Cornerstone Capital Management Holdings LLC. decreased its stake in shares of Sealed Air Corporation (NYSE:SEE) by 1.5% during the first quarter, Holdings Channel reports. The fund owned 33,647 shares of the industrial products company’s stock after selling 519 shares during the period. Cornerstone Capital Management Holdings LLC.’s holdings in Sealed Air Corporation were worth $1,465,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the stock. State Street Corp increased its stake in shares of Sealed Air Corporation by 6.1% in the fourth quarter. State Street Corp now owns 8,773,022 shares of the industrial products company’s stock valued at $397,771,000 after buying an additional 501,800 shares during the last quarter. Putnam Investments LLC increased its stake in shares of Sealed Air Corporation by 89.7% in the fourth quarter. Putnam Investments LLC now owns 3,222,431 shares of the industrial products company’s stock valued at $146,105,000 after buying an additional 1,524,152 shares during the last quarter. Sasco Capital Inc. CT increased its stake in shares of Sealed Air Corporation by 2.5% in the first quarter. Sasco Capital Inc. CT now owns 2,579,367 shares of the industrial products company’s stock valued at $112,409,000 after buying an additional 63,540 shares during the last quarter. Pioneer Investment Management Inc. increased its stake in shares of Sealed Air Corporation by 45.4% in the first quarter. Pioneer Investment Management Inc. now owns 2,475,136 shares of the industrial products company’s stock valued at $107,866,000 after buying an additional 772,922 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Sealed Air Corporation during the fourth quarter valued at $96,536,000. 90.49% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Sealed Air Corporation (SEE) opened at 45.03 on Friday. The stock has a 50 day moving average price of $44.20 and a 200-day moving average price of $45.79. The company has a market cap of $8.82 billion, a P/E ratio of 25.88 and a beta of 1.13. Sealed Air Corporation has a 1-year low of $41.74 and a 1-year high of $50.62.
Sealed Air Corporation (NYSE:SEE) last posted its quarterly earnings data on Tuesday, May 9th. The industrial products company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by $0.03. Sealed Air Corporation had a return on equity of 85.72% and a net margin of 5.48%. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period in the prior year, the company posted $0.50 EPS. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. Analysts predict that Sealed Air Corporation will post $1.79 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 16th. Shareholders of record on Friday, June 2nd were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.42%. The ex-dividend date of this dividend was Wednesday, May 31st. Sealed Air Corporation’s dividend payout ratio is 36.99%.
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Several analysts have weighed in on SEE shares. KeyCorp reaffirmed a “hold” rating on shares of Sealed Air Corporation in a research note on Friday, February 24th. BMO Capital Markets reaffirmed a “hold” rating and set a $45.00 target price on shares of Sealed Air Corporation in a research note on Friday, June 9th. BidaskClub raised Sealed Air Corporation from a “hold” rating to a “buy” rating in a research note on Friday. Jefferies Group LLC reaffirmed a “hold” rating and set a $45.00 target price on shares of Sealed Air Corporation in a research note on Tuesday, April 18th. Finally, Goldman Sachs Group, Inc. (The) downgraded Sealed Air Corporation from a “conviction-buy” rating to a “buy” rating and cut their target price for the company from $53.00 to $50.00 in a research note on Tuesday, April 4th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. Sealed Air Corporation currently has an average rating of “Hold” and an average target price of $49.09.
In other news, insider Jerome A. Peribere acquired 6,960 shares of Sealed Air Corporation stock in a transaction on Friday, May 12th. The shares were purchased at an average price of $42.97 per share, with a total value of $299,071.20. Following the acquisition, the insider now owns 199,000 shares in the company, valued at $8,551,030. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Emile Z. Chammas acquired 3,000 shares of Sealed Air Corporation stock in a transaction on Tuesday, May 16th. The shares were purchased at an average cost of $43.09 per share, for a total transaction of $129,270.00. Following the acquisition, the insider now owns 148,077 shares in the company, valued at approximately $6,380,637.93. The disclosure for this purchase can be found here. 0.86% of the stock is currently owned by corporate insiders.
Sealed Air Corporation Company Profile
Sealed Air Corporation is engaged in food safety and security, facility hygiene and product protection business. The Company’s segments are Food Care, Diversey Care, Product Care and Other (includes Corporate, Medical Applications and New Ventures businesses). The Food Care segment focuses on providing a range of integrated system solutions.
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