Silgan (NYSE:SLGN) Given New $63.00 Price Target at Royal Bank of Canada

Silgan (NYSE:SLGN - Free Report) had its target price lifted by Royal Bank of Canada from $58.00 to $63.00 in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the industrial products company's stock.

Separately, StockNews.com cut shares of Silgan from a "buy" rating to a "hold" rating in a research note on Wednesday, October 9th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Silgan currently has an average rating of "Moderate Buy" and a consensus target price of $58.14.

Silgan Stock Performance

Shares of Silgan stock traded down $0.24 during trading on Thursday, reaching $51.92. The company's stock had a trading volume of 648,504 shares, compared to its average volume of 569,544. The company has a 50-day moving average price of $53.87 and a two-hundred day moving average price of $50.02. Silgan has a fifty-two week low of $41.14 and a fifty-two week high of $58.14. The firm has a market cap of $5.54 billion, a PE ratio of 18.81, a P/E/G ratio of 1.44 and a beta of 0.69. The company has a current ratio of 1.09, a quick ratio of 0.75 and a debt-to-equity ratio of 1.24.

Silgan (NYSE:SLGN - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $1.21 EPS for the quarter, missing analysts' consensus estimates of $1.23 by ($0.02). Silgan had a net margin of 5.11% and a return on equity of 18.76%. The business had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.82 billion. During the same quarter in the prior year, the firm posted $1.16 earnings per share. The company's revenue for the quarter was down 3.2% compared to the same quarter last year. On average, analysts forecast that Silgan will post 3.6 EPS for the current year.

Silgan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Monday, December 2nd were paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.46%. The ex-dividend date of this dividend was Monday, December 2nd. Silgan's dividend payout ratio (DPR) is 27.54%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Oddo BHF Asset Management Sas purchased a new stake in Silgan during the third quarter worth $2,975,000. Franklin Resources Inc. acquired a new position in shares of Silgan during the 3rd quarter worth $223,000. Sanctuary Advisors LLC boosted its position in shares of Silgan by 32.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 7,182 shares of the industrial products company's stock worth $406,000 after buying an additional 1,747 shares in the last quarter. Hohimer Wealth Management LLC acquired a new stake in Silgan in the 3rd quarter valued at about $396,000. Finally, Coldstream Capital Management Inc. increased its holdings in Silgan by 10.3% during the 3rd quarter. Coldstream Capital Management Inc. now owns 7,797 shares of the industrial products company's stock valued at $411,000 after acquiring an additional 728 shares in the last quarter. 70.25% of the stock is owned by hedge funds and other institutional investors.

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.