Renaissance Technologies LLC Reduces Stock Position in Silgan Holdings Inc. (NYSE:SLGN)

Renaissance Technologies LLC lessened its holdings in Silgan Holdings Inc. (NYSE:SLGN - Free Report) by 22.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 109,480 shares of the industrial products company's stock after selling 31,300 shares during the period. Renaissance Technologies LLC owned 0.10% of Silgan worth $4,634,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Blue Trust Inc. increased its position in Silgan by 256.6% during the 2nd quarter. Blue Trust Inc. now owns 592 shares of the industrial products company's stock worth $25,000 after purchasing an additional 426 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of Silgan by 2,838.5% during the second quarter. Versant Capital Management Inc now owns 1,146 shares of the industrial products company's stock worth $49,000 after buying an additional 1,107 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Silgan by 109.9% in the second quarter. GAMMA Investing LLC now owns 1,171 shares of the industrial products company's stock valued at $50,000 after buying an additional 613 shares during the last quarter. Covestor Ltd lifted its stake in shares of Silgan by 69.7% during the first quarter. Covestor Ltd now owns 1,125 shares of the industrial products company's stock valued at $55,000 after buying an additional 462 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in Silgan during the second quarter worth approximately $70,000. 70.25% of the stock is currently owned by institutional investors and hedge funds.

Silgan Stock Down 0.5 %

Shares of NYSE:SLGN opened at $51.55 on Friday. Silgan Holdings Inc. has a 1 year low of $38.11 and a 1 year high of $52.84. The stock has a 50-day simple moving average of $50.10 and a 200-day simple moving average of $47.29. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.64 and a current ratio of 1.06. The stock has a market capitalization of $5.50 billion, a P/E ratio of 18.09, a PEG ratio of 1.49 and a beta of 0.67.

Silgan (NYSE:SLGN - Get Free Report) last released its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.01. The company had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.43 billion. Silgan had a net margin of 5.24% and a return on equity of 19.22%. The business's quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.83 earnings per share. Equities analysts forecast that Silgan Holdings Inc. will post 3.66 earnings per share for the current year.

Silgan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were given a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend was Tuesday, September 3rd. Silgan's payout ratio is 26.67%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on SLGN shares. JPMorgan Chase & Co. raised Silgan from an "underweight" rating to a "neutral" rating and increased their price target for the stock from $46.00 to $53.00 in a research note on Thursday, August 1st. Truist Financial reissued a "buy" rating and issued a $59.00 price target (up from $56.00) on shares of Silgan in a research note on Thursday, August 1st. StockNews.com raised shares of Silgan from a "hold" rating to a "buy" rating in a research note on Friday, September 20th. Citigroup raised their target price on shares of Silgan from $50.00 to $60.00 and gave the stock a "buy" rating in a research report on Thursday, August 1st. Finally, Robert W. Baird upped their price target on shares of Silgan from $53.00 to $60.00 and gave the stock an "outperform" rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $57.00.

Insider Activity

In other Silgan news, VP Stacey J. Mcgrath sold 1,600 shares of the company's stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $49.04, for a total value of $78,464.00. Following the completion of the transaction, the vice president now owns 11,495 shares in the company, valued at approximately $563,714.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.39% of the company's stock.

Silgan 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.