Sawgrass Asset Management LLC Takes $241,000 Position in Silgan Holdings Inc. (SLGN)
Sawgrass Asset Management LLC bought a new position in Silgan Holdings Inc. (NASDAQ:SLGN) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 7,575 shares of the industrial products company’s stock, valued at approximately $241,000.
A number of other hedge funds have also recently modified their holdings of the stock. Quantbot Technologies LP bought a new position in Silgan Holdings in the second quarter worth $325,000. M&T Bank Corp lifted its position in Silgan Holdings by 104.1% in the second quarter. M&T Bank Corp now owns 17,538 shares of the industrial products company’s stock worth $557,000 after purchasing an additional 8,944 shares during the period. California Public Employees Retirement System lifted its position in Silgan Holdings by 75.1% in the second quarter. California Public Employees Retirement System now owns 36,600 shares of the industrial products company’s stock worth $1,163,000 after purchasing an additional 15,700 shares during the period. FMR LLC lifted its position in Silgan Holdings by 98.3% in the second quarter. FMR LLC now owns 13,086,272 shares of the industrial products company’s stock worth $415,881,000 after purchasing an additional 6,485,884 shares during the period. Finally, Vanguard Group Inc. lifted its position in Silgan Holdings by 92.5% in the second quarter. Vanguard Group Inc. now owns 7,542,961 shares of the industrial products company’s stock worth $239,715,000 after purchasing an additional 3,624,183 shares during the period. 67.00% of the stock is owned by hedge funds and other institutional investors.
In other news, VP Anthony P. Andreacchi sold 2,192 shares of the company’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $30.18, for a total transaction of $66,154.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Thomas James Snyder sold 10,506 shares of the company’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $30.78, for a total value of $323,374.68. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,698 shares of company stock valued at $597,429. Corporate insiders own 33.10% of the company’s stock.
SLGN has been the subject of a number of analyst reports. BMO Capital Markets reissued a “buy” rating and set a $34.00 price objective on shares of Silgan Holdings in a report on Sunday, July 9th. KeyCorp reissued a “hold” rating on shares of Silgan Holdings in a report on Friday, August 25th. Zacks Investment Research cut Silgan Holdings from a “buy” rating to a “hold” rating in a report on Tuesday, June 27th. BidaskClub cut Silgan Holdings from a “buy” rating to a “hold” rating in a report on Tuesday, June 13th. Finally, Deutsche Bank AG reissued a “hold” rating and set a $30.00 price objective (down from $60.00) on shares of Silgan Holdings in a report on Monday, June 5th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company’s stock. Silgan Holdings has a consensus rating of “Hold” and an average price target of $32.33.
Silgan Holdings Inc. (SLGN) opened at 29.00 on Friday. The company has a market capitalization of $3.19 billion, a PE ratio of 22.75 and a beta of 0.54. Silgan Holdings Inc. has a one year low of $23.58 and a one year high of $32.50. The firm’s 50 day moving average price is $29.98 and its 200-day moving average price is $30.60.
Silgan Holdings (NASDAQ:SLGN) last released its earnings results on Wednesday, July 26th. The industrial products company reported $0.35 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.35. The firm had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.03 billion. Silgan Holdings had a return on equity of 31.19% and a net margin of 3.83%. The company’s revenue was up 16.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.60 EPS. Equities analysts forecast that Silgan Holdings Inc. will post $1.66 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were given a dividend of $0.09 per share. The ex-dividend date was Wednesday, August 30th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.24%. Silgan Holdings’s payout ratio is 29.03%.
Silgan Holdings Profile
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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