Silgan Holdings Inc. (NASDAQ:SLGN) saw a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 2,340,000 shares, a drop of 9.3% from the September 30th total of 2,580,000 shares. Currently, 3.0% of the shares of the stock are short sold. Based on an average trading volume of 365,600 shares, the days-to-cover ratio is presently 6.4 days.
In other Silgan news, Director John W. Alden sold 2,000 shares of the firm’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $29.71, for a total value of $59,420.00. Following the completion of the sale, the director now owns 67,331 shares of the company’s stock, valued at $2,000,404.01. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 30.32% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of the company. LPL Financial LLC grew its holdings in shares of Silgan by 2.0% during the 2nd quarter. LPL Financial LLC now owns 17,714 shares of the industrial products company’s stock worth $542,000 after purchasing an additional 346 shares during the period. Dupont Capital Management Corp grew its holdings in shares of Silgan by 10.2% during the 3rd quarter. Dupont Capital Management Corp now owns 4,557 shares of the industrial products company’s stock worth $137,000 after purchasing an additional 423 shares during the period. Oregon Public Employees Retirement Fund grew its holdings in shares of Silgan by 1.4% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 31,113 shares of the industrial products company’s stock worth $952,000 after purchasing an additional 442 shares during the period. Assetmark Inc. grew its holdings in shares of Silgan by 10.0% during the 2nd quarter. Assetmark Inc. now owns 5,024 shares of the industrial products company’s stock worth $154,000 after purchasing an additional 457 shares during the period. Finally, Huntington National Bank boosted its holdings in Silgan by 31.2% in the 3rd quarter. Huntington National Bank now owns 2,258 shares of the industrial products company’s stock worth $68,000 after acquiring an additional 537 shares during the period. Institutional investors and hedge funds own 66.07% of the company’s stock.
Several research analysts have recently issued reports on SLGN shares. ValuEngine downgraded Silgan from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 2nd. Zacks Investment Research downgraded Silgan from a “hold” rating to a “sell” rating and set a $32.00 price target for the company. in a research note on Tuesday, October 15th. Finally, BidaskClub raised Silgan from a “sell” rating to a “hold” rating in a research note on Wednesday, September 25th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $33.67.
Shares of NASDAQ:SLGN traded down $0.04 during midday trading on Friday, hitting $30.95. 549,700 shares of the stock were exchanged, compared to its average volume of 448,252. The company has a current ratio of 1.01, a quick ratio of 0.27 and a debt-to-equity ratio of 1.87. The stock has a market cap of $3.43 billion, a P/E ratio of 14.88, a PEG ratio of 1.87 and a beta of 0.76. The company has a 50 day moving average price of $30.35 and a 200-day moving average price of $30.12. Silgan has a twelve month low of $22.24 and a twelve month high of $31.69.
Silgan (NASDAQ:SLGN) last issued its earnings results on Wednesday, October 23rd. The industrial products company reported $0.76 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.76. Silgan had a return on equity of 26.05% and a net margin of 4.37%. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the previous year, the business earned $0.76 EPS. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, equities research analysts expect that Silgan will post 2.16 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.42%. The ex-dividend date is Friday, November 29th. Silgan’s payout ratio is currently 21.15%.
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 pet food, vegetables, soups, proteins, tomato based products, adult nutritional drinks, fruits, and other miscellaneous food products, as well as general line metal containers primarily for chemicals.
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