Truist Financial Increases Silgan (NYSE:SLGN) Price Target to $69.00

Silgan (NYSE:SLGN) had its target price hoisted by Truist Financial from $63.00 to $69.00 in a research note released on Monday morning,Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

A number of other analysts have also commented on the stock. Royal Bank of Canada lifted their price target on shares of Silgan from $58.00 to $63.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. StockNews.com lowered shares of Silgan from a “buy” rating to a “hold” rating in a research note on Wednesday, October 9th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $59.75.

Silgan Stock Performance

SLGN stock opened at $50.88 on Monday. The stock’s 50 day simple moving average is $54.04 and its 200 day simple moving average is $50.69. The company has a current ratio of 1.09, a quick ratio of 0.75 and a debt-to-equity ratio of 1.24. Silgan has a 12-month low of $41.14 and a 12-month high of $58.14. The stock has a market capitalization of $5.43 billion, a PE ratio of 18.43, a price-to-earnings-growth ratio of 1.44 and a beta of 0.71.

Silgan (NYSE:SLGN) last announced its quarterly 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 net margin of 5.11% and a return on equity of 18.76%. The business had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.82 billion. During the same period in the previous year, the company earned $1.16 earnings per share. The company’s revenue for the quarter was down 3.2% compared to the same quarter last year. As a group, research analysts forecast that Silgan will post 3.6 earnings per share for the current fiscal year.

Silgan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were paid a $0.19 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.76 annualized dividend and a dividend yield of 1.49%. Silgan’s dividend payout ratio (DPR) is 27.54%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Headlands Technologies LLC bought a new position in Silgan in the 2nd quarter worth $70,000. Venturi Wealth Management LLC raised its stake in Silgan by 220.4% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,400 shares of the industrial products company’s stock valued at $74,000 after purchasing an additional 963 shares during the period. GAMMA Investing LLC lifted its holdings in Silgan by 51.8% in the 3rd quarter. GAMMA Investing LLC now owns 1,777 shares of the industrial products company’s stock worth $93,000 after purchasing an additional 606 shares in the last quarter. Meeder Asset Management Inc. bought a new position in Silgan in the 2nd quarter worth approximately $104,000. Finally, KBC Group NV grew its holdings in Silgan by 27.7% during the 3rd quarter. KBC Group NV now owns 2,277 shares of the industrial products company’s stock valued at $120,000 after buying an additional 494 shares in the last quarter. 70.25% of the stock is owned by hedge funds and other institutional investors.

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.