Shoker Investment Counsel Inc. Has $451,000 Stake in Silgan Holdings Inc. (SLGN)
Shoker Investment Counsel Inc. lowered its stake in shares of Silgan Holdings Inc. (NASDAQ:SLGN) by 23.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,233 shares of the industrial products company’s stock after selling 5,000 shares during the period. Shoker Investment Counsel Inc.’s holdings in Silgan were worth $451,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. American International Group Inc. boosted its stake in Silgan by 5.5% in the third quarter. American International Group Inc. now owns 157,561 shares of the industrial products company’s stock valued at $4,380,000 after buying an additional 8,216 shares in the last quarter. BlackRock Inc. boosted its stake in Silgan by 4.2% in the third quarter. BlackRock Inc. now owns 6,814,304 shares of the industrial products company’s stock valued at $189,436,000 after buying an additional 276,073 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Silgan by 3.2% in the third quarter. Bank of New York Mellon Corp now owns 1,175,819 shares of the industrial products company’s stock valued at $32,687,000 after buying an additional 35,925 shares in the last quarter. Commonwealth Bank of Australia acquired a new stake in Silgan in the third quarter valued at about $330,000. Finally, JPMorgan Chase & Co. boosted its stake in Silgan by 3.1% in the third quarter. JPMorgan Chase & Co. now owns 7,871,521 shares of the industrial products company’s stock valued at $218,829,000 after buying an additional 235,700 shares in the last quarter. Institutional investors own 66.01% of the company’s stock.
In related news, Director William T. Donovan acquired 5,000 shares of the stock in a transaction dated Monday, October 29th. The stock was bought at an average cost of $23.75 per share, for a total transaction of $118,750.00. Following the completion of the transaction, the director now directly owns 8,235 shares of the company’s stock, valued at $195,581.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John W. Alden sold 6,000 shares of the firm’s stock in a transaction dated Thursday, August 30th. The stock was sold at an average price of $27.24, for a total value of $163,440.00. Following the transaction, the director now owns 65,655 shares of the company’s stock, valued at $1,788,442.20. The disclosure for this sale can be found here. Insiders sold 62,300 shares of company stock valued at $1,542,609 over the last quarter. Corporate insiders own 30.32% of the company’s stock.
Silgan (NASDAQ:SLGN) last posted its earnings results on Wednesday, October 24th. The industrial products company reported $0.76 EPS for the quarter, meeting the consensus estimate of $0.76. The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. Silgan had a return on equity of 26.91% and a net margin of 7.59%. The business’s quarterly revenue was up 3.2% on a year-over-year basis. During the same period last year, the company earned $0.66 earnings per share. On average, research analysts anticipate that Silgan Holdings Inc. will post 2.05 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 3rd will be given a $0.10 dividend. The ex-dividend date of this dividend is Friday, November 30th. This represents a $0.40 annualized dividend and a yield of 1.60%. Silgan’s dividend payout ratio is presently 24.24%.
Several analysts recently weighed in on the company. BidaskClub raised Silgan from a “sell” rating to a “hold” rating in a research note on Tuesday, July 31st. TheStreet lowered Silgan from a “b-” rating to a “c+” rating in a research note on Wednesday, November 14th. Barclays reduced their price objective on Silgan from $35.00 to $33.00 and set an “overweight” rating on the stock in a research note on Monday, October 29th. ValuEngine lowered Silgan from a “sell” rating to a “strong sell” rating in a research note on Thursday, November 1st. Finally, Royal Bank of Canada dropped their target price on Silgan to $25.00 and set a “sector perform” rating for the company in a research report on Monday, October 29th. Six equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. Silgan has a consensus rating of “Hold” and an average price target of $29.33.
Silgan Holdings Inc, together with its subsidiaries, manufactures and sells rigid packaging for consumer goods products worldwide. It operates through three segments: Metal Containers, Closures, and Plastic Containers. The Metal Containers segment manufactures and sells steel and aluminum containers for food products, such as soups, vegetables, fruit, meat, tomato based products, seafood, coffee, adult nutritional drinks, pet food, and other miscellaneous food products, as well as general line metal containers primarily for chemicals.
Further Reading: Reverse Stock Split
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