Meyer Handelman Co. reduced its position in shares of Sealed Air Co. (NYSE:SEE – Get Rating) by 1.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 92,400 shares of the industrial products company’s stock after selling 1,200 shares during the period. Meyer Handelman Co. owned about 0.06% of Sealed Air worth $5,333,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Sealed Air by 8.8% during the 1st quarter. BlackRock Inc. now owns 20,006,898 shares of the industrial products company’s stock worth $1,339,661,000 after acquiring an additional 1,613,020 shares during the period. Vanguard Group Inc. raised its holdings in shares of Sealed Air by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 16,464,222 shares of the industrial products company’s stock worth $1,102,444,000 after buying an additional 148,634 shares in the last quarter. Kensico Capital Management Corp raised its holdings in shares of Sealed Air by 33.8% during the 4th quarter. Kensico Capital Management Corp now owns 4,193,157 shares of the industrial products company’s stock worth $282,912,000 after buying an additional 1,058,900 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of Sealed Air by 13.0% during the 1st quarter. Bank of America Corp DE now owns 3,635,752 shares of the industrial products company’s stock worth $243,450,000 after buying an additional 417,485 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Sealed Air by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 2,768,451 shares of the industrial products company’s stock worth $186,294,000 after buying an additional 22,136 shares in the last quarter. 82.41% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on the company. Credit Suisse Group lowered Sealed Air from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $80.00 to $64.00 in a research report on Wednesday, July 20th. Robert W. Baird reduced their price objective on Sealed Air to $67.00 in a research report on Tuesday, August 9th. Wells Fargo & Company reduced their price objective on Sealed Air from $62.00 to $56.00 and set an “equal weight” rating on the stock in a research report on Friday, September 16th. Morgan Stanley reduced their price target on Sealed Air from $79.00 to $75.00 and set an “overweight” rating on the stock in a research report on Thursday, August 4th. Finally, JPMorgan Chase & Co. upgraded Sealed Air from an “underweight” rating to a “neutral” rating and reduced their price target for the company from $62.00 to $58.00 in a research report on Tuesday, August 30th. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Sealed Air currently has an average rating of “Hold” and a consensus price target of $68.18.
Insider Buying and Selling at Sealed Air
Sealed Air Stock Performance
Shares of Sealed Air stock traded down $1.02 during trading hours on Friday, reaching $44.61. The company had a trading volume of 22,836 shares, compared to its average volume of 1,077,503. Sealed Air Co. has a one year low of $45.56 and a one year high of $70.72. The business has a fifty day simple moving average of $55.60 and a 200 day simple moving average of $60.62. The company has a debt-to-equity ratio of 18.30, a current ratio of 1.34 and a quick ratio of 0.72. The firm has a market cap of $6.48 billion, a PE ratio of 12.40, a price-to-earnings-growth ratio of 1.81 and a beta of 1.17.
Sealed Air (NYSE:SEE – Get Rating) last released its quarterly earnings data on Tuesday, August 2nd. The industrial products company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.99 by $0.02. The firm had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.43 billion. Sealed Air had a return on equity of 320.73% and a net margin of 9.56%. The company’s quarterly revenue was up 6.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.79 earnings per share. On average, analysts anticipate that Sealed Air Co. will post 4.15 earnings per share for the current fiscal year.
Sealed Air Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 23rd. Shareholders of record on Friday, September 9th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, September 8th. This represents a $0.80 dividend on an annualized basis and a yield of 1.79%. Sealed Air’s dividend payout ratio is presently 21.74%.
About Sealed Air
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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