Silgan Holdings Inc. (NYSE:SLGN) Stock Position Decreased by Arizona State Retirement System

Arizona State Retirement System cut its stake in shares of Silgan Holdings Inc. (NYSE:SLGN) by 1.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,507 shares of the industrial products company’s stock after selling 285 shares during the quarter. Arizona State Retirement System’s holdings in Silgan were worth $1,253,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of SLGN. Robeco Schweiz AG raised its holdings in Silgan by 35.4% during the first quarter. Robeco Schweiz AG now owns 217,187 shares of the industrial products company’s stock valued at $11,103,000 after buying an additional 56,739 shares in the last quarter. State of Michigan Retirement System grew its position in Silgan by 1.0% during the first quarter. State of Michigan Retirement System now owns 19,400 shares of the industrial products company’s stock worth $992,000 after buying an additional 200 shares in the last quarter. MainStreet Investment Advisors LLC grew its position in Silgan by 5.7% during the first quarter. MainStreet Investment Advisors LLC now owns 14,244 shares of the industrial products company’s stock worth $728,000 after buying an additional 770 shares in the last quarter. Dogwood Wealth Management LLC acquired a new stake in Silgan during the first quarter worth about $667,000. Finally, M&T Bank Corp boosted its holdings in Silgan by 6.9% during the first quarter. M&T Bank Corp now owns 18,135 shares of the industrial products company’s stock valued at $927,000 after purchasing an additional 1,165 shares in the last quarter. 70.25% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SLGN. Bank of America reiterated a “neutral” rating and set a $59.00 target price (up previously from $57.00) on shares of Silgan in a research report on Wednesday, July 9th. JPMorgan Chase & Co. raised shares of Silgan from a “neutral” rating to an “overweight” rating and set a $57.00 target price for the company in a research note on Thursday, May 1st. Truist Financial set a $67.00 target price on shares of Silgan and gave the company a “buy” rating in a report on Friday, July 11th. Wells Fargo & Company upped their target price on shares of Silgan from $60.00 to $62.00 and gave the company an “overweight” rating in a report on Friday. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of Silgan in a report on Tuesday. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $63.78.

Silgan Price Performance

Silgan stock opened at $55.23 on Friday. The company has a market cap of $5.91 billion, a price-to-earnings ratio of 20.53, a PEG ratio of 1.29 and a beta of 0.75. The firm’s fifty day moving average is $54.88 and its 200 day moving average is $52.84. 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 52-week low of $44.37 and a 52-week high of $58.14.

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

Silgan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were paid a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.80 annualized dividend and a yield of 1.45%. Silgan’s dividend payout ratio (DPR) is presently 29.74%.

Insider Buying and Selling at Silgan

In other Silgan news, 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 transaction, the executive vice president directly owned 153,378 shares of the company’s stock, valued at $8,576,897.76. The trade was a 6.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP B Frederik Prinzen sold 2,378 shares of the company’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $54.05, for a total value of $128,530.90. Following the completion of the transaction, 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 disclosure for this sale can be found here. 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.