Summit Global Investments Purchases Shares of 16,000 Silgan Holdings Inc. (SLGN)
Summit Global Investments purchased a new position in shares of Silgan Holdings Inc. (NASDAQ:SLGN) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 16,000 shares of the industrial products company’s stock, valued at approximately $508,000.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in SLGN. Louisiana State Employees Retirement System raised its position in shares of Silgan Holdings by 2.2% during the 1st quarter. Louisiana State Employees Retirement System now owns 9,500 shares of the industrial products company’s stock worth $564,000 after purchasing an additional 200 shares during the last quarter. ProShare Advisors LLC acquired a new position in shares of Silgan Holdings during the 1st quarter worth about $201,000. Acadian Asset Management LLC acquired a new position in shares of Silgan Holdings during the 1st quarter worth about $953,000. Oregon Public Employees Retirement Fund raised its position in shares of Silgan Holdings by 1.4% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 14,350 shares of the industrial products company’s stock worth $852,000 after purchasing an additional 200 shares during the last quarter. Finally, Great West Life Assurance Co. Can raised its position in shares of Silgan Holdings by 3.0% during the 1st quarter. Great West Life Assurance Co. Can now owns 22,898 shares of the industrial products company’s stock worth $1,358,000 after purchasing an additional 664 shares during the last quarter. Hedge funds and other institutional investors own 67.00% of the company’s stock.
Shares of Silgan Holdings Inc. (NASDAQ:SLGN) opened at 29.84 on Wednesday. Silgan Holdings Inc. has a 1-year low of $23.58 and a 1-year high of $32.50. The stock has a market cap of $3.29 billion, a PE ratio of 23.70 and a beta of 0.54. The stock has a 50 day moving average of $30.27 and a 200 day moving average of $30.62.
Silgan Holdings (NASDAQ:SLGN) last announced its earnings results on Wednesday, July 26th. The industrial products company reported $0.35 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.35. The company had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Silgan Holdings had a net margin of 3.83% and a return on equity of 31.19%. The firm’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.60 earnings per share. Equities research analysts forecast that Silgan Holdings Inc. will post $1.66 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date of this dividend is Wednesday, August 30th. Silgan Holdings’s payout ratio is currently 29.03%.
In other news, VP Anthony P. Andreacchi sold 2,192 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $30.18, for a total value of $66,154.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Robert B. Lewis sold 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $29.70, for a total transaction of $207,900.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,698 shares of company stock valued at $597,429. 33.10% of the stock is currently owned by company insiders.
SLGN has been the subject of several research analyst reports. ValuEngine upgraded shares of Silgan Holdings from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 31st. Deutsche Bank AG restated a “hold” rating and set a $30.00 price target (down previously from $60.00) on shares of Silgan Holdings in a research report on Monday, June 5th. BidaskClub downgraded shares of Silgan Holdings from a “buy” rating to a “hold” rating in a report on Tuesday, June 13th. Zacks Investment Research downgraded shares of Silgan Holdings from a “buy” rating to a “hold” rating in a report on Tuesday, June 27th. Finally, BMO Capital Markets reiterated a “buy” rating and issued a $34.00 price objective on shares of Silgan Holdings in a report on Sunday, July 9th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $31.36.
About Silgan Holdings
Silgan Holdings Inc is a holding company. The Company is a manufacturer of rigid packaging for consumer goods products. The Company operates in three business segments: metal containers, closures and plastic containers. Its metal container segment is engaged in the manufacture and sale of steel and aluminum containers for human and pet food and general line products.
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