Metropolitan Life Insurance Co. NY reduced its stake in shares of Silgan Holdings Inc. (NASDAQ:SLGN) by 7.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 22,808 shares of the industrial products company’s stock after selling 1,936 shares during the quarter. Metropolitan Life Insurance Co. NY’s holdings in Silgan were worth $612,000 as of its most recent filing with the SEC.
Several other large investors also recently made changes to their positions in the stock. Paloma Partners Management Co raised its holdings in shares of Silgan by 10.0% during the 2nd quarter. Paloma Partners Management Co now owns 31,339 shares of the industrial products company’s stock valued at $841,000 after buying an additional 2,844 shares during the period. Bank of America Corp DE grew its stake in Silgan by 3.3% during the 2nd quarter. Bank of America Corp DE now owns 203,597 shares of the industrial products company’s stock valued at $5,462,000 after purchasing an additional 6,457 shares in the last quarter. OppenheimerFunds Inc. grew its stake in Silgan by 4.5% during the 2nd quarter. OppenheimerFunds Inc. now owns 45,275 shares of the industrial products company’s stock valued at $1,215,000 after purchasing an additional 1,931 shares in the last quarter. Oregon Public Employees Retirement Fund acquired a new stake in Silgan during the 2nd quarter valued at approximately $777,000. Finally, Itau Unibanco Holding S.A. acquired a new stake in Silgan during the 2nd quarter valued at approximately $208,000. Institutional investors and hedge funds own 67.08% of the company’s stock.
A number of brokerages have weighed in on SLGN. BidaskClub upgraded Silgan from a “sell” rating to a “hold” rating in a research note on Wednesday, September 19th. UBS Group began coverage on Silgan in a research note on Wednesday, June 20th. They set a “sell” rating and a $25.00 price objective for the company. Finally, Zacks Investment Research lowered Silgan from a “buy” rating to a “hold” rating in a research note on Thursday, June 21st. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $31.00.
Silgan (NASDAQ:SLGN) last issued its earnings results on Wednesday, July 25th. The industrial products company reported $0.52 EPS for the quarter, hitting the consensus estimate of $0.52. The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.07 billion. Silgan had a return on equity of 28.00% and a net margin of 7.37%. The business’s revenue was up 3.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.35 EPS. equities analysts expect that Silgan Holdings Inc. will post 2.08 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 18th. Stockholders of record on Tuesday, September 4th were given a $0.10 dividend. The ex-dividend date was Friday, August 31st. This represents a $0.40 annualized dividend and a dividend yield of 1.44%. Silgan’s payout ratio is 24.24%.
In other news, VP Anthony P. Andreacchi sold 1,843 shares of Silgan stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $27.15, for a total value of $50,037.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Robert B. Lewis sold 18,000 shares of Silgan stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $27.42, for a total value of $493,560.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,843 shares of company stock valued at $707,037. Insiders own 30.32% of the company’s stock.
Silgan Company Profile
Silgan Holdings Inc, together with its subsidiaries, manufactures and sells rigid packaging for consumer goods products worldwide. It operates through three segments: Metal Containers, Closures, and Plastic Containers. The Metal Containers segment manufactures and sells steel and aluminum containers for food products, such as soups, vegetables, fruit, meat, tomato based products, seafood, coffee, adult nutritional drinks, pet food, and other miscellaneous food products, as well as general line metal containers primarily for chemicals.
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