Geode Capital Management LLC Decreases Stake in Silgan Holdings Inc. (NYSE:SLGN)

Geode Capital Management LLC cut its holdings in shares of Silgan Holdings Inc. (NYSE:SLGN - Free Report) by 1.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,480,224 shares of the industrial products company's stock after selling 14,809 shares during the quarter. Geode Capital Management LLC owned approximately 1.39% of Silgan worth $77,068,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in Silgan in the fourth quarter worth about $38,680,000. JPMorgan Chase & Co. raised its holdings in shares of Silgan by 12.8% in the 4th quarter. JPMorgan Chase & Co. now owns 5,795,781 shares of the industrial products company's stock worth $301,670,000 after purchasing an additional 656,923 shares during the period. Vanguard Group Inc. lifted its stake in Silgan by 5.4% in the fourth quarter. Vanguard Group Inc. now owns 8,931,526 shares of the industrial products company's stock valued at $464,886,000 after purchasing an additional 455,381 shares during the last quarter. Raymond James Financial Inc. bought a new position in Silgan during the fourth quarter valued at $11,419,000. Finally, Bank of New York Mellon Corp increased its position in Silgan by 22.6% in the fourth 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 during the last quarter. 70.25% of the stock is currently owned by institutional investors.

Insider Activity at Silgan

In other news, EVP Robert B. Lewis sold 20,000 shares of the company's stock in a transaction on Thursday, February 13th. The shares were 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 owns 152,133 shares of the company's stock, valued at approximately $8,096,518.26. This represents a 11.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Adam J. Greenlee sold 125,000 shares of Silgan stock in a transaction on Monday, February 24th. The stock was sold at an average price of $54.73, for a total transaction of $6,841,250.00. Following the completion of the transaction, the chief executive officer now owns 227,332 shares in the company, valued at approximately $12,441,880.36. The trade was a 35.48 % decrease in their position. The disclosure for this sale can be found here. 1.39% of the stock is owned by insiders.

Remove Ads

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Royal Bank of Canada increased their price target on Silgan from $63.00 to $65.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. Robert W. Baird lifted their target price on shares of Silgan from $60.00 to $62.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. JPMorgan Chase & Co. upped their price target on shares of Silgan from $53.00 to $57.00 and gave the company a "neutral" rating in a research note on Thursday, January 30th. Truist Financial reissued a "buy" rating and set a $70.00 target price (up previously from $69.00) on shares of Silgan in a report on Thursday, January 30th. Finally, Bank of America lifted their price target on Silgan from $60.00 to $61.00 and gave the company a "buy" rating in a research report on Monday, January 6th. Two analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Silgan has a consensus rating of "Moderate Buy" and a consensus target price of $64.22.

Silgan Price Performance

NYSE SLGN traded down $0.49 during trading on Tuesday, reaching $49.05. The company's stock had a trading volume of 631,155 shares, compared to its average volume of 648,811. The stock has a market capitalization of $5.24 billion, a PE ratio of 19.01, a P/E/G ratio of 1.27 and a beta of 0.81. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.45 and a quick ratio of 0.28. The firm has a fifty day moving average of $51.27 and a 200 day moving average of $52.52. Silgan Holdings Inc. has a one year low of $41.14 and a one year high of $58.14.

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

Silgan Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a $0.20 dividend. The ex-dividend date was Monday, March 17th. This is a positive change from Silgan's previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a yield of 1.63%. Silgan's payout ratio is 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.