M&T Bank Corp Grows Position in Silgan Holdings Inc. (NYSE:SLGN)

M&T Bank Corp lifted its stake in Silgan Holdings Inc. (NYSE:SLGN) by 6.9% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 18,135 shares of the industrial products company’s stock after buying an additional 1,165 shares during the quarter. M&T Bank Corp’s holdings in Silgan were worth $927,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Silgan by 5.4% in the fourth quarter. Vanguard Group Inc. now owns 8,931,526 shares of the industrial products company’s stock worth $464,886,000 after buying an additional 455,381 shares in the last quarter. FMR LLC lifted its holdings in shares of Silgan by 12.2% in the fourth quarter. FMR LLC now owns 7,046,400 shares of the industrial products company’s stock worth $366,765,000 after buying an additional 767,944 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Silgan by 12.8% in the fourth quarter. JPMorgan Chase & Co. now owns 5,795,781 shares of the industrial products company’s stock worth $301,670,000 after buying an additional 656,923 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Silgan by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,062,013 shares of the industrial products company’s stock worth $159,377,000 after buying an additional 11,836 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Silgan by 4.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,595,520 shares of the industrial products company’s stock worth $133,150,000 after buying an additional 115,878 shares in the last quarter. Hedge funds and other institutional investors own 70.25% of the company’s stock.

Silgan Trading Down 0.2%

SLGN stock opened at $54.88 on Tuesday. The company has a quick ratio of 0.67, a current ratio of 1.14 and a debt-to-equity ratio of 1.67. Silgan Holdings Inc. has a twelve month low of $44.17 and a twelve month high of $58.14. The stock has a market capitalization of $5.87 billion, a price-to-earnings ratio of 20.40, a price-to-earnings-growth ratio of 1.27 and a beta of 0.75. The firm’s fifty day simple moving average is $54.79 and its two-hundred day simple moving average is $52.75.

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 analysts’ consensus estimates of $0.78 by $0.04. Silgan had a net margin of 4.82% and a return on equity of 20.00%. The business had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the previous year, the business posted $0.69 earnings per share. The business’s revenue was up 11.4% compared to the same quarter last year. As a group, analysts anticipate that Silgan Holdings Inc. will post 4.11 earnings per share for the current year.

Silgan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date was Monday, June 2nd. Silgan’s payout ratio is presently 29.74%.

Wall Street Analyst Weigh In

SLGN has been the topic of a number of recent research reports. Raymond James Financial raised shares of Silgan from an “outperform” rating to a “strong-buy” rating and decreased their price target for the company from $65.00 to $60.00 in a research note on Tuesday, April 22nd. Truist Financial set a $67.00 price target on shares of Silgan and gave the company a “buy” rating in a research note on Friday. Bank of America reaffirmed a “neutral” rating and set a $59.00 price target (up previously from $57.00) on shares of Silgan in a research note on Wednesday, July 9th. JPMorgan Chase & Co. raised shares of Silgan from a “neutral” rating to an “overweight” rating and set a $57.00 price target on the stock in a research note on Thursday, May 1st. Finally, Citigroup upped their price target on shares of Silgan from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, May 8th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $63.44.

Insider Transactions at Silgan

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

About Silgan

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.