PDT Partners LLC Cuts Position in Sealed Air Co. (NYSE:SEE)

PDT Partners LLC reduced its holdings in shares of Sealed Air Co. (NYSE:SEE) by 61.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,894 shares of the industrial products company’s stock after selling 40,385 shares during the quarter. PDT Partners LLC’s holdings in Sealed Air were worth $904,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Millennium Management LLC boosted its position in Sealed Air by 38.2% during the 2nd quarter. Millennium Management LLC now owns 4,114,281 shares of the industrial products company’s stock worth $143,136,000 after purchasing an additional 1,136,985 shares during the period. Pacer Advisors Inc. purchased a new stake in shares of Sealed Air in the third quarter worth about $139,800,000. Dimensional Fund Advisors LP grew its stake in shares of Sealed Air by 33.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,910,647 shares of the industrial products company’s stock valued at $66,475,000 after buying an additional 479,675 shares in the last quarter. Deprince Race & Zollo Inc. raised its holdings in shares of Sealed Air by 1.4% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 1,856,020 shares of the industrial products company’s stock valued at $64,571,000 after buying an additional 24,940 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Sealed Air by 45.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,613,957 shares of the industrial products company’s stock worth $58,587,000 after acquiring an additional 502,999 shares in the last quarter. Institutional investors and hedge funds own 94.40% of the company’s stock.

Sealed Air Price Performance

Shares of NYSE:SEE opened at $36.60 on Monday. The company has a market cap of $5.33 billion, a PE ratio of 13.46, a P/E/G ratio of 5.06 and a beta of 1.34. Sealed Air Co. has a fifty-two week low of $30.87 and a fifty-two week high of $41.14. The firm has a 50-day simple moving average of $35.84 and a 200 day simple moving average of $35.81. The company has a quick ratio of 0.79, a current ratio of 1.29 and a debt-to-equity ratio of 5.62.

Sealed Air (NYSE:SEE) last posted its earnings results on Thursday, November 7th. The industrial products company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.67 by $0.12. The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. Sealed Air had a return on equity of 74.21% and a net margin of 7.34%. The business’s revenue was down 2.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.77 earnings per share. On average, sell-side analysts anticipate that Sealed Air Co. will post 3.06 EPS for the current year.

Sealed Air Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 2.19%. The ex-dividend date is Friday, December 6th. Sealed Air’s dividend payout ratio (DPR) is 29.41%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Royal Bank of Canada lowered their price objective on shares of Sealed Air from $40.00 to $39.00 and set a “sector perform” rating for the company in a research report on Thursday, October 17th. Morgan Stanley initiated coverage on shares of Sealed Air in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $39.00 price target on the stock. JPMorgan Chase & Co. lowered their target price on Sealed Air from $35.00 to $33.00 and set a “neutral” rating for the company in a research note on Thursday, August 15th. StockNews.com upgraded Sealed Air from a “hold” rating to a “buy” rating in a research note on Friday, November 22nd. Finally, Wells Fargo & Company raised their price target on shares of Sealed Air from $43.00 to $44.00 and gave the stock an “overweight” rating in a research report on Friday, August 9th. Seven equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

About Sealed Air

Sealed Air Corporation provides packaging solutions in the Americas, Europe, the Middle East, Africa, Asia, Australia, and New Zealand. It operates through two segments, Food and Protective. The Food segment offers integrated packaging materials and automation equipment solutions to provide food safety, 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, fluids and liquids and cheese markets under the CRYOVAC, CRYOVAC Grip & Tear, CRYOVAC Darfresh, LIQUIBOX, Simple Steps, and Optidure brands.