Wells Fargo Downgrades Silgan Holdings to Market Perform

Brokerage firm Wells Fargo Downgrades its rating on Silgan Holdings(NASDAQ:SLGN). The shares have been rated Market Perform. Previously, the analysts had a Outperform rating on the shares. The rating by Wells Fargo was issued on Jul 28, 2016.

In a different note, On Jul 19, 2016, Citigroup said it Maintains its rating on Silgan Holdings. In the research note, the firm Raises the price-target to $52.00 per share. The shares have been rated ‘Neutral’ by the firm. On Jun 8, 2016, BMO Capital said it Downgrades its rating on Silgan Holdings. The shares have been rated ‘Market Perform’ by the firm. On Jun 1, 2016, Goldman Sachs said it Assumes its rating on Silgan Holdings. The shares have been rated ‘Neutral’ by the firm. Goldman Sachs said it Initiates Coverage on Silgan Holdings, according to a research note issued on May 12, 2016. The shares have been rated ‘Neutral’ by the firm.

Silgan Holdings (SLGN) made into the market gainers list on Thursdays trading session with the shares advancing 0.82% or 0.4 points. Due to strong positive momentum, the stock ended at $49.31, which is also near the day’s high of $49.83. The stock began the session at $48.91 and the volume stood at 2,58,206 shares. The 52-week high of the shares is $56.06 and the 52 week low is $47. The company has a current market capitalization of $2,982 M and it has 6,04,68,347 shares in outstanding.

Silgan Holdings(SLGN) last announced its earnings results on Jul 27, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $874.60M. Analysts had an estimated revenue of $895.66M. Earnings per share were $0.60. Analysts had estimated an EPS of $0.56.

Several Insider Transactions has been reported to the SEC. On May 27, 2016, Anthony P Andreacchi (Vice President,Tax) sold 600 shares at $50.72 per share price.Also, On May 13, 2016, B Frederik Prinzen (Sr. V.P. – Corp. Dev.) sold 1,200 shares at $51.57 per share price.On May 6, 2016, Thomas James Snyder (President – Silgan Containers) sold 4,367 shares at $50.55 per share price, according to the Form-4 filing with the securities and exchange commission.

Silgan Holdings Inc. (Silgan) is a manufacturer of rigid packaging for shelf-stable food and other consumer goods products. The Company operates through three segments: metal container closures and plastic container. Its metal container business is engaged in the manufacture and sale of steel and aluminum containers for human and pet food and general line products. Its closures business manufactures and sells metal composite and plastic closures for food and beverage products. Its plastic container business manufactures and sells custom designed plastic containers tubes and closures for personal care food health care pharmaceutical household and industrial chemical pet care agricultural automotive and marine chemical products. Its metal container business has operating facilities in North America Europe and Asia. Its closures business has operating facilities in North and South America Europe and Asia. Its plastic container business is -based in North America.

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