Silgan (NYSE:SLGN) Reaches New 12-Month High on Analyst Upgrade

Silgan Holdings Inc. (NYSE:SLGN)’s share price reached a new 52-week high on Monday after Royal Bank of Canada raised their price target on the stock from $55.00 to $58.00. Royal Bank of Canada currently has an outperform rating on the stock. Silgan traded as high as $53.57 and last traded at $53.42, with a volume of 12759 shares trading hands. The stock had previously closed at $52.64.

Several other equities research analysts have also recently weighed in on SLGN. Citigroup boosted their target price on Silgan from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. upgraded shares of Silgan from an “underweight” rating to a “neutral” rating and upped their target price for the company from $46.00 to $53.00 in a report on Thursday, August 1st. Truist Financial reiterated a “buy” rating and set a $59.00 price target (up from $56.00) on shares of Silgan in a research note on Thursday, August 1st. Robert W. Baird upped their price objective 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. Finally, Wells Fargo & Company upped their target price on Silgan from $54.00 to $58.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.43.

Hedge Funds Weigh In On Silgan

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Nordea Investment Management AB raised its position in Silgan by 118.0% during the 1st 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 during the last quarter. Dimensional Fund Advisors LP raised 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 worth $125,404,000 after purchasing an additional 204,384 shares in the last quarter. Choreo LLC acquired a new stake in Silgan in the second quarter valued at about $498,000. Seven Eight Capital LP purchased a new stake in Silgan in the 1st quarter valued at approximately $1,129,000. Finally, State Board of Administration of Florida Retirement System increased its position in Silgan by 17.6% during the 1st 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 purchasing an additional 13,289 shares during the period. Hedge funds and other institutional investors own 70.25% of the company’s stock.

Silgan Stock Up 0.1 %

The firm has a fifty day moving average price of $51.30 and a 200 day moving average price of $48.17. The firm has a market capitalization of $5.67 billion, a price-to-earnings ratio of 19.24, a PEG ratio of 1.38 and a beta of 0.67. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.36 and a current ratio of 0.52.

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

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.