Bank of America Corp DE raised its position in shares of Sealed Air Corp (NYSE:SEE) by 14.2% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,532,074 shares of the industrial products company’s stock after acquiring an additional 190,557 shares during the period. Bank of America Corp DE owned approximately 0.96% of Sealed Air worth $65,037,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently bought and sold shares of the company. State of Wisconsin Investment Board lifted its position in shares of Sealed Air by 2.0% during the second quarter. State of Wisconsin Investment Board now owns 152,963 shares of the industrial products company’s stock valued at $6,493,000 after buying an additional 2,948 shares during the last quarter. First Republic Investment Management Inc. increased its holdings in Sealed Air by 11.2% in the 2nd quarter. First Republic Investment Management Inc. now owns 52,646 shares of the industrial products company’s stock worth $2,236,000 after buying an additional 5,300 shares during the period. Riverhead Capital Management LLC increased its holdings in Sealed Air by 146.1% in the 2nd quarter. Riverhead Capital Management LLC now owns 30,125 shares of the industrial products company’s stock worth $1,279,000 after buying an additional 17,884 shares during the period. LPL Financial LLC increased its holdings in Sealed Air by 71.8% in the 1st quarter. LPL Financial LLC now owns 10,508 shares of the industrial products company’s stock worth $450,000 after buying an additional 4,391 shares during the period. Finally, BP PLC acquired a new position in Sealed Air in the 2nd quarter worth approximately $976,000. Institutional investors and hedge funds own 96.23% of the company’s stock.
In other news, Director Jerry R. Whitaker acquired 1,000 shares of Sealed Air stock in a transaction on Tuesday, August 14th. The stock was bought at an average price of $39.81 per share, for a total transaction of $39,810.00. Following the completion of the purchase, the director now owns 8,021 shares in the company, valued at $319,316.01. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Edward L. Doheny II bought 5,000 shares of the company’s stock in a transaction dated Monday, August 13th. The stock was bought at an average cost of $39.65 per share, for a total transaction of $198,250.00. Following the acquisition, the insider now owns 78,145 shares of the company’s stock, valued at approximately $3,098,449.25. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 6,600 shares of company stock valued at $262,654. 0.63% of the stock is owned by company insiders.
A number of brokerages have recently commented on SEE. Zacks Investment Research raised shares of Sealed Air from a “hold” rating to a “buy” rating and set a $49.00 price objective on the stock in a research note on Friday, June 15th. ValuEngine upgraded Sealed Air from a “sell” rating to a “hold” rating in a report on Saturday, July 28th. KeyCorp restated a “hold” rating on shares of Sealed Air in a report on Thursday, August 2nd. Barclays reduced their price target on Sealed Air from $51.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, August 9th. Finally, Citigroup reduced their price target on Sealed Air from $47.00 to $42.00 and set a “neutral” rating on the stock in a report on Thursday. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. Sealed Air presently has a consensus rating of “Hold” and an average price target of $49.20.
Shares of SEE traded down $0.16 during midday trading on Friday, hitting $34.78. The company had a trading volume of 2,645,675 shares, compared to its average volume of 1,954,970. The company has a debt-to-equity ratio of -8.64, a quick ratio of 0.69 and a current ratio of 1.11. The stock has a market capitalization of $6.38 billion, a PE ratio of 19.22, a PEG ratio of 1.72 and a beta of 1.10. Sealed Air Corp has a 1 year low of $34.43 and a 1 year high of $49.94.
Sealed Air (NYSE:SEE) last posted its earnings results on Thursday, August 2nd. The industrial products company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.06. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Sealed Air had a return on equity of 859.42% and a net margin of 14.37%. The firm’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.34 earnings per share. Analysts predict that Sealed Air Corp will post 2.52 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 21st. Shareholders of record on Friday, December 7th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend is Thursday, December 6th. Sealed Air’s dividend payout ratio is currently 35.36%.
About Sealed Air
Sealed Air Corporation provides food safety and security, and product protection solutions worldwide. The company operates through Food Care and Product Care segments. The Food Care segment offers integrated system solutions that enhance the management of contamination risk during the food and beverage production process, extend product shelf life through packaging technologies, and improve merchandising, ease-of-use, and back-of-house preparation processes to processors, retailers, and food service operators under the Cryovac Grip & Tear, Cryovac Darfresh, Cryovac Mirabella, Simple Steps, and Optidure brands.
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