Silgan Holdings Inc. $SLGN Stake Lowered by ProShare Advisors LLC

ProShare Advisors LLC cut its holdings in Silgan Holdings Inc. (NYSE:SLGN) by 7.7% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 598,202 shares of the industrial products company’s stock after selling 49,820 shares during the quarter. ProShare Advisors LLC owned approximately 0.57% of Silgan worth $20,788,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Buckland Partners Management Co LLC bought a new stake in Silgan during the 2nd quarter worth about $6,439,000. Bank of America Corp DE acquired a new stake in Silgan in the 2nd quarter valued at about $101,368,000. Quantinno Capital Management LP raised its stake in shares of Silgan by 15.1% in the first quarter. Quantinno Capital Management LP now owns 179,341 shares of the industrial products company’s stock worth $6,958,000 after acquiring an additional 23,485 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Silgan in the second quarter worth about $1,291,000. Finally, Kingsview Wealth Management LLC acquired a new position in shares of Silgan during the second quarter worth approximately $4,046,000. 70.25% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Wells Fargo & Company reissued an “overweight” rating and set a $52.00 price target (down from $56.00) on shares of Silgan in a research note on Monday, October 19th. BMO Capital Markets began coverage on shares of Silgan in a research report on Thursday, July 16th. They issued an “outperform” rating and a $57.00 price objective for the company. UBS Group set a $38.00 price objective on shares of Silgan and gave the stock a “neutral” rating in a research report on Monday, October 5th. Truist Financial upped their price objective on Silgan from $45.00 to $46.00 and gave the stock a “buy” rating in a report on Friday. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $59.00 price objective on shares of Silgan in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $50.70.

Silgan Stock Performance

Shares of NYSE:SLGN opened at $42.57 on Tuesday. The stock has a market capitalization of $4.50 billion, a P/E ratio of 17.17, a P/E/G ratio of 2.21 and a beta of 0.67. Silgan Holdings Inc. has a 1-year low of $33.70 and a 1-year high of $49.55. The company has a current ratio of 1.27, a quick ratio of 0.80 and a debt-to-equity ratio of 1.54. The business has a 50-day moving average price of $38.36 and a two-hundred day moving average price of $41.38.

Silgan (NYSE:SLGN) last issued its earnings results on Thursday, October 29th. The industrial products company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.06. The company had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.10 billion. Silgan had a net margin of 4.05% and a return on equity of 16.74%. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.22 EPS. Equities analysts predict that Silgan Holdings Inc. will post 3.89 earnings per share for the current year.

Silgan Company Profile

Silgan Holdings Inc (NYSE: SLGN) is a manufacturer of rigid packaging products used by consumer goods companies. The company produces metal containers, plastic containers and specialty closures for food, beverage, personal care, household, healthcare, industrial and other products.

Silgan’s metal packaging business supplies cans and containers for food, pet food, paint, chemicals, aerosols and other applications. Its plastic packaging operations manufacture bottles, tubs and other containers, while its closures business produces metal and plastic caps, lids and dispensing systems for a range of consumer and industrial products.

Founded in 1987, Silgan serves customers primarily across North America and Europe through a network of manufacturing facilities.