Silgan Holdings Inc. (NASDAQ:SLGN) Sees Large Decline in Short Interest

Silgan Holdings Inc. (NASDAQ:SLGN) saw a significant decline in short interest in July. As of July 15th, there was short interest totalling 2,300,000 shares, a decline of 25.6% from the June 30th total of 3,090,000 shares. Currently, 2.9% of the shares of the company are sold short. Based on an average daily volume of 678,000 shares, the days-to-cover ratio is presently 3.4 days.

Several equities analysts recently commented on the company. Deutsche Bank boosted their target price on Silgan from $31.00 to $37.00 and gave the stock a “hold” rating in a research report on Thursday, July 23rd. JPMorgan Chase & Co. boosted their target price on Silgan from $34.00 to $37.00 and gave the stock a “neutral” rating in a research report on Friday, April 24th. BidaskClub upgraded Silgan from a “hold” rating to a “buy” rating in a research report on Tuesday, July 28th. Zacks Investment Research cut Silgan from a “buy” rating to a “hold” rating and set a $36.00 target price for the company. in a research report on Friday, April 17th. Finally, KeyCorp restated a “hold” rating on shares of Silgan in a research report on Wednesday, April 22nd. One analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $37.00.

SLGN stock traded down $0.08 during mid-day trading on Friday, hitting $38.25. 620,215 shares of the stock were exchanged, compared to its average volume of 616,497. The company has a debt-to-equity ratio of 2.13, a current ratio of 0.41 and a quick ratio of 0.23. The business has a fifty day moving average price of $33.52 and a 200 day moving average price of $31.92. Silgan has a 12 month low of $24.65 and a 12 month high of $38.99. The stock has a market capitalization of $4.24 billion, a price-to-earnings ratio of 16.92, a PEG ratio of 2.75 and a beta of 0.67.

Silgan (NASDAQ:SLGN) last issued its quarterly earnings results on Wednesday, July 22nd. The industrial products company reported $0.85 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.21. Silgan had a return on equity of 27.83% and a net margin of 5.50%. The firm had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.12 billion. As a group, equities analysts forecast that Silgan will post 2.78 EPS for the current fiscal year.

In other news, CFO Robert B. Lewis sold 2,532 shares of Silgan stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $33.30, for a total value of $84,315.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders sold 32,532 shares of company stock valued at $1,175,316. 30.32% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mason Street Advisors LLC grew its holdings in shares of Silgan by 1.1% during the 4th quarter. Mason Street Advisors LLC now owns 41,241 shares of the industrial products company’s stock worth $1,282,000 after acquiring an additional 429 shares during the period. Louisiana State Employees Retirement System grew its holdings in shares of Silgan by 3.2% during the 2nd quarter. Louisiana State Employees Retirement System now owns 19,400 shares of the industrial products company’s stock worth $628,000 after acquiring an additional 600 shares during the period. New York State Teachers Retirement System grew its holdings in shares of Silgan by 0.6% during the 2nd quarter. New York State Teachers Retirement System now owns 99,200 shares of the industrial products company’s stock worth $3,213,000 after acquiring an additional 600 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of Silgan by 1.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 38,640 shares of the industrial products company’s stock worth $1,121,000 after acquiring an additional 611 shares during the period. Finally, State of Alaska Department of Revenue grew its holdings in shares of Silgan by 0.9% during the 1st quarter. State of Alaska Department of Revenue now owns 101,513 shares of the industrial products company’s stock worth $2,944,000 after acquiring an additional 911 shares during the period. 65.51% of the stock is owned by institutional investors and hedge funds.

Silgan Company Profile

Silgan Holdings Inc, together with its subsidiaries, manufactures and sells rigid packaging for consumer goods products worldwide. It operates through three segments: Metal Containers, Closures, and Plastic Containers. The Metal Containers segment manufactures and sells steel and aluminum containers for food products, such as pet food, vegetables, soups, proteins, tomato based products, adult nutritional drinks, fruits, and other miscellaneous food products, as well as general line metal containers primarily for chemicals.

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