Silgan Holdings Inc. (NYSE:SLGN) Stake Lessened by New York State Teachers Retirement System

New York State Teachers Retirement System reduced its position in Silgan Holdings Inc. (NYSE:SLGN) by 2.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 104,039 shares of the industrial products company’s stock after selling 2,300 shares during the period. New York State Teachers Retirement System owned about 0.10% of Silgan worth $5,318,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its holdings in Silgan by 4.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,595,520 shares of the industrial products company’s stock valued at $133,150,000 after acquiring an additional 115,878 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in Silgan during the 1st quarter worth about $51,000. GHP Investment Advisors Inc. increased its stake in shares of Silgan by 0.8% in the 1st quarter. GHP Investment Advisors Inc. now owns 123,252 shares of the industrial products company’s stock valued at $6,301,000 after acquiring an additional 1,009 shares during the last quarter. Ausbil Investment Management Ltd raised its position in shares of Silgan by 56.5% during the first quarter. Ausbil Investment Management Ltd now owns 19,689 shares of the industrial products company’s stock worth $1,007,000 after purchasing an additional 7,110 shares during the period. Finally, Continuum Advisory LLC lifted its position in Silgan by 2,754.3% in the 1st quarter. Continuum Advisory LLC now owns 1,313 shares of the industrial products company’s stock valued at $67,000 after acquiring an additional 1,267 shares in the last quarter. Hedge funds and other institutional investors own 70.25% of the company’s stock.

Insider Activity at Silgan

In other Silgan news, VP B Frederik Prinzen sold 2,378 shares of the firm’s stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $54.05, for a total transaction of $128,530.90. Following the sale, the vice president directly owned 1,380 shares of the company’s stock, valued at $74,589. This trade represents a 63.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Robert B. Lewis sold 10,000 shares of Silgan stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $55.92, for a total value of $559,200.00. Following the completion of the sale, the executive vice president directly owned 153,378 shares in the company, valued at $8,576,897.76. This trade represents a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.13% of the stock is currently owned by company insiders.

Silgan Price Performance

Shares of Silgan stock opened at $56.67 on Friday. The business’s 50-day moving average price is $54.48 and its 200-day moving average price is $52.64. Silgan Holdings Inc. has a 12 month low of $41.85 and a 12 month high of $58.14. The firm has a market capitalization of $6.06 billion, a PE ratio of 21.07, a price-to-earnings-growth ratio of 1.27 and a beta of 0.75. The company has a current ratio of 1.14, a quick ratio of 0.67 and a debt-to-equity ratio of 1.67.

Silgan (NYSE:SLGN) last posted its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.04. Silgan had a return on equity of 20.00% and a net margin of 4.82%. The business had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the previous year, the firm posted $0.69 EPS. The business’s revenue was up 11.4% on a year-over-year basis. Sell-side analysts forecast that Silgan Holdings Inc. will post 4.11 EPS for the current fiscal year.

Silgan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date of this dividend was Monday, June 2nd. Silgan’s dividend payout ratio is 29.74%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised shares of Silgan from a “neutral” rating to an “overweight” rating and set a $57.00 target price on the stock in a report on Thursday, May 1st. Truist Financial decreased their price target on shares of Silgan from $70.00 to $62.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Citigroup upped their price target on Silgan from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, May 8th. Finally, Raymond James Financial upgraded Silgan from an “outperform” rating to a “strong-buy” rating and cut their price target for the stock from $65.00 to $60.00 in a report on Tuesday, April 22nd. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $63.11.

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