Wells Fargo & Company Trims Silgan (NYSE:SLGN) Target Price to $54.00

Silgan (NYSE:SLGN) had its price objective trimmed by Wells Fargo & Company from $55.00 to $54.00 in a report released on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the industrial products company’s stock.

A number of other equities research analysts have also weighed in on SLGN. Citigroup raised their price objective on Silgan from $47.00 to $51.00 and gave the company a neutral rating in a research note on Friday, February 2nd. Raymond James raised their price target on shares of Silgan from $52.00 to $54.00 and gave the stock an outperform rating in a research report on Thursday, February 1st. Truist Financial upped their price target on shares of Silgan from $52.00 to $56.00 and gave the company a buy rating in a report on Thursday, January 4th. JPMorgan Chase & Co. raised their price objective on shares of Silgan from $39.00 to $46.00 and gave the stock an underweight rating in a report on Thursday, February 1st. Finally, Royal Bank of Canada upped their target price on shares of Silgan from $49.00 to $51.00 and gave the company an outperform rating in a research note on Thursday, February 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Silgan has a consensus rating of Moderate Buy and an average target price of $53.00.

Silgan Price Performance

SLGN stock opened at $46.28 on Thursday. The company has a market cap of $4.94 billion, a PE ratio of 16.24, a price-to-earnings-growth ratio of 2.53 and a beta of 0.69. The company has a current ratio of 0.49, a quick ratio of 0.29 and a debt-to-equity ratio of 1.35. The stock has a 50-day moving average price of $46.10 and a two-hundred day moving average price of $44.19. Silgan has a 12-month low of $38.11 and a 12-month high of $49.72.

Silgan (NYSE:SLGN) last posted its earnings results on Wednesday, May 1st. The industrial products company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.02. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.37 billion. Silgan had a return on equity of 19.26% and a net margin of 5.25%. The company’s revenue for the quarter was down 7.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.78 earnings per share. As a group, research analysts predict that Silgan will post 3.66 EPS for the current year.

Silgan Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, March 14th were paid a dividend of $0.19 per share. This is a positive change from Silgan’s previous quarterly dividend of $0.18. The ex-dividend date was Wednesday, March 13th. This represents a $0.76 annualized dividend and a yield of 1.64%. Silgan’s dividend payout ratio is 26.67%.

Insider Buying and Selling at Silgan

In other Silgan news, VP B Frederik Prinzen sold 4,684 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $43.89, for a total value of $205,580.76. Following the sale, the vice president now directly owns 8,613 shares in the company, valued at $378,024.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.39% of the stock is currently owned by insiders.

Institutional Trading of Silgan

Several large investors have recently added to or reduced their stakes in SLGN. Allspring Global Investments Holdings LLC lifted its position in Silgan by 3.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,323,963 shares of the industrial products company’s stock worth $105,159,000 after buying an additional 66,837 shares in the last quarter. Barclays PLC lifted its stake in Silgan by 203.9% in the third quarter. Barclays PLC now owns 118,564 shares of the industrial products company’s stock valued at $5,109,000 after acquiring an additional 79,551 shares during the last quarter. New York State Common Retirement Fund grew its position in Silgan by 33.0% in the fourth quarter. New York State Common Retirement Fund now owns 210,066 shares of the industrial products company’s stock worth $9,505,000 after acquiring an additional 52,146 shares in the last quarter. Quent Capital LLC increased its stake in shares of Silgan by 94.9% during the 4th quarter. Quent Capital LLC now owns 1,037 shares of the industrial products company’s stock worth $47,000 after purchasing an additional 505 shares during the last quarter. Finally, California Public Employees Retirement System raised its holdings in shares of Silgan by 4.1% during the 4th quarter. California Public Employees Retirement System now owns 367,118 shares of the industrial products company’s stock valued at $16,612,000 after purchasing an additional 14,575 shares in the last quarter. 70.25% of the stock is currently owned by institutional investors and hedge funds.

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.