Principal Financial Group Inc. Sells 82,449 Shares of Silgan Holdings Inc. (NYSE:SLGN)

Principal Financial Group Inc. reduced its stake in shares of Silgan Holdings Inc. (NYSE:SLGN) by 30.5% in the 3rd quarter, Holdings Channel reports. The firm owned 188,063 shares of the industrial products company’s stock after selling 82,449 shares during the quarter. Principal Financial Group Inc.’s holdings in Silgan were worth $9,873,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in SLGN. Daiwa Securities Group Inc. raised its position in shares of Silgan by 0.5% during the second quarter. Daiwa Securities Group Inc. now owns 40,071 shares of the industrial products company’s stock worth $1,696,000 after acquiring an additional 218 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its holdings in Silgan by 2.6% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 10,707 shares of the industrial products company’s stock worth $453,000 after purchasing an additional 267 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Silgan by 7.0% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,517 shares of the industrial products company’s stock worth $290,000 after purchasing an additional 361 shares during the period. Verdence Capital Advisors LLC boosted its stake in shares of Silgan by 5.5% in the 3rd quarter. Verdence Capital Advisors LLC now owns 7,430 shares of the industrial products company’s stock valued at $390,000 after purchasing an additional 388 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Silgan by 1.1% during the second quarter. AQR Capital Management LLC now owns 37,660 shares of the industrial products company’s stock worth $1,594,000 after buying an additional 421 shares during the period. Institutional investors own 70.25% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. StockNews.com lowered shares of Silgan from a “buy” rating to a “hold” rating in a report on Wednesday, October 9th. Royal Bank of Canada upped their target price on Silgan from $58.00 to $63.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.14.

Silgan Stock Down 1.6 %

Shares of NYSE:SLGN opened at $51.73 on Tuesday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.75 and a current ratio of 1.09. Silgan Holdings Inc. has a 52-week low of $41.14 and a 52-week high of $58.14. The business’s 50 day simple moving average is $54.00 and its two-hundred day simple moving average is $50.38. The firm has a market cap of $5.52 billion, a P/E ratio of 18.74, a PEG ratio of 1.44 and a beta of 0.69.

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

Silgan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were issued a $0.19 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.47%. Silgan’s dividend payout ratio is presently 27.54%.

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.