New Mexico Educational Retirement Board Purchases 1,900 Shares of Silgan Holdings Inc. (NYSE:SLGN)

Posted by on Oct 3rd, 2023

New Mexico Educational Retirement Board increased its stake in shares of Silgan Holdings Inc. (NYSE:SLGN – Free Report) by 12.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,100 shares of the industrial products company’s stock after purchasing an additional 1,900 shares during the period. New Mexico Educational Retirement Board’s holdings in Silgan were worth $802,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Raymond James & Associates increased its holdings in Silgan by 21.6% during the first quarter. Raymond James & Associates now owns 32,571 shares of the industrial products company’s stock valued at $1,506,000 after buying an additional 5,788 shares during the last quarter. Citigroup Inc. increased its stake in shares of Silgan by 5.4% in the first quarter. Citigroup Inc. now owns 12,553 shares of the industrial products company’s stock worth $579,000 after purchasing an additional 640 shares in the last quarter. Natixis Advisors L.P. increased its stake in shares of Silgan by 9.0% in the first quarter. Natixis Advisors L.P. now owns 27,788 shares of the industrial products company’s stock worth $1,285,000 after purchasing an additional 2,288 shares in the last quarter. Bank of Montreal Can increased its stake in shares of Silgan by 3.3% in the first quarter. Bank of Montreal Can now owns 21,702 shares of the industrial products company’s stock worth $1,009,000 after purchasing an additional 703 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Silgan in the first quarter worth $89,000. 66.24% of the stock is owned by hedge funds and other institutional investors.

Silgan Trading Down 1.3 %

Shares of SLGN opened at $42.54 on Tuesday. Silgan Holdings Inc. has a twelve month low of $41.32 and a twelve month high of $55.41. The company has a market cap of $4.68 billion, a P/E ratio of 15.03, a P/E/G ratio of 2.47 and a beta of 0.78. The company has a current ratio of 1.44, a quick ratio of 0.77 and a debt-to-equity ratio of 1.79. The company’s fifty day simple moving average is $44.13 and its 200-day simple moving average is $47.18.

Silgan (NYSE:SLGN – Get Free Report) last posted its quarterly earnings results on Wednesday, July 26th. The industrial products company reported $0.83 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.08). The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Silgan had a return on equity of 23.35% and a net margin of 5.01%. The company’s quarterly revenue was down 7.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.08 EPS. As a group, analysts expect that Silgan Holdings Inc. will post 3.49 EPS for the current year.

Silgan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend was Thursday, August 31st. Silgan’s dividend payout ratio is presently 25.44%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Robert W. Baird raised shares of Silgan from a “neutral” rating to an “outperform” rating and set a $53.00 price objective for the company in a research note on Thursday, July 27th. Raymond James dropped their target price on shares of Silgan from $55.00 to $50.00 and set an “outperform” rating for the company in a research report on Thursday, July 27th. Citigroup dropped their target price on shares of Silgan from $56.00 to $55.00 in a research report on Monday, July 10th. StockNews.com lowered shares of Silgan from a “hold” rating to a “sell” rating in a research report on Wednesday, September 27th. Finally, Bank of America lowered their price objective on shares of Silgan from $64.00 to $59.00 in a research report on Monday, July 10th. Two equities research analysts have rated the stock with a sell rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Silgan has a consensus rating of “Moderate Buy” and an average target price of $55.44.

View Our Latest Research Report on SLGN

Insider Buying and Selling

In related news, Director Joseph M. Jordan sold 2,967 shares of the firm’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $44.96, for a total value of $133,396.32. Following the transaction, the director now owns 29,437 shares of the company’s stock, valued at approximately $1,323,487.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Silgan news, Director Joseph M. Jordan sold 2,967 shares of the firm’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $44.96, for a total transaction of $133,396.32. Following the transaction, the director now owns 29,437 shares of the company’s stock, valued at approximately $1,323,487.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert B. Lewis sold 10,031 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $44.18, for a total transaction of $443,169.58. Following the transaction, the executive vice president now directly owns 219,198 shares in the company, valued at approximately $9,684,167.64. The disclosure for this sale can be found here. 13.08% of the stock is currently owned by insiders.

About Silgan

(Free Report)

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, and beauty products, as well as capping/sealing equipment and detection systems.

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Institutional Ownership by Quarter for Silgan (NYSE:SLGN)

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