin cost in the fourth quarter due to recent hurricanes will hurt results. In addition, increase in debt and unfavorable foreign currency translation will also likely hurt the company’s performance.”
SLGN has been the subject of a number of other reports. KeyCorp reiterated a “hold” rating on shares of Silgan in a research report on Friday, August 25th. BMO Capital Markets restated a “buy” rating and set a $34.00 target price on shares of Silgan in a research report on Monday, November 20th. Royal Bank of Canada initiated coverage on Silgan in a research report on Monday, October 9th. They set a “sector perform” rating and a $30.00 target price for the company. Robert W. Baird restated a “hold” rating and set a $32.00 target price on shares of Silgan in a research report on Friday, October 27th. Finally, BidaskClub upgraded Silgan from a “strong sell” rating to a “sell” rating in a research report on Monday, August 14th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $30.75.
Silgan (NASDAQ:SLGN) traded up $0.12 during trading on Tuesday, hitting $28.91. The company had a trading volume of 531,500 shares, compared to its average volume of 547,161. The company has a debt-to-equity ratio of 3.96, a current ratio of 1.26 and a quick ratio of 0.73. Silgan has a fifty-two week low of $25.16 and a fifty-two week high of $32.50. The company has a market capitalization of $3,170.00, a PE ratio of 18.45, a price-to-earnings-growth ratio of 1.75 and a beta of 0.52.
Silgan (NASDAQ:SLGN) last released its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $0.66 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.03). The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.28 billion. Silgan had a net margin of 3.77% and a return on equity of 32.87%. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.61 earnings per share. equities analysts predict that Silgan will post 1.64 EPS for the current fiscal year.
In other Silgan news, Director William C. Jennings sold 25,642 shares of the business’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $28.38, for a total value of $727,719.96. Following the sale, the director now owns 42,180 shares in the company, valued at approximately $1,197,068.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 33.10% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of Montreal Can raised its stake in shares of Silgan by 89.3% during the 2nd quarter. Bank of Montreal Can now owns 3,916 shares of the industrial products company’s stock worth $124,000 after purchasing an additional 1,847 shares in the last quarter. Victory Capital Management Inc. bought a new stake in shares of Silgan during the 2nd quarter worth approximately $140,000. Pacad Investment Ltd. raised its stake in shares of Silgan by 15.6% during the 2nd quarter. Pacad Investment Ltd. now owns 5,200 shares of the industrial products company’s stock worth $165,000 after purchasing an additional 700 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Silgan during the 3rd quarter worth approximately $167,000. Finally, US Bancorp DE raised its stake in shares of Silgan by 100.0% during the 2nd quarter. US Bancorp DE now owns 6,762 shares of the industrial products company’s stock worth $215,000 after purchasing an additional 3,381 shares in the last quarter. Hedge funds and other institutional investors own 67.69% of the company’s stock.
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Silgan Company Profile
Silgan Holdings Inc is a holding company. The Company is a manufacturer of rigid packaging for consumer goods products. The Company operates in three business segments: metal containers, closures and plastic containers. Its metal container segment is engaged in the manufacture and sale of steel and aluminum containers for human and pet food and general line products.
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