Principal Financial Group Inc. Lowers Position in Silgan Holdings Inc. (SLGN)

Principal Financial Group Inc. lowered its stake in shares of Silgan Holdings Inc. (NASDAQ:SLGN) by 1.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 316,525 shares of the industrial products company’s stock after selling 5,636 shares during the quarter. Principal Financial Group Inc. owned about 0.29% of Silgan worth $9,315,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Northern Trust Corp boosted its holdings in Silgan by 79.6% in the 2nd quarter. Northern Trust Corp now owns 648,964 shares of the industrial products company’s stock valued at $20,623,000 after purchasing an additional 287,658 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Silgan by 106.8% in the 2nd quarter. Wells Fargo & Company MN now owns 1,608,013 shares of the industrial products company’s stock valued at $51,104,000 after purchasing an additional 830,485 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Silgan by 102.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,792,959 shares of the industrial products company’s stock valued at $247,661,000 after purchasing an additional 3,939,145 shares in the last quarter. BlackRock Inc. boosted its holdings in Silgan by 107.4% in the 2nd quarter. BlackRock Inc. now owns 6,637,734 shares of the industrial products company’s stock valued at $210,947,000 after purchasing an additional 3,437,477 shares in the last quarter. Finally, Swiss National Bank boosted its holdings in Silgan by 100.0% in the 2nd quarter. Swiss National Bank now owns 126,800 shares of the industrial products company’s stock valued at $4,030,000 after purchasing an additional 63,400 shares in the last quarter. 67.69% of the stock is currently owned by hedge funds and other institutional investors.

In other news, Director William C. Jennings sold 25,642 shares of Silgan stock in a transaction that occurred on Tuesday, November 28th. The shares were sold at an average price of $28.38, for a total transaction of $727,719.96. Following the completion of the sale, the director now directly owns 42,180 shares in the company, valued at approximately $1,197,068.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 33.10% of the stock is currently owned by company insiders.

Shares of Silgan Holdings Inc. (NASDAQ:SLGN) opened at $28.96 on Tuesday. Silgan Holdings Inc. has a 12-month low of $24.52 and a 12-month high of $32.50. The company has a debt-to-equity ratio of 3.96, a quick ratio of 0.73 and a current ratio of 1.26. The stock has a market cap of $3,169.91, a P/E ratio of 18.41, a PEG ratio of 1.75 and a beta of 0.52.

Silgan (NASDAQ:SLGN) last posted its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $0.66 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.03). Silgan had a net margin of 3.77% and a return on equity of 32.87%. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the previous year, the business posted $0.61 earnings per share. Silgan’s revenue was up 11.2% on a year-over-year basis. sell-side analysts anticipate that Silgan Holdings Inc. will post 1.64 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.24%. Silgan’s payout ratio is 27.38%.

A number of brokerages have weighed in on SLGN. BidaskClub raised Silgan from a “strong sell” rating to a “sell” rating in a report on Monday, August 14th. ValuEngine lowered Silgan from a “buy” rating to a “hold” rating in a report on Friday, September 1st. KeyCorp reaffirmed a “hold” rating on shares of Silgan in a report on Friday, August 25th. BMO Capital Markets reaffirmed a “buy” rating and issued a $34.00 price objective on shares of Silgan in a report on Monday, September 18th. Finally, Robert W. Baird reaffirmed a “hold” rating and issued a $32.00 price objective on shares of Silgan in a report on Friday, October 27th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $31.57.

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About Silgan

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.

Institutional Ownership by Quarter for Silgan (NASDAQ:SLGN)

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