Norges Bank Makes New $38.68 Million Investment in Silgan Holdings Inc. (NYSE:SLGN)

Norges Bank bought a new position in shares of Silgan Holdings Inc. (NYSE:SLGN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 743,135 shares of the industrial products company's stock, valued at approximately $38,680,000. Norges Bank owned approximately 0.70% of Silgan as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Bank of Jackson Hole Trust acquired a new position in shares of Silgan during the 4th quarter worth approximately $59,000. Smartleaf Asset Management LLC grew its position in shares of Silgan by 1,229.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,061 shares of the industrial products company's stock worth $107,000 after purchasing an additional 1,906 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Silgan by 48.6% during the 4th quarter. GAMMA Investing LLC now owns 2,640 shares of the industrial products company's stock worth $137,000 after purchasing an additional 863 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Silgan during the 3rd quarter worth approximately $154,000. Finally, KBC Group NV boosted its position in shares of Silgan by 52.5% during the 4th quarter. KBC Group NV now owns 3,473 shares of the industrial products company's stock worth $181,000 after acquiring an additional 1,196 shares in the last quarter. Institutional investors and hedge funds own 70.25% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Loop Capital increased their price target on shares of Silgan from $70.00 to $75.00 and gave the stock a "buy" rating in a research report on Thursday, January 30th. Truist Financial reiterated a "buy" rating and set a $70.00 price target (up previously from $69.00) on shares of Silgan in a research 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 stock a "buy" rating in a research report on Monday, January 6th. JPMorgan Chase & Co. increased their price target on shares of Silgan from $53.00 to $57.00 and gave the stock a "neutral" rating in a research report on Thursday, January 30th. Finally, Robert W. Baird increased their price target on shares of Silgan from $60.00 to $62.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Silgan presently has an average rating of "Moderate Buy" and an average target price of $64.22.

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Insider Activity

In related news, CEO Adam J. Greenlee sold 125,000 shares of the business's stock in a transaction that occurred on Monday, February 24th. The shares were 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 of the company's stock, valued at approximately $12,441,880.36. The trade was a 35.48 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Robert B. Lewis sold 20,000 shares of the business's stock in a transaction that occurred on Thursday, February 13th. The shares were sold at an average price of $53.22, for a total transaction of $1,064,400.00. Following the transaction, the executive vice president now directly 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 disclosure for this sale can be found here. Insiders own 1.39% of the company's stock.

Silgan Stock Down 1.0 %

NYSE:SLGN traded down $0.47 during trading hours on Thursday, reaching $48.21. The company had a trading volume of 67,848 shares, compared to its average volume of 777,937. The firm has a market cap of $5.15 billion, a price-to-earnings ratio of 18.69, a P/E/G ratio of 1.27 and a beta of 0.81. The business's 50-day simple moving average is $51.63 and its two-hundred day simple moving average is $52.56. Silgan Holdings Inc. has a twelve month low of $41.14 and a twelve month high of $58.14. The company has a quick ratio of 0.28, a current ratio of 0.45 and a debt-to-equity ratio of 1.24.

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

Silgan Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a $0.20 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.80 annualized dividend and a dividend yield of 1.66%. This is a positive change from Silgan's previous quarterly dividend of $0.19. Silgan's payout ratio is 31.01%.

Silgan Company Profile

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.