Raymond James & Associates Sells 9,468 Shares of Silgan Holdings Inc. (NYSE:SLGN)

Posted by Defense World Staff on Oct 30th, 2023

Raymond James & Associates decreased its stake in shares of Silgan Holdings Inc. (NYSE:SLGN – Free Report) by 16.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 47,258 shares of the industrial products company’s stock after selling 9,468 shares during the period. Raymond James & Associates’ holdings in Silgan were worth $2,216,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in SLGN. Citigroup Inc. increased 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 acquiring an additional 640 shares in the last quarter. Natixis Advisors L.P. grew its position in Silgan by 9.0% in the first quarter. Natixis Advisors L.P. now owns 27,788 shares of the industrial products company’s stock valued at $1,285,000 after purchasing an additional 2,288 shares in the last quarter. Bank of Montreal Can grew its position in Silgan by 3.3% in the first quarter. Bank of Montreal Can now owns 21,702 shares of the industrial products company’s stock valued at $1,009,000 after purchasing an additional 703 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Silgan in the first quarter valued at $89,000. Finally, MetLife Investment Management LLC grew its position in Silgan by 33.4% in the first quarter. MetLife Investment Management LLC now owns 54,263 shares of the industrial products company’s stock valued at $2,509,000 after purchasing an additional 13,599 shares in the last quarter. Institutional investors own 66.24% of the company’s stock.

Silgan Stock Performance

NYSE SLGN opened at $39.43 on Monday. The firm has a 50-day moving average of $42.79 and a 200-day moving average of $45.63. The company has a debt-to-equity ratio of 1.79, a quick ratio of 0.77 and a current ratio of 0.51. The stock has a market cap of $4.34 billion, a PE ratio of 15.17, a P/E/G ratio of 2.36 and a beta of 0.78. Silgan Holdings Inc. has a 52-week low of $38.11 and a 52-week high of $55.41.

Silgan (NYSE:SLGN – Get Free Report) last posted its earnings results on Wednesday, October 25th. The industrial products company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.02. The company had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.95 billion. Silgan had a net margin of 4.69% and a return on equity of 22.21%. Silgan’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.27 EPS. On average, sell-side analysts anticipate that Silgan Holdings Inc. will post 3.35 EPS for the current year.

Silgan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.83%. The ex-dividend date of this dividend was Thursday, August 31st. Silgan’s dividend payout ratio (DPR) is 27.69%.

Insiders Place Their Bets

In other Silgan news, Director Joseph M. Jordan sold 2,967 shares of Silgan 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 completion of the sale, the director now owns 29,437 shares in the company, valued at approximately $1,323,487.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Silgan news, 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 value of $443,169.58. Following the transaction, the executive vice president now directly owns 219,198 shares of the company’s stock, valued at approximately $9,684,167.64. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 completion of the transaction, the director now directly owns 29,437 shares in the company, valued at $1,323,487.52. The disclosure for this sale can be found here. Corporate insiders own 13.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SLGN. Wells Fargo & Company decreased their target price on shares of Silgan from $48.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday. Citigroup decreased their target price on shares of Silgan from $50.00 to $48.00 in a research report on Tuesday, October 10th. Robert W. Baird raised shares of Silgan from a “neutral” rating to an “outperform” rating and set a $53.00 target price for the company in a research report on Thursday, July 27th. StockNews.com cut shares of Silgan from a “hold” rating to a “sell” rating in a research note on Tuesday, October 24th. Finally, Truist Financial cut their price target on shares of Silgan from $56.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday. Two research analysts have rated the stock with a sell rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $51.00.

Read Our Latest Stock Analysis on SLGN

Silgan Company Profile

(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.