Silgan (NYSE:SLGN) Given New $63.00 Price Target at Wells Fargo & Company

Silgan (NYSE:SLGN) had its price objective increased by Wells Fargo & Company from $58.00 to $63.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the industrial products company’s stock.

A number of other analysts have also weighed in on SLGN. Bank of America increased their price objective on Silgan from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Truist Financial boosted their price objective on shares of Silgan from $63.00 to $69.00 and gave the company a “buy” rating in a research report on Monday, January 6th. StockNews.com cut Silgan from a “buy” rating to a “hold” rating in a research note on Wednesday, October 9th. Finally, Royal Bank of Canada boosted their target price on Silgan from $58.00 to $63.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Silgan currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.22.

Silgan Trading Up 0.5 %

Shares of SLGN opened at $56.08 on Thursday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.75 and a current ratio of 1.09. Silgan has a fifty-two week low of $41.14 and a fifty-two week high of $58.14. The firm has a 50 day moving average price of $53.67 and a 200-day moving average price of $51.80. The firm has a market cap of $5.99 billion, a price-to-earnings ratio of 21.74, a PEG ratio of 1.34 and a beta of 0.71.

Silgan (NYSE:SLGN) last posted its quarterly earnings results on Wednesday, January 29th. The industrial products company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.03. Silgan had a net margin of 4.72% and a return on equity of 19.77%. As a group, equities research analysts forecast that Silgan will post 4.09 earnings per share for the current year.

Silgan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were given a dividend of $0.19 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.76 dividend on an annualized basis and a yield of 1.36%. Silgan’s dividend payout ratio (DPR) is currently 29.46%.

Institutional Trading of Silgan

Hedge funds have recently made changes to their positions in the stock. Squarepoint Ops LLC boosted its holdings in Silgan by 37.8% in the second quarter. Squarepoint Ops LLC now owns 45,109 shares of the industrial products company’s stock worth $1,909,000 after acquiring an additional 12,367 shares in the last quarter. AQR Capital Management LLC boosted its stake in Silgan by 1.1% in the 2nd quarter. AQR Capital Management LLC now owns 37,660 shares of the industrial products company’s stock worth $1,594,000 after purchasing an additional 421 shares in the last quarter. Millennium Management LLC grew its position in Silgan by 62.5% during the 2nd quarter. Millennium Management LLC now owns 322,482 shares of the industrial products company’s stock valued at $13,651,000 after purchasing an additional 124,020 shares during the last quarter. Algert Global LLC bought a new stake in Silgan during the 2nd quarter valued at about $363,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Silgan by 13,482.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,124 shares of the industrial products company’s stock worth $132,000 after buying an additional 3,101 shares during the last quarter. 70.25% of the stock is owned by institutional investors.

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.