Silgan (NASDAQ:SLGN) Lifted to Neutral at JPMorgan Chase & Co.

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Silgan (NASDAQ:SLGN) was upgraded by research analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The brokerage currently has a $33.00 price target on the industrial products company’s stock, up from their previous price target of $31.00. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 8.87% from the stock’s previous close.

Several other research firms have also recently commented on SLGN. Zacks Investment Research cut HANNOVER RUECK/S from a “hold” rating to a “sell” rating in a research note on Monday, April 22nd. BidaskClub cut Ames National from a “hold” rating to a “sell” rating in a research note on Wednesday. Citigroup raised their price objective on Silgan from $34.00 to $36.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Finally, KeyCorp reissued a “hold” rating on shares of Silgan in a research note on Wednesday, April 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. Silgan currently has a consensus rating of “Hold” and a consensus price target of $30.63.

NASDAQ SLGN opened at $30.31 on Wednesday. The business’s 50 day simple moving average is $30.14. Silgan has a one year low of $22.24 and a one year high of $31.69. The firm has a market capitalization of $3.37 billion, a PE ratio of 14.57, a P/E/G ratio of 1.81 and a beta of 0.80. The company has a quick ratio of 0.62, a current ratio of 1.15 and a debt-to-equity ratio of 2.35.

Silgan (NASDAQ:SLGN) last released its earnings results on Wednesday, April 24th. The industrial products company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. Silgan had a return on equity of 26.74% and a net margin of 5.04%. The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter last year, the firm posted $0.42 earnings per share. The firm’s revenue was up 1.5% on a year-over-year basis. As a group, sell-side analysts predict that Silgan will post 2.19 earnings per share for the current year.

In other news, VP Anthony P. Andreacchi sold 3,692 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $30.23, for a total value of $111,609.16. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP B Frederik Prinzen sold 12,242 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $30.06, for a total value of $367,994.52. The disclosure for this sale can be found here. Insiders sold 259,334 shares of company stock valued at $7,772,706 in the last three months. Insiders own 30.32% of the company’s stock.

Several hedge funds have recently bought and sold shares of SLGN. Norges Bank bought a new position in shares of Silgan in the fourth quarter valued at approximately $24,767,000. LSV Asset Management lifted its holdings in shares of Silgan by 74.4% in the first quarter. LSV Asset Management now owns 1,322,383 shares of the industrial products company’s stock valued at $39,182,000 after purchasing an additional 564,147 shares in the last quarter. Brandywine Global Investment Management LLC bought a new position in shares of Silgan in the fourth quarter valued at approximately $8,067,000. Segall Bryant & Hamill LLC lifted its holdings in Silgan by 100.9% during the fourth quarter. Segall Bryant & Hamill LLC now owns 650,421 shares of the industrial products company’s stock worth $15,363,000 after acquiring an additional 326,646 shares during the period. Finally, Jacobs Levy Equity Management Inc. bought a new stake in Silgan during the first quarter worth $8,471,000. Institutional investors own 65.47% of the company’s stock.

Silgan Company Profile

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 pet food, vegetables, soups, proteins, tomato based products, adult nutritional drinks, fruits, and other miscellaneous food products, as well as general line metal containers primarily for chemicals.

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Analyst Recommendations for Silgan (NASDAQ:SLGN)

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