Silgan (NYSE:SLGN) Given a $64.00 Price Target by Raymond James Financial Analysts

Silgan (NYSE:SLGN) has been given a $64.00 price objective by Raymond James Financial in a research note issued on Tuesday, Marketbeat reports. The firm currently has a “strong-buy” rating on the industrial products company’s stock. Raymond James Financial’s price objective would suggest a potential upside of 16.73% from the stock’s current price.

A number of other research analysts also recently weighed in on SLGN. Bank of America restated a “neutral” rating and set a $59.00 price objective (up previously from $57.00) on shares of Silgan in a research report on Wednesday, July 9th. JPMorgan Chase & Co. upgraded shares of Silgan from a “neutral” rating to an “overweight” rating and set a $57.00 price objective on the stock in a research report on Thursday, May 1st. Truist Financial set a $67.00 price target on shares of Silgan and gave the stock a “buy” rating in a research report on Friday, July 11th. Finally, Citigroup increased their price target on shares of Silgan from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, May 8th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Silgan presently has an average rating of “Moderate Buy” and a consensus target price of $63.89.

Silgan Stock Up 1.4%

Shares of Silgan stock opened at $54.83 on Tuesday. The company has a market cap of $5.87 billion, a price-to-earnings ratio of 20.38, a price-to-earnings-growth ratio of 1.25 and a beta of 0.75. The company’s 50 day moving average is $54.82 and its 200 day moving average is $52.79. Silgan has a twelve month low of $44.37 and a twelve month high of $58.14. 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 (NYSE:SLGN) last issued 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. The company had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.48 billion. Silgan had a net margin of 4.82% and a return on equity of 20.00%. The firm’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.69 earnings per share. Research analysts anticipate that Silgan will post 4.11 EPS for the current year.

Insider Buying and Selling at Silgan

In other news, EVP Robert B. Lewis sold 10,000 shares of the firm’s stock in a transaction on Monday, May 19th. The shares were sold at an average price of $55.92, for a total transaction of $559,200.00. Following 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP B Frederik Prinzen sold 2,378 shares of the firm’s stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $54.05, for a total transaction of $128,530.90. Following the sale, the vice president owned 1,380 shares in the company, valued at $74,589. The trade was a 63.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.13% of the stock is owned by company insiders.

Hedge Funds Weigh In On Silgan

Several institutional investors have recently bought and sold shares of SLGN. Millennium Management LLC grew its stake in Silgan by 764.7% during the fourth quarter. Millennium Management LLC now owns 1,012,644 shares of the industrial products company’s stock valued at $52,708,000 after acquiring an additional 895,528 shares in the last quarter. FMR LLC grew its stake in Silgan by 12.2% during the fourth quarter. FMR LLC now owns 7,046,400 shares of the industrial products company’s stock valued at $366,765,000 after acquiring an additional 767,944 shares in the last quarter. Norges Bank purchased a new position in Silgan during the fourth quarter valued at $38,680,000. JPMorgan Chase & Co. grew its stake in Silgan by 12.8% during the fourth quarter. JPMorgan Chase & Co. now owns 5,795,781 shares of the industrial products company’s stock valued at $301,670,000 after acquiring an additional 656,923 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its stake in Silgan by 87.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,253,727 shares of the industrial products company’s stock valued at $65,257,000 after acquiring an additional 584,840 shares in the last quarter. 70.25% of the stock is owned by hedge funds and other institutional investors.

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.