Sealed Air Corp (NYSE:SEE) was the target of a large decline in short interest in October. As of October 31st, there was short interest totalling 4,980,000 shares, a decline of 13.1% from the September 30th total of 5,730,000 shares. Based on an average daily trading volume, of 1,160,000 shares, the short-interest ratio is presently 4.3 days. Currently, 3.2% of the shares of the company are sold short.
SEE has been the subject of several analyst reports. Wells Fargo & Co cut their price target on shares of Sealed Air from $43.00 to $40.00 and set a “market perform” rating for the company in a report on Thursday, November 7th. Citigroup cut their price target on shares of Sealed Air from $45.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday, October 17th. KeyCorp raised shares of Sealed Air from an “underweight” rating to a “sector weight” rating in a report on Wednesday, November 6th. They noted that the move was a valuation call. Finally, ValuEngine downgraded shares of Sealed Air from a “sell” rating to a “strong sell” rating in a report on Thursday, October 10th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $42.96.
NYSE:SEE traded down $0.27 during trading hours on Friday, hitting $38.01. The stock had a trading volume of 720,066 shares, compared to its average volume of 1,046,852. The company has a 50 day simple moving average of $40.75 and a two-hundred day simple moving average of $42.25. Sealed Air has a one year low of $32.33 and a one year high of $47.13. The firm has a market capitalization of $5.91 billion, a price-to-earnings ratio of 15.20, a P/E/G ratio of 1.39 and a beta of 1.07.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date is Thursday, December 5th. Sealed Air’s dividend payout ratio is currently 25.60%.
In other Sealed Air news, CFO James M. Sullivan acquired 5,000 shares of Sealed Air stock in a transaction that occurred on Thursday, November 7th. The stock was acquired at an average cost of $38.75 per share, for a total transaction of $193,750.00. Following the purchase, the chief financial officer now owns 17,028 shares of the company’s stock, valued at $659,835. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.53% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Motco bought a new stake in shares of Sealed Air during the 2nd quarter worth $29,000. Doyle Wealth Management bought a new stake in shares of Sealed Air during the 2nd quarter worth $40,000. CSat Investment Advisory L.P. lifted its holdings in shares of Sealed Air by 34.1% during the 2nd quarter. CSat Investment Advisory L.P. now owns 1,234 shares of the industrial products company’s stock worth $53,000 after acquiring an additional 314 shares during the last quarter. Massey Quick Simon & CO. LLC bought a new stake in shares of Sealed Air during the 3rd quarter worth $96,000. Finally, Rockefeller Capital Management L.P. lifted its holdings in shares of Sealed Air by 51.4% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 2,894 shares of the industrial products company’s stock worth $124,000 after acquiring an additional 983 shares during the last quarter. 95.82% of the stock is owned by 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.
Further Reading: G-20
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