Royal Bank of Canada Issues Positive Forecast for Silgan (NYSE:SLGN) Stock Price

by · The Markets Daily

Silgan (NYSE:SLGN – Get Free Report) had its price target raised by stock analysts at Royal Bank of Canada from $55.00 to $58.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “outperform” rating on the industrial products company’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 10.39% from the company’s previous close.

A number of other analysts have also recently commented on the stock. Wells Fargo & Company upped their price target on shares of Silgan from $54.00 to $58.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. StockNews.com downgraded Silgan from a “buy” rating to a “hold” rating in a research report on Wednesday, October 9th. Truist Financial reissued a “buy” rating and issued a $59.00 price target (up from $56.00) on shares of Silgan in a research note on Thursday, August 1st. Citigroup upped their price target on shares of Silgan from $50.00 to $60.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, JPMorgan Chase & Co. upgraded shares of Silgan from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $46.00 to $53.00 in a research note on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.43.

Get Our Latest Stock Analysis on Silgan

Silgan Stock Performance

SLGN stock traded up $0.80 on Friday, reaching $52.54. 521,135 shares of the company were exchanged, compared to its average volume of 560,407. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.52 and a quick ratio of 0.64. The stock’s fifty day moving average price is $51.22 and its 200 day moving average price is $48.05. Silgan has a 12 month low of $40.01 and a 12 month high of $52.84. The firm has a market capitalization of $5.61 billion, a PE ratio of 18.94, a PEG ratio of 1.26 and a beta of 0.67.

Silgan (NYSE:SLGN – Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $1.21 earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.02). The firm had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.82 billion. Silgan had a net margin of 5.11% and a return on equity of 18.76%. The business’s revenue was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.16 earnings per share. On average, research analysts anticipate that Silgan will post 3.65 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Daiwa Securities Group Inc. lifted its position in shares of Silgan by 0.5% during the 2nd quarter. Daiwa Securities Group Inc. now owns 40,071 shares of the industrial products company’s stock worth $1,696,000 after buying an additional 218 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Silgan by 5.1% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 5,156 shares of the industrial products company’s stock worth $218,000 after purchasing an additional 250 shares during the period. Vanguard Personalized Indexing Management LLC increased its stake in Silgan by 2.6% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 10,707 shares of the industrial products company’s stock valued at $453,000 after purchasing an additional 267 shares in the last quarter. Retirement Systems of Alabama increased its holdings in Silgan by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 101,639 shares of the industrial products company’s stock valued at $4,936,000 after acquiring an additional 268 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in Silgan by 1.1% during the 2nd quarter. AQR Capital Management LLC now owns 37,660 shares of the industrial products company’s stock valued at $1,594,000 after buying an additional 421 shares during the last quarter. 70.25% of the stock is currently owned by hedge funds and other institutional investors.

Silgan Company Profile

(Get 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, beauty products, and hard surface cleaning products, as well as capping/sealing equipment and detection systems.

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