Silgan (NASDAQ:SLGN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday, January 18th.
According to Zacks, “Silgan narrowed its full-year 2017 adjusted earnings per share guidance backed by higher anticipated resin cost in the fourth quarter due to recent hurricanes. Further, expenses related to its rationalization plans will thwart the company’s earnings in the near future. In addition, increase in debt and unfavorable foreign currency translation will also likely hurt the company’s performance. Its estimates have been going down over the past 90 days. Moreover, Silgan has underperformed the industry in the past year.”
A number of other research firms have also commented on SLGN. KeyCorp reaffirmed a “hold” rating on shares of Silgan in a research note on Sunday, October 29th. Robert W. Baird reaffirmed a “hold” rating and set a $32.00 price objective on shares of Silgan in a research note on Friday, October 27th. Bank of America lowered shares of Silgan from a “neutral” rating to an “underperform” rating in a research note on Tuesday, January 2nd. JPMorgan Chase & Co. lowered shares of Silgan from a “neutral” rating to an “underweight” rating and set a $30.00 price objective for the company. in a research note on Wednesday, January 17th. Finally, Royal Bank of Canada initiated coverage on Silgan in a report on Monday, October 9th. They issued a “sector perform” rating and a $30.00 target price on the stock. Five equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $30.70.
Shares of Silgan (SLGN) traded down $0.11 during midday trading on Thursday, reaching $27.79. 713,300 shares of the company’s stock were exchanged, compared to its average volume of 655,034. Silgan has a 52 week low of $27.21 and a 52 week high of $32.50. The company has a quick ratio of 0.17, a current ratio of 0.38 and a debt-to-equity ratio of 3.96. The firm has a market cap of $3,067.26, a P/E ratio of 11.48, a price-to-earnings-growth ratio of 1.33 and a beta of 0.49.
Silgan (NASDAQ:SLGN) last issued its quarterly earnings results on Tuesday, January 30th. The industrial products company reported $0.32 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.32. Silgan had a net margin of 6.59% and a return on equity of 30.15%. The company had revenue of $995.70 million during the quarter, compared to the consensus estimate of $970.24 million. During the same period in the prior year, the company earned $0.48 EPS. Silgan’s revenue was up 23.6% on a year-over-year basis. sell-side analysts anticipate that Silgan will post 2.09 EPS for the current year.
In other Silgan news, Director William C. Jennings sold 25,642 shares of the company’s stock in a transaction that occurred on Tuesday, November 28th. The stock was 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 of the company’s stock, valued at $1,197,068.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 33.10% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the business. Citadel Advisors LLC boosted its position in Silgan by 205.2% during the fourth quarter. Citadel Advisors LLC now owns 391,813 shares of the industrial products company’s stock worth $11,515,000 after purchasing an additional 263,414 shares during the period. American International Group Inc. boosted its position in Silgan by 1.3% during the fourth quarter. American International Group Inc. now owns 153,217 shares of the industrial products company’s stock worth $4,503,000 after purchasing an additional 2,009 shares during the period. UBS Asset Management Americas Inc. boosted its position in Silgan by 77.3% during the fourth quarter. UBS Asset Management Americas Inc. now owns 160,093 shares of the industrial products company’s stock worth $4,705,000 after purchasing an additional 69,813 shares during the period. BlackRock Inc. boosted its position in Silgan by 0.7% during the fourth quarter. BlackRock Inc. now owns 6,120,141 shares of the industrial products company’s stock worth $179,870,000 after purchasing an additional 45,343 shares during the period. Finally, Rhumbline Advisers boosted its position in Silgan by 4.5% during the fourth quarter. Rhumbline Advisers now owns 153,696 shares of the industrial products company’s stock worth $4,517,000 after purchasing an additional 6,626 shares during the period. 66.83% of the stock is owned by hedge funds and other institutional investors.
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.
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