Citigroup Lowers Silgan (SLGN) Price Target to $31.00

Silgan (NASDAQ:SLGN) had its price objective decreased by Citigroup from $33.00 to $31.00 in a research note released on Thursday morning. Citigroup currently has a neutral rating on the industrial products company’s stock.

Other analysts also recently issued research reports about the company. KeyCorp reissued a sell rating and issued a $25.00 price target on shares of Silgan in a report on Thursday, February 1st. Barclays raised Silgan from an equal weight rating to an overweight rating and raised their price target for the stock from $30.00 to $35.00 in a report on Monday, February 12th. Zacks Investment Research downgraded Silgan from a buy rating to a hold rating in a report on Tuesday, April 3rd. ValuEngine downgraded Silgan from a hold rating to a sell rating in a report on Monday, April 2nd. Finally, Bank of America raised their price target on Silgan from $32.00 to $33.00 and gave the stock an underperform rating in a report on Thursday, February 1st. Six equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $31.18.

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Shares of NASDAQ SLGN opened at $27.55 on Thursday. The company has a market capitalization of $3,041.11, a P/E ratio of 16.70, a P/E/G ratio of 1.32 and a beta of 0.48. Silgan has a 12-month low of $26.97 and a 12-month high of $32.50. The company has a debt-to-equity ratio of 3.18, a quick ratio of 0.60 and a current ratio of 1.35.

Silgan (NASDAQ:SLGN) last announced its quarterly earnings results on Tuesday, January 30th. The industrial products company reported $0.32 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.32. The business had revenue of $995.70 million for the quarter, compared to the consensus estimate of $970.24 million. Silgan had a return on equity of 30.15% and a net margin of 6.59%. The business’s revenue was up 23.6% on a year-over-year basis. During the same quarter last year, the business posted $0.48 EPS. research analysts forecast that Silgan will post 2.09 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, March 30th. Investors of record on Friday, March 16th were given a $0.10 dividend. This is a boost from Silgan’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a yield of 1.45%. The ex-dividend date of this dividend was Thursday, March 15th. Silgan’s dividend payout ratio (DPR) is currently 24.24%.

In related news, CFO Robert B. Lewis sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $29.01, for a total value of $435,150.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director D Greg Horrigan sold 355,934 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $28.01, for a total value of $9,969,711.34. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 468,655 shares of company stock worth $13,206,189. 33.10% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of SLGN. Millennium Management LLC increased its position in shares of Silgan by 1,994.4% during the 4th quarter. Millennium Management LLC now owns 1,301,496 shares of the industrial products company’s stock valued at $38,251,000 after purchasing an additional 1,239,355 shares during the period. Deprince Race & Zollo Inc. increased its position in shares of Silgan by 63.9% during the 4th quarter. Deprince Race & Zollo Inc. now owns 1,409,945 shares of the industrial products company’s stock valued at $41,438,000 after purchasing an additional 549,657 shares during the period. American Century Companies Inc. increased its position in shares of Silgan by 22.4% during the 4th quarter. American Century Companies Inc. now owns 1,768,586 shares of the industrial products company’s stock valued at $51,979,000 after purchasing an additional 323,252 shares during the period. Citadel Advisors LLC increased its position in shares of Silgan by 205.2% during the 4th quarter. Citadel Advisors LLC now owns 391,813 shares of the industrial products company’s stock valued at $11,515,000 after purchasing an additional 263,414 shares during the period. Finally, Point72 Asset Management L.P. acquired a new position in shares of Silgan during the 3rd quarter valued at $7,260,000. Institutional investors own 68.10% of the company’s stock.

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About Silgan

Silgan Holdings Inc, together with its subsidiaries, manufactures and sells rigid packaging for consumer goods products worldwide. It operates through three segments: Metal Containers, Closures, and Plastic Containers. The Metal Containers segment manufactures and sells steel and aluminum containers for food products, such as soups, vegetables, fruit, meat, tomato based products, seafood, coffee, adult nutritional drinks, pet food, and other miscellaneous food products, as well as general line metal containers primarily for chemicals.

Analyst Recommendations for Silgan (NASDAQ:SLGN)

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