Bank of America Downgrades Silgan (SLGN) to Underperform

Silgan (NASDAQ:SLGN) was downgraded by equities research analysts at Bank of America from a “neutral” rating to an “underperform” rating in a research note issued on Tuesday, January 2nd, Marketbeat Ratings reports.

A number of other equities analysts also recently issued reports on SLGN. Zacks Investment Research upgraded shares of Silgan from a “hold” rating to a “buy” rating and set a $33.00 price target for the company in a report on Tuesday, December 26th. KeyCorp restated an “underweight” rating and set a $25.00 target price (down from $28.99) on shares of Silgan in a report on Friday, December 8th. BMO Capital Markets reiterated a “buy” rating and set a $34.00 price target on shares of Silgan in a report on Monday, November 20th. Royal Bank of Canada started coverage on shares of Silgan in a report on Monday, October 9th. They set a “sector perform” rating and a $30.00 price target for the company. Finally, Robert W. Baird reissued a “hold” rating and issued a $32.00 target price on shares of Silgan in a research report on Friday, October 27th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $31.00.

Shares of Silgan (NASDAQ SLGN) traded down $0.13 on Tuesday, reaching $29.53. 359,400 shares of the company traded hands, compared to its average volume of 423,571. Silgan has a 1 year low of $25.98 and a 1 year high of $32.50. The stock has a market cap of $3,260.00, a P/E ratio of 22.54, a P/E/G ratio of 1.58 and a beta of 0.51. The company has a debt-to-equity ratio of 3.96, a quick ratio of 0.73 and a current ratio of 1.26.

Silgan (NASDAQ:SLGN) last announced its quarterly earnings data on Wednesday, October 25th. The industrial products company reported $0.66 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 firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same period in the prior year, the company posted $0.61 earnings per share. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. research analysts predict that Silgan will post 1.64 earnings per share for the current year.

In other Silgan news, Director William C. Jennings sold 25,642 shares of the business’s stock in a transaction 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 owns 42,180 shares in the company, valued at $1,197,068.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 33.10% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Northern Trust Corp lifted its holdings in Silgan by 79.6% in the second quarter. Northern Trust Corp now owns 648,964 shares of the industrial products company’s stock worth $20,623,000 after purchasing an additional 287,658 shares during the period. Bradley Foster & Sargent Inc. CT acquired a new stake in Silgan in the 3rd quarter valued at about $491,000. Wells Fargo & Company MN lifted 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 acquiring an additional 830,485 shares during the last quarter. JPMorgan Chase & Co. lifted 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 acquiring an additional 3,939,145 shares during the last quarter. Finally, BlackRock Inc. lifted 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 acquiring an additional 3,437,477 shares during the last quarter. 66.62% of the stock is owned by institutional investors.

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Silgan 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.

Analyst Recommendations for Silgan (NASDAQ:SLGN)

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