Comerica Bank Has $1.84 Million Position in Sealed Air Corp (SEE)
Comerica Bank decreased its holdings in Sealed Air Corp (NYSE:SEE) by 15.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 43,086 shares of the industrial products company’s stock after selling 8,010 shares during the period. Comerica Bank’s holdings in Sealed Air were worth $1,841,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. LPL Financial LLC lifted its stake in Sealed Air by 71.8% in the first quarter. LPL Financial LLC now owns 10,508 shares of the industrial products company’s stock worth $450,000 after purchasing an additional 4,391 shares during the last quarter. Flinton Capital Management LLC lifted its stake in Sealed Air by 11.8% in the first quarter. Flinton Capital Management LLC now owns 14,056 shares of the industrial products company’s stock worth $601,000 after purchasing an additional 1,484 shares during the last quarter. Atria Investments LLC bought a new stake in Sealed Air in the second quarter worth about $457,000. Mackay Shields LLC bought a new stake in Sealed Air in the first quarter worth about $1,208,000. Finally, M&T Bank Corp lifted its stake in Sealed Air by 12.0% in the first quarter. M&T Bank Corp now owns 13,117 shares of the industrial products company’s stock worth $560,000 after purchasing an additional 1,404 shares during the last quarter. 95.56% of the stock is owned by institutional investors and hedge funds.
Several brokerages have issued reports on SEE. Barclays decreased their price objective on shares of Sealed Air from $51.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday, August 9th. ValuEngine downgraded shares of Sealed Air from a “hold” rating to a “sell” rating in a research note on Wednesday, August 8th. KeyCorp reissued a “hold” rating on shares of Sealed Air in a research note on Thursday, August 2nd. Zacks Investment Research downgraded shares of Sealed Air from a “buy” rating to a “hold” rating in a research note on Tuesday, July 3rd. Finally, UBS Group set a $52.00 price objective on shares of Sealed Air and gave the stock a “buy” rating in a research note on Wednesday, May 23rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. Sealed Air has an average rating of “Hold” and a consensus price target of $50.27.
Shares of NYSE:SEE opened at $38.96 on Friday. The company has a market cap of $6.25 billion, a PE ratio of 21.47, a P/E/G ratio of 1.68 and a beta of 1.06. Sealed Air Corp has a one year low of $38.49 and a one year high of $49.94. The company has a debt-to-equity ratio of -8.64, a quick ratio of 0.69 and a current ratio of 1.11.
Sealed Air (NYSE:SEE) last issued its earnings results on Thursday, August 2nd. The industrial products company reported $0.64 EPS for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.06. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Sealed Air had a net margin of 14.37% and a return on equity of 859.42%. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period last year, the company posted $0.34 earnings per share. sell-side analysts anticipate that Sealed Air Corp will post 2.52 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 21st. Stockholders of record on Friday, September 7th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date is Thursday, September 6th. Sealed Air’s dividend payout ratio (DPR) is presently 35.36%.
Sealed Air declared that its Board of Directors has approved a share buyback program on Thursday, May 3rd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the industrial products company to repurchase up to 13.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.
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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