JPMorgan Chase & Co. Upgrades Silgan (NYSE:SLGN) to Overweight

Silgan (NYSE:SLGN) was upgraded by equities research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report released on Thursday, MarketBeat.com reports. The brokerage presently has a $57.00 price objective on the industrial products company’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 3.92% from the stock’s previous close.

SLGN has been the topic of a number of other reports. Loop Capital lifted their price target on shares of Silgan from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, January 30th. Wells Fargo & Company raised their target price on Silgan from $58.00 to $63.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Truist Financial dropped their price objective on shares of Silgan from $70.00 to $62.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Bank of America lifted their price target on shares of Silgan from $60.00 to $61.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Finally, Royal Bank of Canada increased their price target on Silgan from $63.00 to $65.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $62.78.

Silgan Stock Up 4.1 %

SLGN opened at $54.85 on Thursday. The firm has a market cap of $5.87 billion, a P/E ratio of 21.26, a PEG ratio of 1.27 and a beta of 0.81. The business’s fifty day simple moving average is $50.43 and its 200 day simple moving average is $52.46. Silgan has a 52 week low of $41.14 and a 52 week high of $58.14. The company has a quick ratio of 0.28, a current ratio of 0.45 and a debt-to-equity ratio of 1.24.

Silgan (NYSE:SLGN) last announced its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.04. Silgan had a net margin of 4.72% and a return on equity of 19.70%. The company had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the previous year, the company earned $0.69 EPS. The business’s quarterly revenue was up 11.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Silgan will post 4.11 EPS for the current fiscal year.

Insider Activity

In other news, EVP Robert B. Lewis sold 20,000 shares of the stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $53.22, for a total transaction of $1,064,400.00. Following the completion of the sale, the executive vice president now owns 152,133 shares in the company, valued at approximately $8,096,518.26. This represents a 11.62 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Adam J. Greenlee sold 125,000 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $54.73, for a total transaction of $6,841,250.00. Following the sale, the chief executive officer now directly owns 227,332 shares of the company’s stock, valued at $12,441,880.36. This represents a 35.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.39% of the company’s stock.

Institutional Investors Weigh In On Silgan

Large investors have recently made changes to their positions in the company. CX Institutional bought a new position in shares of Silgan in the 1st quarter valued at approximately $42,000. UMB Bank n.a. raised its stake in shares of Silgan by 254.9% in the first quarter. UMB Bank n.a. now owns 898 shares of the industrial products company’s stock valued at $46,000 after purchasing an additional 645 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Silgan in the first quarter worth $51,000. GeoWealth Management LLC bought a new stake in shares of Silgan in the 4th quarter worth about $56,000. Finally, Bank of Jackson Hole Trust acquired a new stake in Silgan during the 4th quarter valued at $59,000. Institutional investors own 70.25% of the company’s stock.

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