Weiss Asset Management LP Invests $11.42 Million in Silgan Holdings Inc. (NYSE:SLGN)

Weiss Asset Management LP bought a new position in shares of Silgan Holdings Inc. (NYSE:SLGN - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 217,557 shares of the industrial products company's stock, valued at approximately $11,422,000. Weiss Asset Management LP owned approximately 0.20% of Silgan as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Daiwa Securities Group Inc. lifted its stake in shares of Silgan by 0.5% in the second quarter. Daiwa Securities Group Inc. now owns 40,071 shares of the industrial products company's stock valued at $1,696,000 after purchasing an additional 218 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Silgan by 5.1% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 5,156 shares of the industrial products company's stock valued at $218,000 after purchasing an additional 250 shares during the period. Vanguard Personalized Indexing Management LLC lifted its stake in shares of Silgan by 2.6% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 10,707 shares of the industrial products company's stock valued at $453,000 after purchasing an additional 267 shares during the period. Verdence Capital Advisors LLC raised its position in Silgan by 5.5% during the third quarter. Verdence Capital Advisors LLC now owns 7,430 shares of the industrial products company's stock worth $390,000 after acquiring an additional 388 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in Silgan by 1.1% during the second quarter. AQR Capital Management LLC now owns 37,660 shares of the industrial products company's stock worth $1,594,000 after acquiring an additional 421 shares during the last quarter. 70.25% of the stock is currently owned by institutional investors and hedge funds.

Silgan Stock Performance

SLGN stock traded down $0.91 during midday trading on Friday, reaching $55.52. 283,398 shares of the company were exchanged, compared to its average volume of 564,899. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.09 and a quick ratio of 0.75. The business has a 50-day moving average price of $53.31 and a two-hundred day moving average price of $49.51. Silgan Holdings Inc. has a one year low of $41.14 and a one year high of $58.14. The firm has a market capitalization of $5.93 billion, a price-to-earnings ratio of 20.11, a price-to-earnings-growth ratio of 1.49 and a beta of 0.69.

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

Silgan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.37%. The ex-dividend date of this dividend is Monday, December 2nd. Silgan's payout ratio is presently 27.54%.

Analysts Set New Price Targets

SLGN has been the subject of a number of recent research reports. StockNews.com downgraded shares of Silgan from a "buy" rating to a "hold" rating in a report on Wednesday, October 9th. Royal Bank of Canada increased their target price on shares of Silgan from $55.00 to $58.00 and gave the stock an "outperform" rating in a report on Friday, November 1st. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Silgan currently has an average rating of "Moderate Buy" and a consensus price target of $57.43.

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.