Zacks Investment Research Upgrades Silgan (SLGN) to Buy

Zacks Investment Research upgraded shares of Silgan (NASDAQ:SLGN) from a hold rating to a buy rating in a research report report published on Monday morning. They currently have $33.00 price objective on the industrial products company’s stock.

According to Zacks, “For fiscal 2018, Silgan Holdings guided adjusted EPS in the range of $2.03-$2.13. The mid-point of the range depicts year-over-year growth of 26%, which will be driven by improvement in sales and operating income across all segments. Further, the company initiated a guidance range of 32-36 cents for adjusted earnings per share for the fiscal first quarter, reflecting year-over-year growth of around 10%. Its adjusted EPS for first-quarter fiscal 2018 will benefit from inclusion of the synergies of the Dispensing Systems acquisition and benefit of the lower tax rate. Moreover, the stock has outperformed the industry over the past six months.”

A number of other analysts have also recently commented on SLGN. Royal Bank of Canada started coverage on shares of Silgan in a research note on Monday, October 9th. They set a sector perform rating and a $30.00 target price for the company. KeyCorp reissued a hold rating on shares of Silgan in a research note on Thursday, October 12th. Robert W. Baird reissued a hold rating and set a $32.00 target price on shares of Silgan in a research note on Friday, October 27th. BMO Capital Markets reissued a buy rating and set a $34.00 target price on shares of Silgan in a research note on Monday, November 20th. Finally, Bank of America cut shares of Silgan from a neutral rating to an underperform rating in a research note on Tuesday, January 2nd. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $30.70.

Shares of Silgan (NASDAQ:SLGN) opened at $27.90 on Monday. The company has a market cap of $3,133.49, a PE ratio of 11.53, a PEG ratio of 1.36 and a beta of 0.49. The company has a debt-to-equity ratio of 3.96, a quick ratio of 0.17 and a current ratio of 0.38. Silgan has a one year low of $27.21 and a one year high of $32.50.

Silgan (NASDAQ:SLGN) last released its earnings results on Tuesday, January 30th. The industrial products company reported $0.32 EPS for the quarter, hitting analysts’ consensus estimates of $0.32. The business had revenue of $995.70 million during the quarter, compared to analysts’ expectations of $970.24 million. Silgan had a net margin of 6.59% and a return on equity of 30.15%. The company’s quarterly revenue was up 23.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.48 earnings per share. research analysts forecast that Silgan will post 2.09 EPS for the current fiscal year.

In related news, Director William C. Jennings sold 25,642 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,197,068.40. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 33.10% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in SLGN. State of Alaska Department of Revenue purchased a new stake in Silgan during the 4th quarter valued at about $158,000. Cubist Systematic Strategies LLC purchased a new stake in Silgan during the 3rd quarter valued at about $167,000. Breton Hill Capital Ltd. purchased a new stake in Silgan during the 3rd quarter valued at about $218,000. Victory Capital Management Inc. grew its stake in Silgan by 73.2% during the 3rd quarter. Victory Capital Management Inc. now owns 7,638 shares of the industrial products company’s stock valued at $225,000 after acquiring an additional 3,228 shares in the last quarter. Finally, Profund Advisors LLC grew its stake in Silgan by 20.5% during the 2nd quarter. Profund Advisors LLC now owns 7,888 shares of the industrial products company’s stock valued at $251,000 after acquiring an additional 1,340 shares in the last quarter. 66.45% of the stock is owned by institutional investors.

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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.

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