Toronto Dominion Bank Acquires 13,104 Shares of Sealed Air Corp (SEE)
Toronto Dominion Bank increased its holdings in shares of Sealed Air Corp (NYSE:SEE) by 12.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 117,483 shares of the industrial products company’s stock after buying an additional 13,104 shares during the period. Toronto Dominion Bank owned about 0.07% of Sealed Air worth $4,986,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of SEE. Daiwa Securities Group Inc. raised its stake in Sealed Air by 1.0% during the 1st quarter. Daiwa Securities Group Inc. now owns 175,027 shares of the industrial products company’s stock valued at $7,490,000 after acquiring an additional 1,773 shares during the last quarter. D.B. Root & Company LLC purchased a new stake in Sealed Air during the 1st quarter valued at approximately $404,000. Dupont Capital Management Corp purchased a new stake in Sealed Air during the 1st quarter valued at approximately $180,000. Twin Capital Management Inc. raised its stake in Sealed Air by 111.5% during the 1st quarter. Twin Capital Management Inc. now owns 26,391 shares of the industrial products company’s stock valued at $1,129,000 after acquiring an additional 13,915 shares during the last quarter. Finally, Manning & Napier Group LLC raised its stake in Sealed Air by 8.4% during the 1st quarter. Manning & Napier Group LLC now owns 2,509,665 shares of the industrial products company’s stock valued at $107,387,000 after acquiring an additional 193,674 shares during the last quarter. Institutional investors and hedge funds own 95.56% of the company’s stock.
Several analysts have commented on the company. ValuEngine downgraded Sealed Air from a “hold” rating to a “sell” rating in a research note on Wednesday, August 8th. Barclays reduced their price objective on Sealed Air from $51.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday, August 9th. Zacks Investment Research downgraded Sealed Air from a “buy” rating to a “hold” rating in a research note on Friday, May 18th. Bank of America upped their price objective on Sealed Air from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, May 4th. Finally, KeyCorp reiterated a “hold” rating on shares of Sealed Air in a research report on Thursday, August 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $50.27.
Sealed Air (NYSE:SEE) last released its earnings results on Thursday, August 2nd. The industrial products company reported $0.64 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.06. Sealed Air had a return on equity of 859.42% and a net margin of 14.37%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the firm posted $0.34 EPS. The firm’s quarterly revenue was up 7.9% on a year-over-year basis. equities research analysts forecast that Sealed Air Corp will post 2.52 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 21st. Shareholders of record on Friday, September 7th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.64%. The ex-dividend date is Thursday, September 6th. Sealed Air’s payout ratio is 35.36%.
Sealed Air announced that its board has authorized a share repurchase program on Thursday, May 3rd that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the industrial products company to buy up to 13.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
In related news, CFO William G. Stiehl sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 19th. The stock was sold at an average price of $44.01, for a total value of $132,030.00. Following the sale, the chief financial officer now owns 42,898 shares in the company, valued at approximately $1,887,940.98. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Emile Z. Chammas sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 29th. The stock was sold at an average price of $45.03, for a total value of $450,300.00. Following the completion of the sale, the insider now owns 164,509 shares in the company, valued at approximately $7,407,840.27. The disclosure for this sale can be found here. Insiders have acquired a total of 6,600 shares of company stock worth $262,654 in the last quarter. 0.63% of the stock is currently owned by insiders.
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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