Raymond James Financial Inc. Makes New Investment in Silgan Holdings Inc. (NYSE:SLGN)

Raymond James Financial Inc. acquired a new stake in shares of Silgan Holdings Inc. (NYSE:SLGN) in the 4th quarter, HoldingsChannel reports. The fund acquired 219,391 shares of the industrial products company’s stock, valued at approximately $11,419,000.

Several other large investors also recently modified their holdings of SLGN. Bank of Jackson Hole Trust bought a new position in Silgan during the 4th quarter valued at approximately $59,000. Smartleaf Asset Management LLC raised its holdings in shares of Silgan by 1,229.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,061 shares of the industrial products company’s stock valued at $107,000 after acquiring an additional 1,906 shares in the last quarter. KBC Group NV raised its holdings in shares of Silgan by 27.7% during the third quarter. KBC Group NV now owns 2,277 shares of the industrial products company’s stock valued at $120,000 after acquiring an additional 494 shares in the last quarter. GAMMA Investing LLC lifted its stake in Silgan by 48.6% in the fourth quarter. GAMMA Investing LLC now owns 2,640 shares of the industrial products company’s stock worth $137,000 after acquiring an additional 863 shares during the period. Finally, Point72 Asset Management L.P. purchased a new position in Silgan during the 3rd quarter valued at $154,000. 70.25% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Adam J. Greenlee sold 125,000 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $54.73, for a total transaction of $6,841,250.00. Following the transaction, the chief executive officer now directly owns 227,332 shares of the company’s stock, valued at $12,441,880.36. This represents a 35.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Robert B. Lewis sold 20,000 shares of the stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $53.22, for a total value of $1,064,400.00. Following the sale, the executive vice president now directly owns 152,133 shares in the company, valued at $8,096,518.26. This trade represents a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.39% of the company’s stock.

Silgan Stock Up 0.6 %

SLGN stock opened at $50.33 on Friday. The business has a 50 day moving average of $52.83 and a 200 day moving average of $52.74. The firm has a market cap of $5.37 billion, a PE ratio of 19.51, a price-to-earnings-growth ratio of 1.27 and a beta of 0.71. Silgan Holdings Inc. has a twelve month low of $41.14 and a twelve month high of $58.14. The company has a quick ratio of 0.28, a current ratio of 0.45 and a debt-to-equity ratio of 1.24.

Silgan (NYSE:SLGN) last issued its quarterly earnings results on Wednesday, January 29th. The industrial products company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.03. Silgan had a return on equity of 19.70% and a net margin of 4.72%. On average, research analysts forecast that Silgan Holdings Inc. will post 4.11 EPS for the current fiscal year.

Silgan Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.59%. The ex-dividend date is Monday, March 17th. This is an increase from Silgan’s previous quarterly dividend of $0.19. Silgan’s dividend payout ratio is currently 31.01%.

Analyst Ratings Changes

SLGN has been the subject of several research reports. Loop Capital upped their price objective on shares of Silgan from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, January 30th. Wells Fargo & Company increased their price target on shares of Silgan from $58.00 to $63.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Raymond James lifted their price objective on Silgan from $62.00 to $65.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Robert W. Baird raised their target price on Silgan from $60.00 to $62.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Finally, Truist Financial restated a “buy” rating and set a $70.00 price target (up from $69.00) on shares of Silgan in a research report on Thursday, January 30th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $64.22.

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.