Meeder Asset Management Inc. Makes New $104,000 Investment in Silgan Holdings Inc. (NYSE:SLGN)

Meeder Asset Management Inc. bought a new position in shares of Silgan Holdings Inc. (NYSE:SLGN) in the second quarter, Holdings Channel.com reports. The fund bought 2,461 shares of the industrial products company’s stock, valued at approximately $104,000.

A number of other hedge funds have also modified their holdings of SLGN. Nordea Investment Management AB raised its holdings in Silgan by 118.0% in the 1st quarter. Nordea Investment Management AB now owns 201,258 shares of the industrial products company’s stock valued at $9,755,000 after acquiring an additional 108,942 shares during the last quarter. Seven Eight Capital LP acquired a new stake in shares of Silgan in the first quarter valued at approximately $1,129,000. State Board of Administration of Florida Retirement System lifted its position 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 worth $4,769,000 after buying an additional 13,289 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Silgan by 6.8% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,580,856 shares of the industrial products company’s stock worth $109,248,000 after buying an additional 163,853 shares during the last quarter. Finally, MQS Management LLC purchased a new stake in Silgan in the 1st quarter valued at $269,000. 70.25% of the stock is currently owned by institutional investors and hedge funds.

Silgan Trading Up 1.1 %

SLGN opened at $50.53 on Friday. Silgan Holdings Inc. has a 52 week low of $38.11 and a 52 week high of $52.84. The company has a quick ratio of 0.64, a current ratio of 1.06 and a debt-to-equity ratio of 1.31. The business has a fifty day simple moving average of $48.67 and a 200-day simple moving average of $46.78. The firm has a market cap of $5.40 billion, a P/E ratio of 17.73, a P/E/G ratio of 1.44 and a beta of 0.67.

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

Silgan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be issued a dividend of $0.19 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $0.76 dividend on an annualized basis and a yield of 1.50%. Silgan’s dividend payout ratio (DPR) is presently 26.67%.

Insider Buying and Selling at Silgan

In other news, VP Stacey J. Mcgrath sold 1,600 shares of the 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 sale, the vice president now directly owns 11,495 shares in the company, valued at $563,714.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.39% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Citigroup boosted their price target on shares of Silgan from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Robert W. Baird increased their price target on shares of Silgan from $53.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Truist Financial reaffirmed a “buy” rating and set a $59.00 price target (up previously from $56.00) on shares of Silgan in a research report on Thursday, August 1st. Wells Fargo & Company raised their target price on Silgan from $54.00 to $58.00 and gave the stock an “overweight” rating in a research note on Thursday, August 1st. Finally, Royal Bank of Canada upped their price target on Silgan from $51.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $57.00.

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.