Silgan (SLGN) Raised to “Buy” at Barclays

Barclays upgraded shares of Silgan (NASDAQ:SLGN) from a neutral rating to a buy rating in a report released on Monday.

SLGN has been the subject of several other research reports. BidaskClub upgraded shares of Silgan from a sell rating to a hold rating in a research note on Wednesday, September 19th. ValuEngine upgraded shares of Silgan from a strong sell rating to a sell rating in a research note on Tuesday, October 2nd. Zacks Investment Research downgraded shares of Silgan from a hold rating to a sell rating in a research note on Thursday, October 11th. TheStreet downgraded shares of Silgan from a b- rating to a c+ rating in a research note on Wednesday, November 14th. Finally, KeyCorp reiterated a hold rating on shares of Silgan in a research note on Wednesday, October 24th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $28.83.

NASDAQ SLGN opened at $25.04 on Monday. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.17 and a quick ratio of 0.70. Silgan has a 1 year low of $22.24 and a 1 year high of $31.05. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of 15.18, a P/E/G ratio of 1.03 and a beta of 0.72.

Silgan (NASDAQ:SLGN) last released its quarterly earnings data on Wednesday, October 24th. The industrial products company reported $0.76 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.76. Silgan had a net margin of 7.59% and a return on equity of 26.91%. The company had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the prior year, the firm posted $0.66 earnings per share. Silgan’s revenue for the quarter was up 3.2% on a year-over-year basis. On average, sell-side analysts anticipate that Silgan will post 2.05 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, December 17th. Investors of record on Monday, December 3rd were issued a dividend of $0.10 per share. The ex-dividend date was Friday, November 30th. This represents a $0.40 annualized dividend and a yield of 1.60%. Silgan’s dividend payout ratio is currently 24.24%.

In related news, Director William T. Donovan bought 5,000 shares of the company’s stock in a transaction on Monday, October 29th. The stock was bought at an average cost of $23.75 per share, with a total value of $118,750.00. Following the completion of the acquisition, the director now owns 8,235 shares in the company, valued at approximately $195,581.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Robert B. Lewis sold 18,700 shares of the stock in a transaction dated Wednesday, November 28th. The shares were sold at an average price of $25.18, for a total transaction of $470,866.00. Following the completion of the transaction, the vice president now directly owns 361,723 shares of the company’s stock, valued at $9,108,185.14. The disclosure for this sale can be found here. Insiders have sold 75,040 shares of company stock valued at $1,851,055 over the last three months. 30.32% of the stock is currently owned by corporate insiders.

Institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC increased its holdings in Silgan by 422.0% in the third quarter. Tower Research Capital LLC TRC now owns 7,177 shares of the industrial products company’s stock valued at $199,000 after buying an additional 5,802 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in Silgan by 169.6% in the third quarter. State of Alaska Department of Revenue now owns 8,534 shares of the industrial products company’s stock valued at $236,000 after buying an additional 5,368 shares in the last quarter. Commonwealth Bank of Australia purchased a new position in Silgan in the third quarter valued at about $330,000. LPL Financial LLC purchased a new position in Silgan in the third quarter valued at about $373,000. Finally, Pacer Advisors Inc. grew its position in shares of Silgan by 25.1% in the third quarter. Pacer Advisors Inc. now owns 28,028 shares of the industrial products company’s stock valued at $779,000 after purchasing an additional 5,624 shares during the last quarter. 67.46% of the stock is owned by institutional investors.

About Silgan

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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