Prudential Financial Inc. Sells 47,200 Shares of Silgan Holdings Inc. (SLGN)
Prudential Financial Inc. lessened its holdings in Silgan Holdings Inc. (NASDAQ:SLGN) by 46.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 53,390 shares of the industrial products company’s stock after selling 47,200 shares during the period. Prudential Financial Inc.’s holdings in Silgan were worth $1,571,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Bank of Montreal Can lifted its position in shares of Silgan by 89.3% during the 2nd quarter. Bank of Montreal Can now owns 3,916 shares of the industrial products company’s stock worth $124,000 after purchasing an additional 1,847 shares during the last quarter. Victory Capital Management Inc. purchased a new stake in shares of Silgan during the 2nd quarter worth $140,000. Pacad Investment Ltd. lifted its position in shares of Silgan by 15.6% during the 2nd quarter. Pacad Investment Ltd. now owns 5,200 shares of the industrial products company’s stock worth $165,000 after purchasing an additional 700 shares during the last quarter. US Bancorp DE lifted its position in shares of Silgan by 100.0% during the 2nd quarter. US Bancorp DE now owns 6,762 shares of the industrial products company’s stock worth $215,000 after purchasing an additional 3,381 shares during the last quarter. Finally, Bayesian Capital Management LP purchased a new stake in shares of Silgan during the 2nd quarter worth $229,000. 67.69% of the stock is owned by institutional investors.
In related news, Director William C. Jennings sold 25,642 shares of Silgan 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 sale, the director now directly owns 42,180 shares in the company, valued at approximately $1,197,068.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 33.10% of the stock is owned by company insiders.
Silgan (NASDAQ:SLGN) last announced its quarterly earnings results on Wednesday, October 25th. The industrial products company reported $0.66 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by ($0.03). Silgan had a return on equity of 32.87% and a net margin of 3.77%. 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 prior year, the business earned $0.61 earnings per share. Silgan’s revenue was up 11.2% compared to the same quarter last year. analysts predict that Silgan Holdings Inc. will post 1.64 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a dividend of $0.09 per share. The ex-dividend date is Thursday, November 30th. This represents a $0.36 annualized dividend and a yield of 1.24%. Silgan’s dividend payout ratio is currently 27.38%.
Several research firms have recently issued reports on SLGN. KeyCorp reaffirmed a “hold” rating on shares of Silgan in a research report on Friday, August 25th. BidaskClub raised shares of Silgan from a “strong sell” rating to a “sell” rating in a research report on Monday, August 14th. BMO Capital Markets reaffirmed a “buy” rating and set a $34.00 price objective on shares of Silgan in a research report on Monday, November 20th. ValuEngine cut shares of Silgan from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Finally, Zacks Investment Research cut shares of Silgan from a “hold” rating to a “sell” rating in a research report on Tuesday, October 17th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $31.57.
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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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