Royal Bank of Canada Cuts Silgan (SLGN) Price Target to $25.00

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Silgan (NASDAQ:SLGN) had its price objective dropped by Royal Bank of Canada to $25.00 in a report issued on Monday, The Fly reports. The firm currently has a “sector perform” rating on the industrial products company’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 4.38% from the stock’s current price.

SLGN has been the subject of several other research reports. BidaskClub upgraded Silgan from a “strong sell” rating to a “sell” rating in a research report on Thursday, September 13th. ValuEngine upgraded Silgan from a “strong sell” rating to a “sell” rating in a research report on Tuesday, October 2nd. Zacks Investment Research downgraded Silgan from a “hold” rating to a “sell” rating in a research report on Thursday, October 11th. KeyCorp reiterated a “hold” rating on shares of Silgan in a research report on Wednesday, October 24th. Finally, BMO Capital Markets lowered their price objective on Silgan from $34.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday, October 25th. Six equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. Silgan has an average rating of “Hold” and a consensus price target of $29.33.

Shares of SLGN stock opened at $23.95 on Monday. The company has a quick ratio of 0.28, a current ratio of 0.47 and a debt-to-equity ratio of 2.59. Silgan has a fifty-two week low of $23.14 and a fifty-two week high of $31.05. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of 14.52, a P/E/G ratio of 1.12 and a beta of 0.48.

Silgan (NASDAQ:SLGN) last announced its quarterly earnings data on Wednesday, October 24th. The industrial products company reported $0.76 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.76. Silgan had a return on equity of 26.91% and a net margin of 7.59%. The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the previous year, the company posted $0.66 earnings per share. The business’s revenue was up 3.2% on a year-over-year basis. On average, equities analysts predict that Silgan will post 2.05 EPS for the current year.

In other Silgan news, Director Leigh J. Abramson bought 7,500 shares of Silgan stock in a transaction dated Monday, August 20th. The shares were purchased at an average cost of $27.36 per share, with a total value of $205,200.00. Following the completion of the purchase, the director now owns 7,500 shares of the company’s stock, valued at $205,200. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Anthony P. Andreacchi sold 1,843 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $27.15, for a total value of $50,037.45. The disclosure for this sale can be found here. 30.32% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the company. Arizona State Retirement System grew its stake in Silgan by 6.9% in the third quarter. Arizona State Retirement System now owns 54,981 shares of the industrial products company’s stock worth $1,528,000 after purchasing an additional 3,534 shares during the period. Russell Investments Group Ltd. grew its stake in Silgan by 2.5% in the third quarter. Russell Investments Group Ltd. now owns 1,107,361 shares of the industrial products company’s stock worth $30,783,000 after purchasing an additional 27,083 shares during the period. First Trust Advisors LP grew its stake in Silgan by 102.5% in the third quarter. First Trust Advisors LP now owns 492,448 shares of the industrial products company’s stock worth $13,690,000 after purchasing an additional 249,275 shares during the period. Retirement Systems of Alabama grew its stake in Silgan by 4.3% in the third quarter. Retirement Systems of Alabama now owns 100,047 shares of the industrial products company’s stock worth $2,781,000 after purchasing an additional 4,094 shares during the period. Finally, State of Alaska Department of Revenue grew its stake in Silgan by 169.6% in the third quarter. State of Alaska Department of Revenue now owns 8,534 shares of the industrial products company’s stock worth $236,000 after purchasing an additional 5,368 shares during the period. 67.02% of the stock is currently owned by hedge funds and other institutional investors.

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.

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