Silgan (SLGN) Upgraded to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Silgan (NASDAQ:SLGN) from a sell rating to a hold rating in a research note issued to investors on Tuesday morning.
According to Zacks, “Silgan is poised to gain from opportunities in the health care market and its focus on improving operational footprint in the legacy closures business. Further, the Dispensing Systems acquisition will help boost its scope in the closure business. Silgan has outperformed the industry in the past year. However, the company expects that higher anticipated resin cost in the fourth quarter due to recent hurricanes will hurt results. In addition, increase in debt and unfavorable foreign currency translation will also likely hurt the company’s performance.”
A number of other analysts also recently commented on the company. KeyCorp reaffirmed a hold rating on shares of Silgan in a research report on Sunday, October 29th. Robert W. Baird reissued a hold rating and issued a $32.00 target price on shares of Silgan in a research report on Friday, October 27th. BMO Capital Markets reissued a buy rating and issued a $34.00 target price on shares of Silgan in a research report on Monday, September 18th. Royal Bank of Canada initiated coverage on Silgan in a research report on Monday, October 9th. They issued a sector perform rating and a $30.00 target price for the company. Finally, ValuEngine downgraded Silgan from a buy rating to a hold rating in a research report on Friday, September 1st. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $30.75.
Silgan (SLGN) traded down $0.01 during mid-day trading on Tuesday, hitting $28.79. The stock had a trading volume of 393,500 shares, compared to its average volume of 547,226. The company has a quick ratio of 0.73, a current ratio of 1.26 and a debt-to-equity ratio of 3.96. The company has a market capitalization of $3,178.74, a price-to-earnings ratio of 18.46, a PEG ratio of 1.75 and a beta of 0.52. Silgan has a 52 week low of $25.16 and a 52 week high of $32.50.
Silgan (NASDAQ:SLGN) last issued its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $0.66 EPS for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.03). The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Silgan had a net margin of 3.77% and a return on equity of 32.87%. The business’s revenue was up 11.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.61 earnings per share. research analysts expect that Silgan will post 1.64 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.25%. The ex-dividend date of this dividend is Thursday, November 30th. Silgan’s dividend payout ratio is 27.38%.
In related news, Director William C. Jennings sold 25,642 shares of Silgan stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $28.38, for a total transaction of $727,719.96. Following the completion of the sale, the director now owns 42,180 shares of the company’s stock, valued at $1,197,068.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 33.10% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the stock. Bank of Montreal Can lifted its stake in Silgan by 89.3% during the second quarter. Bank of Montreal Can now owns 3,916 shares of the industrial products company’s stock worth $124,000 after purchasing an additional 1,847 shares during the last quarter. Victory Capital Management Inc. bought a new stake in Silgan during the second quarter worth about $140,000. Pacad Investment Ltd. lifted its stake in Silgan by 15.6% during the second quarter. Pacad Investment Ltd. now owns 5,200 shares of the industrial products company’s stock worth $165,000 after purchasing an additional 700 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in Silgan during the third quarter worth about $167,000. Finally, US Bancorp DE lifted its stake in Silgan by 100.0% during the second quarter. US Bancorp DE now owns 6,762 shares of the industrial products company’s stock worth $215,000 after purchasing an additional 3,381 shares during the last quarter. 67.69% of the stock is owned by institutional investors.
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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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