Commerce Bank Cuts Stock Holdings in Silgan Holdings Inc. (NYSE:SLGN)

Commerce Bank reduced its stake in Silgan Holdings Inc. (NYSE:SLGN) by 14.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,121 shares of the industrial products company’s stock after selling 2,475 shares during the quarter. Commerce Bank’s holdings in Silgan were worth $741,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Dimensional Fund Advisors LP lifted its position in shares of Silgan by 7.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,962,414 shares of the industrial products company’s stock worth $125,404,000 after buying an additional 204,384 shares in the last quarter. Choreo LLC purchased a new position in Silgan in the second quarter worth $498,000. Allspring Global Investments Holdings LLC grew its stake in Silgan by 6.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,580,856 shares of the industrial products company’s stock valued at $109,248,000 after purchasing an additional 163,853 shares during the period. Nicola Wealth Management LTD. increased its position in shares of Silgan by 24.4% during the 3rd quarter. Nicola Wealth Management LTD. now owns 96,900 shares of the industrial products company’s stock valued at $5,087,000 after purchasing an additional 19,000 shares during the last quarter. Finally, Leeward Investments LLC MA raised its stake in shares of Silgan by 5.6% during the 2nd quarter. Leeward Investments LLC MA now owns 172,784 shares of the industrial products company’s stock worth $7,314,000 after purchasing an additional 9,230 shares during the period. 70.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on SLGN shares. Wells Fargo & Company raised their price objective on shares of Silgan from $54.00 to $58.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Robert W. Baird upped their price objective on Silgan from $53.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Royal Bank of Canada raised their target price on Silgan from $55.00 to $58.00 and gave the stock an “outperform” rating in a research report on Friday, November 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. Finally, JPMorgan Chase & Co. raised Silgan from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $46.00 to $53.00 in a 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 stock. According to data from MarketBeat, Silgan currently has a consensus rating of “Moderate Buy” and an average price target of $57.43.

Silgan Stock Up 1.0 %

Shares of NYSE SLGN opened at $57.12 on Tuesday. The company has a quick ratio of 0.75, a current ratio of 1.09 and a debt-to-equity ratio of 1.24. The company has a market cap of $6.10 billion, a P/E ratio of 20.70, a P/E/G ratio of 1.48 and a beta of 0.67. Silgan Holdings Inc. has a 52 week low of $40.88 and a 52 week high of $57.61. The business has a 50-day simple moving average of $52.40 and a two-hundred day simple moving average of $49.00.

Silgan (NYSE:SLGN) last released its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $1.21 EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.02). Silgan had a net margin of 5.11% and a return on equity of 18.76%. The firm had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter last year, the business posted $1.16 earnings per share. Silgan’s revenue was down 3.2% compared to the same quarter last year. Research analysts anticipate that Silgan Holdings Inc. will post 3.6 earnings per share for the current fiscal year.

Silgan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend is Monday, December 2nd. Silgan’s dividend payout ratio is 27.54%.

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.