Silgan Holdings Inc. (NYSE:SLGN) Position Cut by Vanguard Group Inc.

Vanguard Group Inc. trimmed its holdings in Silgan Holdings Inc. (NYSE:SLGN) by 0.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,856,664 shares of the industrial products company’s stock after selling 74,862 shares during the quarter. Vanguard Group Inc. owned about 0.08% of Silgan worth $452,753,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its position in Silgan by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,062,013 shares of the industrial products company’s stock worth $159,377,000 after purchasing an additional 11,836 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Silgan by 4.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,595,520 shares of the industrial products company’s stock worth $133,150,000 after purchasing an additional 115,878 shares during the period. Janus Henderson Group PLC lifted its position in Silgan by 36.1% in the fourth quarter. Janus Henderson Group PLC now owns 1,515,582 shares of the industrial products company’s stock worth $78,885,000 after purchasing an additional 401,890 shares during the period. T. Rowe Price Investment Management Inc. lifted its position in Silgan by 87.4% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,253,727 shares of the industrial products company’s stock worth $65,257,000 after purchasing an additional 584,840 shares during the period. Finally, Millennium Management LLC lifted its position in Silgan by 764.7% in the fourth quarter. Millennium Management LLC now owns 1,012,644 shares of the industrial products company’s stock worth $52,708,000 after purchasing an additional 895,528 shares during the period. 70.25% of the stock is owned by institutional investors.

Silgan Price Performance

SLGN opened at $46.49 on Friday. The stock has a fifty day moving average of $52.87 and a 200-day moving average of $52.53. The firm has a market capitalization of $4.97 billion, a P/E ratio of 16.54, a PEG ratio of 1.18 and a beta of 0.69. Silgan Holdings Inc. has a 12-month low of $44.37 and a 12-month high of $58.14. The company has a quick ratio of 0.56, a current ratio of 0.96 and a debt-to-equity ratio of 1.40.

Silgan (NYSE:SLGN) last released its earnings results on Wednesday, July 30th. The industrial products company reported $1.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.02). The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Silgan had a net margin of 4.90% and a return on equity of 19.98%. Silgan’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.88 EPS. Equities analysts forecast that Silgan Holdings Inc. will post 4.11 EPS for the current fiscal year.

Silgan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, September 2nd will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Tuesday, September 2nd. Silgan’s dividend payout ratio (DPR) is currently 28.47%.

Insider Activity

In related news, EVP Robert B. Lewis sold 10,000 shares of the stock in a transaction on Monday, May 19th. The stock was sold at an average price of $55.92, for a total transaction of $559,200.00. Following the completion of the sale, the executive vice president directly owned 153,378 shares in the company, valued at approximately $8,576,897.76. This trade represents a 6.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on SLGN shares. Truist Financial increased their price objective on Silgan from $62.00 to $67.00 and gave the company a “buy” rating in a research report on Friday, July 11th. Bank of America reiterated a “neutral” rating and set a $59.00 price objective (up previously from $57.00) on shares of Silgan in a research report on Wednesday, July 9th. Raymond James Financial cut their price objective on Silgan from $64.00 to $60.00 and set a “strong-buy” rating for the company in a research report on Thursday, July 31st. Citigroup increased their price objective on Silgan from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, May 8th. Finally, JPMorgan Chase & Co. upgraded Silgan from a “neutral” rating to an “overweight” rating and set a $57.00 price objective for the company in a research report on Thursday, May 1st. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $62.44.

Silgan 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.