KeyCorp Reaffirms “Hold” Rating for Silgan Holdings Inc. (SLGN)

Silgan Holdings Inc. (NASDAQ:SLGN)‘s stock had its “hold” rating restated by stock analysts at KeyCorp in a report released on Thursday.

Several other equities research analysts have also recently issued reports on SLGN. BMO Capital Markets reissued a “buy” rating and issued a $34.00 target price on shares of Silgan Holdings in a research report on Sunday, July 9th. Goldman Sachs Group, Inc. (The) cut shares of Silgan Holdings from a “neutral” rating to a “sell” rating and set a $30.00 target price on the stock. in a research report on Thursday, July 13th. Robert W. Baird cut shares of Silgan Holdings from an “outperform” rating to a “neutral” rating and set a $35.00 target price on the stock. in a research report on Wednesday, July 19th. BidaskClub cut shares of Silgan Holdings from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Finally, Bank of America Corporation cut shares of Silgan Holdings from a “buy” rating to a “neutral” rating and set a $35.00 target price on the stock. in a research report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. Silgan Holdings has an average rating of “Hold” and a consensus target price of $32.00.

Shares of Silgan Holdings (NASDAQ:SLGN) traded down 1.256% during trading on Thursday, hitting $28.685. 207,236 shares of the stock traded hands. Silgan Holdings has a 52-week low of $23.58 and a 52-week high of $32.50. The company’s 50 day moving average is $29.42 and its 200 day moving average is $30.51. The firm has a market cap of $3.16 billion, a PE ratio of 22.784 and a beta of 0.53.

Silgan Holdings (NASDAQ:SLGN) last released its earnings results on Wednesday, July 26th. The industrial products company reported $0.35 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.35. Silgan Holdings had a net margin of 3.83% and a return on equity of 31.19%. The business had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same period last year, the company earned $0.60 earnings per share. The company’s quarterly revenue was up 16.8% on a year-over-year basis. On average, equities research analysts predict that Silgan Holdings will post $1.66 EPS for the current year.

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In other Silgan Holdings news, VP Anthony P. Andreacchi sold 2,192 shares of Silgan Holdings stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $30.18, for a total transaction of $66,154.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Thomas James Snyder sold 10,506 shares of Silgan Holdings stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $30.78, for a total transaction of $323,374.68. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 19,698 shares of company stock worth $597,429. 33.10% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in the business. FMR LLC lifted its position in Silgan Holdings by 98.3% during the second quarter. FMR LLC now owns 13,086,272 shares of the industrial products company’s stock valued at $415,881,000 after buying an additional 6,485,884 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Silgan Holdings by 102.2% during the second quarter. JPMorgan Chase & Co. now owns 7,792,959 shares of the industrial products company’s stock valued at $247,661,000 after buying an additional 3,939,145 shares in the last quarter. Vanguard Group Inc. lifted its position in Silgan Holdings by 92.5% during the second quarter. Vanguard Group Inc. now owns 7,542,961 shares of the industrial products company’s stock valued at $239,715,000 after buying an additional 3,624,183 shares in the last quarter. BlackRock Inc. lifted its position in Silgan Holdings by 107.4% during the second quarter. BlackRock Inc. now owns 6,637,734 shares of the industrial products company’s stock valued at $210,947,000 after buying an additional 3,437,477 shares in the last quarter. Finally, State Street Corp lifted its position in Silgan Holdings by 107.8% during the second quarter. State Street Corp now owns 2,006,227 shares of the industrial products company’s stock valued at $63,762,000 after buying an additional 1,040,766 shares in the last quarter. 67.00% of the stock is currently owned by hedge funds and other institutional investors.

Silgan Holdings Company Profile

Silgan Holdings Inc is a holding company. The Company is a manufacturer of rigid packaging for consumer goods products. The Company operates in three business segments: metal containers, closures and plastic containers. Its metal container segment is engaged in the manufacture and sale of steel and aluminum containers for human and pet food and general line products.

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