Silgan (NYSE:SLGN) Given New $58.00 Price Target at Royal Bank of Canada

Silgan (NYSE:SLGN) had its target price increased by Royal Bank of Canada from $55.00 to $58.00 in a research note published on Friday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the industrial products company’s stock.

A number of other equities analysts have also weighed in on the stock. StockNews.com lowered shares of Silgan from a “buy” rating to a “hold” rating in a report on Wednesday, October 9th. Wells Fargo & Company boosted their price objective on shares of Silgan from $54.00 to $58.00 and gave the stock an “overweight” rating in a report on Thursday, August 1st. Robert W. Baird boosted their price objective on shares of Silgan from $53.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Citigroup lifted their target price on shares of Silgan from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. raised shares of Silgan from an “underweight” rating to a “neutral” rating and lifted their target price for the stock from $46.00 to $53.00 in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $57.43.

Silgan Trading Up 1.7 %

Shares of NYSE SLGN traded up $0.90 during trading hours on Friday, hitting $52.64. The company’s stock had a trading volume of 892,882 shares, compared to its average volume of 428,856. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.64 and a current ratio of 0.52. The stock has a market cap of $5.62 billion, a price-to-earnings ratio of 19.05, a P/E/G ratio of 1.26 and a beta of 0.67. Silgan has a 12 month low of $40.01 and a 12 month high of $52.84. The business has a 50-day simple moving average of $51.26 and a 200-day simple moving average of $48.11.

Silgan (NYSE:SLGN) last posted its earnings results on Wednesday, October 30th. The industrial products company reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.02). The business had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.82 billion. Silgan had a return on equity of 18.76% and a net margin of 5.11%. The firm’s revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.16 earnings per share. On average, analysts anticipate that Silgan will post 3.6 earnings per share for the current fiscal year.

Silgan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd were issued a dividend of $0.19 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.76 annualized dividend and a yield of 1.44%. Silgan’s payout ratio is 27.54%.

Insider Activity at Silgan

In other Silgan news, VP Stacey J. Mcgrath sold 1,600 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $49.04, for a total value of $78,464.00. Following the transaction, the vice president now directly owns 11,495 shares in the company, valued at $563,714.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.39% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Silgan

A number of hedge funds and other institutional investors have recently bought and sold shares of SLGN. Blue Trust Inc. raised its holdings in shares of Silgan by 256.6% during the second quarter. Blue Trust Inc. now owns 592 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 426 shares during the last quarter. Versant Capital Management Inc raised its holdings in shares of Silgan by 2,838.5% during the second quarter. Versant Capital Management Inc now owns 1,146 shares of the industrial products company’s stock worth $49,000 after purchasing an additional 1,107 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Silgan by 109.9% during the second quarter. GAMMA Investing LLC now owns 1,171 shares of the industrial products company’s stock worth $50,000 after purchasing an additional 613 shares during the last quarter. Covestor Ltd raised its holdings in shares of Silgan by 69.7% during the first quarter. Covestor Ltd now owns 1,125 shares of the industrial products company’s stock worth $55,000 after purchasing an additional 462 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in shares of Silgan during the second quarter worth $70,000. Hedge funds and other institutional investors own 70.25% of the company’s stock.

About Silgan

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.