ClariVest Asset Management LLC Buys New Holdings in Sealed Air Co. (NYSE:SEE)

ClariVest Asset Management LLC purchased a new position in Sealed Air Co. (NYSE:SEE) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 28,905 shares of the industrial products company’s stock, valued at approximately $1,006,000.

A number of other hedge funds have also recently added to or reduced their stakes in SEE. Invenomic Capital Management LP bought a new position in shares of Sealed Air in the 4th quarter worth $6,834,000. BNP Paribas Financial Markets grew its holdings in shares of Sealed Air by 158.5% during the fourth quarter. BNP Paribas Financial Markets now owns 322,620 shares of the industrial products company’s stock valued at $11,782,000 after buying an additional 197,799 shares during the last quarter. State Board of Administration of Florida Retirement System increased its position in shares of 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 acquiring an additional 15,710 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Sealed Air in the 1st quarter worth about $582,000. Finally, Point72 Europe London LLP bought a new position in Sealed Air in the 4th quarter valued at about $852,000. Institutional investors and hedge funds own 94.40% of the company’s stock.

Sealed Air Trading Down 0.4 %

NYSE:SEE opened at $32.91 on Thursday. The firm’s 50 day moving average is $34.91 and its 200 day moving average is $35.43. Sealed Air Co. has a 12 month low of $28.50 and a 12 month high of $41.14. The stock has a market capitalization of $4.79 billion, a PE ratio of 13.22, a price-to-earnings-growth ratio of 8.55 and a beta of 1.34. The company has a current ratio of 1.30, a quick ratio of 0.79 and a debt-to-equity ratio of 6.81.

Sealed Air (NYSE:SEE) last issued its earnings results on Thursday, August 8th. The industrial products company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.19. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.31 billion. Sealed Air had a return on equity of 85.65% and a net margin of 6.64%. The business’s revenue was down 2.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.80 earnings per share. Sell-side analysts expect that Sealed Air Co. will post 2.93 earnings per share for the current year.

Sealed Air Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $0.20 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.80 annualized dividend and a dividend yield of 2.43%. Sealed Air’s payout ratio is 32.13%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. UBS Group decreased their price objective on Sealed Air from $39.00 to $38.00 and set a “neutral” rating for the company in a report on Wednesday, July 17th. Royal Bank of Canada cut Sealed Air from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $43.00 to $40.00 in a research note on Friday, July 19th. Citigroup reduced their target price on shares of Sealed Air from $44.00 to $43.00 and set a “buy” rating for the company in a research note on Monday, July 8th. Truist Financial reiterated a “buy” rating and issued a $44.00 target price on shares of Sealed Air in a report on Monday, June 17th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Sealed Air from $35.00 to $33.00 and set a “neutral” rating for the company in a research report on Thursday, August 15th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $41.82.

Sealed Air Company Profile

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.