Exchange Traded Concepts LLC lessened its stake in shares of Silgan Holdings Inc. (NYSE:SLGN – Free Report) by 3.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,481 shares of the industrial products company’s stock after selling 378 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Silgan were worth $538,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of SLGN. Raymond James & Associates lifted its position in shares of Silgan by 21.6% during the first quarter. Raymond James & Associates now owns 32,571 shares of the industrial products company’s stock worth $1,506,000 after purchasing an additional 5,788 shares in the last quarter. Citigroup Inc. lifted its position in shares of Silgan by 5.4% during 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. lifted 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 acquiring an additional 2,288 shares in the last quarter. Bank of Montreal Can lifted 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 acquiring an additional 703 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Silgan in the first quarter worth about $89,000. Institutional investors and hedge funds own 66.24% of the company’s stock.
Analyst Ratings Changes
SLGN has been the topic of several recent analyst reports. StockNews.com upgraded Silgan from a “sell” rating to a “hold” rating in a research note on Wednesday. Robert W. Baird raised shares of Silgan from a “neutral” rating to an “outperform” rating and set a $53.00 price target on the stock in a report on Thursday, July 27th. Citigroup cut their price target on shares of Silgan from $56.00 to $55.00 in a report on Monday, July 10th. Bank of America cut their price target on shares of Silgan from $64.00 to $59.00 in a report on Monday, July 10th. Finally, Raymond James cut their price objective on Silgan from $55.00 to $50.00 and set an “outperform” rating on the stock in a research note on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.44.
Insider Buying and Selling
In related news, Director Joseph M. Jordan sold 2,967 shares of Silgan stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $44.96, for a total transaction of $133,396.32. Following the transaction, the director now directly owns 29,437 shares of the company’s stock, valued at $1,323,487.52. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Silgan news, Director Joseph M. Jordan sold 2,967 shares of Silgan stock in a transaction that occurred on 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 in the company, valued at $1,323,487.52. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Robert B. Lewis sold 10,031 shares of Silgan stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $44.18, for a total transaction of $443,169.58. Following the completion of the transaction, the executive vice president now 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 owned by corporate insiders.
Silgan Price Performance
NYSE SLGN opened at $41.15 on Friday. The firm has a market capitalization of $4.52 billion, a PE ratio of 14.54, a P/E/G ratio of 2.44 and a beta of 0.78. The company has a debt-to-equity ratio of 1.79, a current ratio of 1.44 and a quick ratio of 0.77. Silgan Holdings Inc. has a 12 month low of $40.59 and a 12 month high of $55.41. The company’s 50 day simple moving average is $43.90 and its 200 day simple moving average is $46.91.
Silgan (NYSE:SLGN – Get Free Report) last posted its quarterly earnings data on Wednesday, July 26th. The industrial products company reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.08). The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.54 billion. Silgan had a return on equity of 23.35% and a net margin of 5.01%. The firm’s quarterly revenue was down 7.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.08 EPS. As a group, equities research analysts forecast that Silgan Holdings Inc. will post 3.49 EPS for the current fiscal year.
Silgan Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date was Thursday, August 31st. Silgan’s payout ratio is currently 25.44%.
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, and beauty products, as well as capping/sealing equipment and detection systems.
Read More
- Five stocks we like better than Silgan
- The Role Economic Reports Play in a Successful Investment Strategy
- Levi Strauss: A Bottom is in for Steady, Stable Dividend Payer
- With Risk Tolerance, One Size Does Not Fit All
- Starbucks Is About To Become A Value Play You Can’t Miss
- Stock Dividend Cuts Happen Are You Ready?
- Intel to Unlock Value By Spinning Off Programmable Chip Unit
Want to see what other hedge funds are holding SLGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Silgan Holdings Inc. (NYSE:SLGN – Free Report).
Receive News & Ratings for Silgan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Silgan and related companies with MarketBeat.com's FREE daily email newsletter.
