Raymond James Financial Inc. Invests $11.42 Million in Silgan Holdings Inc. (NYSE:SLGN)

Raymond James Financial Inc. bought a new position in Silgan Holdings Inc. (NYSE:SLGN - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 219,391 shares of the industrial products company's stock, valued at approximately $11,419,000. Raymond James Financial Inc. owned 0.21% of Silgan at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in SLGN. FMR LLC lifted its position in shares of Silgan by 87.7% in the third quarter. FMR LLC now owns 6,278,456 shares of the industrial products company's stock worth $329,619,000 after purchasing an additional 2,932,680 shares in the last quarter. Weiss Asset Management LP acquired a new stake in Silgan in the 3rd quarter valued at $11,422,000. Bank of New York Mellon Corp lifted its position in Silgan by 22.6% during the 4th quarter. Bank of New York Mellon Corp now owns 914,019 shares of the industrial products company's stock worth $47,575,000 after buying an additional 168,789 shares in the last quarter. Two Sigma Advisers LP boosted its stake in shares of Silgan by 202.3% during the 3rd quarter. Two Sigma Advisers LP now owns 247,900 shares of the industrial products company's stock worth $13,015,000 after buying an additional 165,900 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Silgan by 11.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,495,033 shares of the industrial products company's stock valued at $78,509,000 after acquiring an additional 157,160 shares in the last quarter. Institutional investors own 70.25% of the company's stock.

Remove Ads

Analysts Set New Price Targets

SLGN has been the subject of several recent research reports. Loop Capital increased their price target on Silgan from $70.00 to $75.00 and gave the company a "buy" rating in a research report on Thursday, January 30th. Wells Fargo & Company boosted their target price on shares of Silgan from $58.00 to $63.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. Bank of America increased their price target on shares of Silgan from $60.00 to $61.00 and gave the company a "buy" rating in a research note on Monday, January 6th. Royal Bank of Canada boosted their price objective on shares of Silgan from $63.00 to $65.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. Finally, Truist Financial reiterated a "buy" rating and issued a $70.00 target price (up from $69.00) on shares of Silgan in a research note on Thursday, January 30th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Silgan has a consensus rating of "Moderate Buy" and an average price target of $64.22.

Insider Activity

In related news, EVP Robert B. Lewis sold 20,000 shares of the business's stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $53.22, for a total value of $1,064,400.00. Following the completion of the sale, the executive vice president now directly owns 152,133 shares in the company, valued at approximately $8,096,518.26. The trade was a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Adam J. Greenlee sold 125,000 shares of the firm's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $54.73, for a total value of $6,841,250.00. Following the transaction, the chief executive officer now owns 227,332 shares in the company, valued at approximately $12,441,880.36. This trade represents a 35.48 % decrease in their position. The disclosure for this sale can be found here. 1.39% of the stock is currently owned by company insiders.

Silgan Stock Performance

Shares of SLGN stock traded up $0.34 during midday trading on Monday, hitting $50.11. 835,427 shares of the company were exchanged, compared to its average volume of 612,628. The firm has a market capitalization of $5.35 billion, a P/E ratio of 19.42, a PEG ratio of 1.27 and a beta of 0.71. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.28 and a current ratio of 0.45. Silgan Holdings Inc. has a 52 week low of $41.14 and a 52 week high of $58.14. The firm's 50 day moving average price is $52.81 and its two-hundred day moving average price is $52.75.

Silgan (NYSE:SLGN - Get Free Report) last posted its earnings results on Wednesday, January 29th. The industrial products company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.82 by $0.03. Silgan had a return on equity of 19.70% and a net margin of 4.72%. As a group, equities research analysts anticipate that Silgan Holdings Inc. will post 4.11 earnings per share for the current year.

Silgan Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a dividend of $0.20 per share. The ex-dividend date is Monday, March 17th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.60%. This is an increase from Silgan's previous quarterly dividend of $0.19. Silgan's dividend payout ratio (DPR) is currently 31.01%.

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.