Silgan Holdings Inc. (NYSE:SLGN) Stake Reduced by Bank of Nova Scotia

Bank of Nova Scotia lowered its position in shares of Silgan Holdings Inc. (NYSE:SLGN) by 14.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 6,433 shares of the industrial products company’s stock after selling 1,084 shares during the period. Bank of Nova Scotia’s holdings in Silgan were worth $335,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. Oddo BHF Asset Management Sas acquired a new position in shares of Silgan during the third quarter worth approximately $2,975,000. Ritholtz Wealth Management bought a new stake in shares of Silgan during the fourth quarter valued at about $620,000. Assenagon Asset Management S.A. bought a new position in Silgan in the 4th quarter valued at about $1,142,000. Geode Capital Management LLC increased its stake in Silgan by 11.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,495,033 shares of the industrial products company’s stock valued at $78,509,000 after buying an additional 157,160 shares during the period. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Silgan in the 4th quarter worth approximately $2,563,000. Institutional investors and hedge funds own 70.25% of the company’s stock.

Silgan Stock Down 1.0 %

SLGN stock opened at $49.05 on Wednesday. Silgan Holdings Inc. has a 12-month low of $41.14 and a 12-month high of $58.14. The company has a quick ratio of 0.28, a current ratio of 0.45 and a debt-to-equity ratio of 1.24. The company has a market cap of $5.24 billion, a price-to-earnings ratio of 19.01, a PEG ratio of 1.27 and a beta of 0.81. The company has a 50 day moving average of $51.17 and a two-hundred day moving average of $52.49.

Silgan (NYSE:SLGN) last posted its earnings results on Wednesday, January 29th. The industrial products company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.82 by $0.03. Silgan had a net margin of 4.72% and a return on equity of 19.70%. On average, equities analysts anticipate that Silgan Holdings Inc. will post 4.11 earnings per share for the current fiscal year.

Silgan Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a dividend of $0.20 per share. This is an increase from Silgan’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a dividend yield of 1.63%. The ex-dividend date was Monday, March 17th. Silgan’s dividend payout ratio is currently 31.01%.

Insider Buying and Selling at Silgan

In related news, EVP Robert B. Lewis sold 20,000 shares of the business’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $53.22, for a total transaction of $1,064,400.00. Following the transaction, the executive vice president now owns 152,133 shares of the company’s stock, valued at approximately $8,096,518.26. The trade was a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Adam J. Greenlee sold 125,000 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $54.73, for a total transaction of $6,841,250.00. Following the completion of the sale, the chief executive officer now directly owns 227,332 shares of the company’s stock, valued at approximately $12,441,880.36. This trade represents a 35.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Wells Fargo & Company boosted their target price on Silgan from $58.00 to $63.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Truist Financial reissued a “buy” rating and issued a $70.00 price target (up from $69.00) on shares of Silgan in a report on Thursday, January 30th. Raymond James boosted their target price on shares of Silgan from $62.00 to $65.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Royal Bank of Canada increased their price objective on Silgan from $63.00 to $65.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Finally, Loop Capital boosted their target price on Silgan from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $64.22.

Silgan Profile

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.