Sealed Air (NYSE:SEE) Shares Gap Up on Better-Than-Expected Earnings

Sealed Air Co. (NYSE:SEE)’s share price gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $32.13, but opened at $35.14. Sealed Air shares last traded at $35.44, with a volume of 344,355 shares traded.

The industrial products company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.67 by $0.08. The company had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.36 billion. Sealed Air had a return on equity of 74.21% and a net margin of 7.34%. The firm’s revenue was down .4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.88 EPS.

Sealed Air Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date is Friday, March 14th. Sealed Air’s dividend payout ratio is currently 29.41%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Wells Fargo & Company increased their target price on Sealed Air from $42.00 to $43.00 and gave the stock an “overweight” rating in a research report on Wednesday. Citigroup decreased their target price on Sealed Air from $44.00 to $42.00 and set a “buy” rating for the company in a report on Monday, January 6th. StockNews.com raised shares of Sealed Air from a “hold” rating to a “buy” rating in a research report on Wednesday, February 19th. Bank of America reduced their target price on shares of Sealed Air from $42.00 to $39.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, Morgan Stanley lowered their price target on Sealed Air from $39.00 to $38.00 and set an “equal weight” rating for the company in a report on Monday, January 13th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $40.17.

Hedge Funds Weigh In On Sealed Air

Several institutional investors and hedge funds have recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC boosted its stake in Sealed Air by 20.2% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 8,590 shares of the industrial products company’s stock valued at $312,000 after acquiring an additional 1,441 shares during the last quarter. State of Alaska Department of Revenue lifted its position in shares of Sealed Air by 51.0% during the third quarter. State of Alaska Department of Revenue now owns 129,129 shares of the industrial products company’s stock worth $4,686,000 after purchasing an additional 43,635 shares during the last quarter. New York State Teachers Retirement System grew its stake in Sealed Air by 5.5% in the third quarter. New York State Teachers Retirement System now owns 166,502 shares of the industrial products company’s stock worth $6,044,000 after purchasing an additional 8,669 shares in the last quarter. Atlas Financial Advisors Inc. raised its stake in Sealed Air by 12.0% during the third quarter. Atlas Financial Advisors Inc. now owns 7,527 shares of the industrial products company’s stock valued at $273,000 after buying an additional 807 shares in the last quarter. Finally, Van ECK Associates Corp lifted its holdings in Sealed Air by 129.1% during the 3rd quarter. Van ECK Associates Corp now owns 138,186 shares of the industrial products company’s stock worth $5,019,000 after buying an additional 77,881 shares during the last quarter. 94.40% of the stock is currently owned by hedge funds and other institutional investors.

Sealed Air Trading Down 0.9 %

The company has a current ratio of 1.29, a quick ratio of 0.79 and a debt-to-equity ratio of 5.62. The company has a market cap of $4.91 billion, a price-to-earnings ratio of 12.38 and a beta of 1.34. The firm has a 50-day moving average price of $34.13 and a 200 day moving average price of $34.90.

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.