New York State Common Retirement Fund increased its position in shares of Sealed Air Co. (NYSE:SEE – Get Rating) by 1.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 223,675 shares of the industrial products company’s stock after buying an additional 2,754 shares during the quarter. New York State Common Retirement Fund owned about 0.15% of Sealed Air worth $14,977,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Ellevest Inc. raised its stake in Sealed Air by 269.0% during the 1st quarter. Ellevest Inc. now owns 369 shares of the industrial products company’s stock worth $25,000 after buying an additional 269 shares during the period. Confluence Wealth Services Inc. acquired a new position in Sealed Air during the 4th quarter worth approximately $29,000. Parkside Financial Bank & Trust raised its stake in Sealed Air by 186.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 582 shares of the industrial products company’s stock worth $39,000 after buying an additional 379 shares during the period. National Bank of Canada FI acquired a new position in Sealed Air during the 4th quarter worth approximately $51,000. Finally, Covestor Ltd acquired a new position in Sealed Air during the 4th quarter worth approximately $55,000. 90.23% of the stock is owned by institutional investors and hedge funds.
Insider Activity at Sealed Air
In other news, SVP Sergio A. Pupkin acquired 1,000 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The shares were acquired at an average cost of $57.66 per share, for a total transaction of $57,660.00. Following the purchase, the senior vice president now owns 45,748 shares of the company’s stock, valued at approximately $2,637,829.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Edward L. Doheny II purchased 4,500 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The shares were purchased at an average cost of $56.95 per share, for a total transaction of $256,275.00. Following the completion of the transaction, the chief executive officer now directly owns 515,254 shares in the company, valued at approximately $29,343,715.30. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Sergio A. Pupkin purchased 1,000 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The shares were bought at an average price of $57.66 per share, for a total transaction of $57,660.00. Following the completion of the transaction, the senior vice president now owns 45,748 shares of the company’s stock, valued at $2,637,829.68. The disclosure for this purchase can be found here. 0.44% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
Several brokerages have recently commented on SEE. Wells Fargo & Company lowered their price objective on Sealed Air from $71.00 to $62.00 and set an “equal weight” rating for the company in a research note on Monday, July 18th. Mizuho dropped their price objective on Sealed Air from $72.00 to $68.00 and set a “neutral” rating on the stock in a research note on Wednesday. Royal Bank of Canada raised shares of Sealed Air from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $66.00 to $70.00 in a report on Wednesday. Credit Suisse Group downgraded shares of Sealed Air from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $80.00 to $64.00 in a report on Wednesday, July 20th. Finally, Morgan Stanley cut their price objective on shares of Sealed Air from $79.00 to $75.00 and set an “overweight” rating on the stock in a report on Thursday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $69.75.
Sealed Air Price Performance
Shares of NYSE:SEE opened at $55.47 on Friday. Sealed Air Co. has a fifty-two week low of $54.51 and a fifty-two week high of $70.72. The company’s 50-day moving average is $58.86 and its 200 day moving average is $63.48. The company has a market capitalization of $8.10 billion, a P/E ratio of 15.07, a price-to-earnings-growth ratio of 1.75 and a beta of 1.14. The company has a debt-to-equity ratio of 18.30, a quick ratio of 0.74 and a current ratio of 1.34.
Sealed Air (NYSE:SEE – Get Rating) last announced its quarterly earnings data on Tuesday, August 2nd. The industrial products company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. Sealed Air had a return on equity of 320.73% and a net margin of 9.56%. The business had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.43 billion. During the same period in the previous year, the business posted $0.79 EPS. The firm’s quarterly revenue was up 6.7% compared to the same quarter last year. On average, equities research analysts forecast that Sealed Air Co. will post 4.13 earnings per share for the current year.
Sealed Air Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 24th. Investors of record on Friday, June 10th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date of this dividend was Thursday, June 9th. Sealed Air’s dividend payout ratio is currently 21.74%.
Sealed Air Profile
Sealed Air Corporation provides food safety and security, and product protection solutions and equipment in North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. It operates through two segments, Food and Protective. The Food segment offers integrated packaging materials and automation equipment solutions to provide food safety and shelf life extension, reduce food waste, automate processes, and optimize total cost for food processors in the fresh red meat, smoked and processed meats, poultry, seafood, plant-based, and dairy markets under the CRYOVAC, CRYOVAC Grip & Tear, CRYOVAC Darfresh, Simple Steps, and Optidure brands.
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