Royal Bank of Canada Issues Positive Forecast for Silgan (NYSE:SLGN) Stock Price

Silgan (NYSE:SLGN) had its target price increased by analysts at Royal Bank of Canada from $63.00 to $65.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the industrial products company’s stock. Royal Bank of Canada’s target price points to a potential upside of 16.85% from the stock’s current price.

SLGN has been the subject of several other reports. Bank of America raised their target price on shares of Silgan from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Truist Financial reissued a “buy” rating and issued a $70.00 price target (up previously from $69.00) on shares of Silgan in a report on Thursday. Raymond James increased their price objective on shares of Silgan from $62.00 to $65.00 and gave the company an “outperform” rating in a research report on Thursday. JPMorgan Chase & Co. boosted their target price on shares of Silgan from $53.00 to $57.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Robert W. Baird raised their price target on shares of Silgan from $60.00 to $62.00 and gave the stock an “outperform” rating in a report on Thursday. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $62.88.

Silgan Stock Performance

SLGN traded down $0.16 during trading on Thursday, hitting $55.63. The company’s stock had a trading volume of 312,697 shares, compared to its average volume of 530,421. Silgan has a one year low of $41.14 and a one year high of $58.14. The business’s 50 day simple moving average is $53.66 and its 200-day simple moving average is $51.77. The company has a quick ratio of 0.75, a current ratio of 1.09 and a debt-to-equity ratio of 1.24. The firm has a market cap of $5.94 billion, a PE ratio of 20.21, a P/E/G ratio of 1.26 and a beta of 0.71.

Silgan (NYSE:SLGN) last posted its quarterly earnings data on Wednesday, January 29th. The industrial products company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.03. Silgan had a return on equity of 18.76% and a net margin of 5.11%. As a group, sell-side analysts predict that Silgan will post 3.6 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SLGN. FMR LLC increased its position in Silgan by 87.7% during the third quarter. FMR LLC now owns 6,278,456 shares of the industrial products company’s stock worth $329,619,000 after purchasing an additional 2,932,680 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Silgan by 1.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,610,421 shares of the industrial products company’s stock valued at $137,047,000 after purchasing an additional 29,565 shares during the last quarter. State Street Corp boosted its position in shares of Silgan by 0.6% in the 3rd quarter. State Street Corp now owns 2,497,683 shares of the industrial products company’s stock valued at $131,128,000 after purchasing an additional 14,109 shares during the period. Geode Capital Management LLC grew its stake in Silgan by 11.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,495,033 shares of the industrial products company’s stock worth $78,509,000 after buying an additional 157,160 shares during the last quarter. Finally, Segall Bryant & Hamill LLC increased its position in Silgan by 0.9% during the third quarter. Segall Bryant & Hamill LLC now owns 1,278,560 shares of the industrial products company’s stock worth $67,124,000 after buying an additional 11,655 shares during the period. Hedge funds and other institutional investors own 70.25% of the company’s stock.

Silgan Company 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.