Oppenheimer Asset Management Inc. Reduces Stock Position in Sealed Air Co. (NYSE:SEE)

Oppenheimer Asset Management Inc. reduced its holdings in shares of Sealed Air Co. (NYSE:SEE) by 19.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 53,626 shares of the industrial products company’s stock after selling 13,241 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Sealed Air were worth $1,866,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in SEE. Family Firm Inc. acquired a new position in Sealed Air during the 2nd quarter worth $26,000. Fidelis Capital Partners LLC acquired a new position in Sealed Air in the first quarter worth about $31,000. Allspring Global Investments Holdings LLC bought a new stake in Sealed Air in the first quarter valued at about $52,000. 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 valued at $60,000 after buying an additional 1,400 shares in the last quarter. Finally, Principal Securities Inc. bought a new position in Sealed Air during the 4th quarter worth approximately $61,000. Institutional investors and hedge funds own 94.40% of the company’s stock.

Sealed Air Stock Up 2.0 %

SEE opened at $34.61 on Wednesday. The stock’s 50 day moving average price is $34.86 and its 200 day moving average price is $35.40. The company has a debt-to-equity ratio of 6.81, a current ratio of 1.30 and a quick ratio of 0.79. The stock has a market cap of $5.04 billion, a P/E ratio of 13.90, a P/E/G ratio of 8.40 and a beta of 1.34. Sealed Air Co. has a 12 month low of $28.50 and a 12 month high of $41.14.

Sealed Air (NYSE:SEE) last issued its quarterly earnings results on Thursday, August 8th. The industrial products company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.19. The company 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 company’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same period last year, the company earned $0.80 earnings per share. As a group, research analysts predict that Sealed Air Co. will post 2.93 earnings per share for the current year.

Sealed Air Dividend Announcement

The business also recently declared 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. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Friday, September 13th. Sealed Air’s dividend payout ratio is currently 32.13%.

Analysts Set New Price Targets

SEE has been the topic of several research reports. JPMorgan Chase & Co. dropped their price target on Sealed Air from $35.00 to $33.00 and set a “neutral” rating on the stock in a research report on Thursday, August 15th. Morgan Stanley initiated coverage on shares of Sealed Air in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $39.00 price target for the company. StockNews.com upgraded shares of Sealed Air from a “hold” rating to a “buy” rating in a research note on Friday, August 9th. Citigroup decreased their target price on Sealed Air from $44.00 to $43.00 and set a “buy” rating for the company in a research note on Monday, July 8th. Finally, Truist Financial reiterated a “buy” rating and set a $44.00 price target on shares of Sealed Air in a research report on Monday, June 17th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $41.30.

Sealed Air 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.