Silgan (NYSE:SLGN) Reaches New 52-Week High – Still a Buy?

Silgan Holdings Inc. (NYSE:SLGN) hit a new 52-week high on Wednesday . The stock traded as high as $57.86 and last traded at $57.82, with a volume of 8299 shares traded. The stock had previously closed at $57.17.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SLGN. Truist Financial reaffirmed a “buy” rating and issued a $59.00 price target (up from $56.00) on shares of Silgan in a report on Thursday, August 1st. Royal Bank of Canada increased their target price on shares of Silgan from $55.00 to $58.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. StockNews.com lowered shares of Silgan from a “buy” rating to a “hold” rating in a research note on Wednesday, October 9th. Wells Fargo & Company upped their price objective on shares of Silgan from $54.00 to $58.00 and gave the company an “overweight” rating in a research note on Thursday, August 1st. Finally, Robert W. Baird lifted their target price on Silgan from $53.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $57.43.

Silgan Price Performance

The company has a 50-day moving average of $52.64 and a 200-day moving average of $49.12. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.75 and a current ratio of 1.09. The stock has a market cap of $6.14 billion, a price-to-earnings ratio of 20.82, a PEG ratio of 1.50 and a beta of 0.67.

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

Silgan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a dividend of $0.19 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.76 annualized dividend and a yield of 1.32%. Silgan’s dividend payout ratio is currently 27.54%.

Institutional Investors Weigh In On Silgan

A number of institutional investors have recently added to or reduced their stakes in the business. FMR LLC raised its stake in shares of Silgan by 87.7% during the 3rd quarter. FMR LLC now owns 6,278,456 shares of the industrial products company’s stock worth $329,619,000 after buying an additional 2,932,680 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Silgan by 7.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,962,414 shares of the industrial products company’s stock worth $125,404,000 after acquiring an additional 204,384 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Silgan by 1.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 2,610,421 shares of the industrial products company’s stock valued at $137,047,000 after acquiring an additional 29,565 shares during the period. State Street Corp grew its stake in shares of Silgan by 0.6% during the 3rd quarter. State Street Corp now owns 2,497,683 shares of the industrial products company’s stock worth $131,128,000 after purchasing an additional 14,109 shares during the period. Finally, Boston Trust Walden Corp increased its holdings in shares of Silgan by 20.6% in the 2nd quarter. Boston Trust Walden Corp now owns 1,884,609 shares of the industrial products company’s stock valued at $79,776,000 after purchasing an additional 322,511 shares in the last quarter. Hedge funds and other institutional investors own 70.25% of the company’s stock.

About Silgan

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.