Principal Financial Group Inc. Grows Stock Position in Silgan Holdings Inc. (NYSE:SLGN)

Principal Financial Group Inc. raised its position in Silgan Holdings Inc. (NYSE:SLGN) by 0.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 186,827 shares of the industrial products company’s stock after purchasing an additional 648 shares during the quarter. Principal Financial Group Inc. owned 0.17% of Silgan worth $9,551,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Atria Investments Inc grew its holdings in shares of Silgan by 9.2% during the 4th quarter. Atria Investments Inc now owns 5,067 shares of the industrial products company’s stock worth $264,000 after purchasing an additional 427 shares during the period. Proficio Capital Partners LLC acquired a new position in Silgan during the 4th quarter worth approximately $873,000. Raymond James Financial Inc. acquired a new position in Silgan during the 4th quarter worth approximately $11,419,000. Swiss National Bank lifted its position in Silgan by 0.7% during the 4th quarter. Swiss National Bank now owns 168,000 shares of the industrial products company’s stock worth $8,744,000 after acquiring an additional 1,200 shares in the last quarter. Finally, Vestcor Inc acquired a new position in Silgan during the 4th quarter worth approximately $429,000. 70.25% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Silgan

In other news, EVP Robert B. Lewis sold 10,000 shares of the stock in a transaction on 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 transaction, the executive vice president owned 153,378 shares of the company’s stock, valued at approximately $8,576,897.76. This represents a 6.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP B Frederik Prinzen sold 2,378 shares of the firm’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 of the company’s stock, valued at $74,589. This represents a 63.28% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.13% of the company’s stock.

Analysts Set New Price Targets

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

Silgan Stock Performance

SLGN stock opened at $54.88 on Tuesday. The company has a current ratio of 1.14, a quick ratio of 0.67 and a debt-to-equity ratio of 1.67. The firm has a market cap of $5.87 billion, a P/E ratio of 20.40, a P/E/G ratio of 1.27 and a beta of 0.75. Silgan Holdings Inc. has a 12-month low of $44.17 and a 12-month high of $58.14. The stock’s 50 day simple moving average is $54.79 and its 200 day simple moving average is $52.75.

Silgan (NYSE:SLGN) last issued its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $0.82 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.04. The firm had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.48 billion. Silgan had a return on equity of 20.00% and a net margin of 4.82%. The firm’s revenue was up 11.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.69 EPS. As a group, equities research analysts predict that Silgan Holdings Inc. will post 4.11 EPS for the current year.

Silgan Announces Dividend

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

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.