Sealed Air (NYSE:SEE) Stock Rating Lowered by Bank of America

Sealed Air (NYSE:SEE) was downgraded by stock analysts at Bank of America from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday, June 21st, MarketBeat.com reports. They presently have a $41.63 target price on the industrial products company’s stock. Bank of America‘s target price would indicate a potential downside of 4.41% from the stock’s previous close.

A number of other research firms have also recently issued reports on SEE. Zacks Investment Research cut Hollysys Automation Technologies from a “hold” rating to a “sell” rating in a report on Thursday, April 11th. Morgan Stanley set a $60.00 price objective on Berry Global Group and gave the company a “hold” rating in a report on Wednesday, April 17th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $43.07.

NYSE SEE traded up $0.33 during trading on Friday, hitting $43.55. 867,262 shares of the stock traded hands, compared to its average volume of 1,164,724. The firm has a market capitalization of $6.73 billion, a P/E ratio of 17.42, a P/E/G ratio of 1.80 and a beta of 1.12. The company has a 50-day moving average of $43.13. Sealed Air has a 12-month low of $30.22 and a 12-month high of $47.13.

Sealed Air (NYSE:SEE) last announced its earnings results on Wednesday, May 1st. The industrial products company reported $0.59 EPS for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.02. Sealed Air had a negative return on equity of 112.27% and a net margin of 9.57%. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter in the previous year, the business earned $0.51 EPS. The company’s quarterly revenue was down 1.6% on a year-over-year basis. On average, equities analysts anticipate that Sealed Air will post 2.73 earnings per share for the current fiscal year.

In related news, CEO Edward L. Doheny II purchased 5,000 shares of Sealed Air stock in a transaction dated Friday, May 3rd. The stock was purchased at an average cost of $45.00 per share, with a total value of $225,000.00. Following the transaction, the chief executive officer now owns 167,246 shares in the company, valued at approximately $7,526,070. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.53% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc grew its stake in Sealed Air by 3.2% during the 3rd quarter. Vanguard Group Inc now owns 18,025,501 shares of the industrial products company’s stock worth $723,724,000 after buying an additional 558,305 shares during the last quarter. Marshall Wace North America L.P. grew its stake in Sealed Air by 2.4% during the 1st quarter. Marshall Wace North America L.P. now owns 6,143,862 shares of the industrial products company’s stock valued at $282,986,000 after purchasing an additional 144,425 shares during the last quarter. Rivulet Capital LLC grew its stake in Sealed Air by 1.1% during the 1st quarter. Rivulet Capital LLC now owns 4,401,066 shares of the industrial products company’s stock valued at $202,713,000 after purchasing an additional 48,750 shares during the last quarter. Impax Asset Management Group plc grew its stake in Sealed Air by 6.5% during the 4th quarter. Impax Asset Management Group plc now owns 3,341,807 shares of the industrial products company’s stock valued at $116,429,000 after purchasing an additional 203,215 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Sealed Air by 5.1% during the 4th quarter. Bank of New York Mellon Corp now owns 3,224,462 shares of the industrial products company’s stock valued at $112,339,000 after purchasing an additional 156,104 shares during the last quarter. 98.26% of the stock is owned by hedge funds and other institutional investors.

About Sealed Air

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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Analyst Recommendations for Sealed Air (NYSE:SEE)

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