Lapides Asset Management LLC purchased a new stake in Sealed Air Corp (NYSE:SEE) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 68,600 shares of the industrial products company’s stock, valued at approximately $2,254,000.
Other institutional investors have also added to or reduced their stakes in the company. AXA bought a new position in shares of Sealed Air in the first quarter valued at about $3,811,000. Swiss National Bank raised its holdings in Sealed Air by 23.1% during the 1st quarter. Swiss National Bank now owns 599,785 shares of the industrial products company’s stock worth $14,821,000 after purchasing an additional 112,500 shares during the last quarter. Tudor Investment Corp Et Al raised its holdings in Sealed Air by 46.8% during the 1st quarter. Tudor Investment Corp Et Al now owns 25,560 shares of the industrial products company’s stock worth $632,000 after purchasing an additional 8,151 shares during the last quarter. Two Sigma Advisers LP raised its holdings in Sealed Air by 10.8% during the 1st quarter. Two Sigma Advisers LP now owns 476,800 shares of the industrial products company’s stock worth $11,782,000 after purchasing an additional 46,500 shares during the last quarter. Finally, M&T Bank Corp raised its holdings in Sealed Air by 18.2% during the 1st quarter. M&T Bank Corp now owns 18,253 shares of the industrial products company’s stock worth $452,000 after purchasing an additional 2,817 shares during the last quarter. 91.55% of the stock is owned by institutional investors and hedge funds.
SEE has been the subject of several recent research reports. BMO Capital Markets cut Sealed Air from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $43.00 to $30.00 in a report on Sunday, April 26th. Wells Fargo & Co restated a “hold” rating on shares of Sealed Air in a research report on Wednesday, May 6th. ValuEngine upgraded Sealed Air from a “sell” rating to a “hold” rating in a research report on Tuesday, July 28th. JPMorgan Chase & Co. decreased their target price on Sealed Air from $41.00 to $38.00 and set a “neutral” rating for the company in a research report on Wednesday, April 15th. Finally, Robert W. Baird boosted their target price on Sealed Air from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Thursday, May 28th. They noted that the move was a valuation call. Nine research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $37.00.
Sealed Air (NYSE:SEE) last announced its quarterly earnings data on Tuesday, May 5th. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.14. Sealed Air had a negative return on equity of 179.75% and a net margin of 6.84%. The company had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.12 billion. During the same quarter in the prior year, the business posted $0.59 EPS. The business’s revenue was up 5.5% compared to the same quarter last year. Analysts forecast that Sealed Air Corp will post 2.67 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date is Thursday, September 3rd. Sealed Air’s dividend payout ratio is currently 22.70%.
Sealed Air Company Profile
Sealed Air Corporation provides food safety and security, and product protection solutions worldwide. It operates in two segments, Food Care and Product Care. The Food Care segment offers integrated packaging materials and equipment solutions to provide food safety, shelf life extension, and total cost optimization for perishable food processors in the fresh red meat, smoked and processed meats, poultry, and dairy markets under the Cryovac, Cryovac Grip & Tear, Cryovac Darfresh, Cryovac Mirabella, Simple Steps, and Optidure brands.
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