Chesapeake Capital Corp IL Trims Stock Position in Sealed Air Co. (NYSE:SEE)

Chesapeake Capital Corp IL cut its position in shares of Sealed Air Co. (NYSE:SEE) by 36.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,805 shares of the industrial products company’s stock after selling 5,032 shares during the period. Chesapeake Capital Corp IL’s holdings in Sealed Air were worth $323,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of SEE. Allspring Global Investments Holdings LLC purchased a new position in Sealed Air during the first quarter worth about $52,000. State Board of Administration of Florida Retirement System raised its stake in Sealed Air by 9.5% during the first quarter. State Board of Administration of Florida Retirement System now owns 181,455 shares of the industrial products company’s stock worth $6,750,000 after purchasing an additional 15,710 shares during the period. Orion Portfolio Solutions LLC raised its stake in Sealed Air by 176.8% during the first quarter. Orion Portfolio Solutions LLC now owns 25,725 shares of the industrial products company’s stock worth $957,000 after purchasing an additional 16,432 shares during the period. Vanguard Group Inc. raised its stake in Sealed Air by 3.7% during the first quarter. Vanguard Group Inc. now owns 16,703,769 shares of the industrial products company’s stock worth $621,380,000 after purchasing an additional 600,146 shares during the period. Finally, Covestor Ltd raised its stake in Sealed Air by 651.2% during the first quarter. Covestor Ltd now owns 1,615 shares of the industrial products company’s stock worth $60,000 after purchasing an additional 1,400 shares during the period. 94.40% of the stock is owned by hedge funds and other institutional investors.

Sealed Air Price Performance

Shares of SEE opened at $35.86 on Monday. Sealed Air Co. has a fifty-two week low of $30.87 and a fifty-two week high of $41.14. The firm’s 50 day moving average price is $35.48 and its 200 day moving average price is $35.87. The company has a market cap of $5.22 billion, a P/E ratio of 13.18, a PEG ratio of 4.96 and a beta of 1.34. The company has a quick ratio of 0.79, a current ratio of 1.29 and a debt-to-equity ratio of 5.62.

Sealed Air (NYSE:SEE) last announced its earnings results on Thursday, November 7th. The industrial products company reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.12. Sealed Air had a net margin of 7.34% and a return on equity of 74.21%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the prior year, the firm earned $0.77 EPS. The firm’s revenue for the quarter was down 2.7% on a year-over-year basis. On average, research analysts forecast that Sealed Air Co. will post 3.07 earnings per share for the current fiscal year.

Sealed Air Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend is Friday, December 6th. Sealed Air’s dividend payout ratio (DPR) is presently 29.41%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on SEE shares. Truist Financial reduced their price target on shares of Sealed Air from $44.00 to $41.00 and set a “buy” rating on the stock in a research note on Tuesday, October 15th. Morgan Stanley started coverage on shares of Sealed Air in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $39.00 price target on the stock. Wells Fargo & Company boosted their price target on shares of Sealed Air from $43.00 to $44.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. reduced their price target on shares of Sealed Air from $35.00 to $33.00 and set a “neutral” rating on the stock in a research note on Thursday, August 15th. Finally, StockNews.com downgraded shares of Sealed Air from a “buy” rating to a “hold” rating in a research note on Friday, November 8th. Eight analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Sealed Air currently has an average rating of “Moderate Buy” and an average target price of $41.00.

About Sealed Air

Sealed Air Corporation provides packaging solutions in the Americas, Europe, the Middle East, Africa, Asia, Australia, and New Zealand. It operates through two segments, Food and Protective. The Food segment offers integrated packaging materials and automation equipment solutions to provide food safety, shelf life extension, reduce food waste, automate processes, and optimize total cost for food processors in the fresh red meat, smoked and processed meats, poultry, seafood, plant-based, fluids and liquids and cheese markets under the CRYOVAC, CRYOVAC Grip & Tear, CRYOVAC Darfresh, LIQUIBOX, Simple Steps, and Optidure brands.