Zacks Investment Research cut shares of Sealed Air Corporation (NYSE:SEE) from a buy rating to a hold rating in a research note published on Wednesday morning.
According to Zacks, “For 2017, Sealed Air expects sales of $4.3 billion reflecting an expected 3% constant dollar sales growth in Food Care and 3–4% constant dollar sales growth in Product Care. In 2017, volume growth will be partially offset by higher raw material costs, a higher mix of eCommerce and fulfillment sales, along with the impact of functional support and related expenses, EPS is likely to be around $1.70 per share for 2017 due to the dilutive impact of the Diversey sale. Further, the company’s shares have underperformed the Zacks categorized sub industry year to date. However, Sealed Air’s top-line will be supported by enhanced demand for its core product portfolio, recently-introduced innovations, and accelerated growth in the global protein market along with the eCommerce sector. It will also benefit from the divestiture of its Diversey business. Its estimates have gone up in the past few days.”
Other equities research analysts have also issued research reports about the company. Royal Bank Of Canada restated a buy rating and set a $52.00 price objective on shares of Sealed Air Corporation in a research note on Tuesday, April 11th. TheStreet lowered Sealed Air Corporation from a b rating to a c+ rating in a research note on Tuesday, May 9th. Credit Suisse Group set a $50.00 price objective on Sealed Air Corporation and gave the company a buy rating in a research note on Thursday, May 11th. Jefferies Group LLC lowered their price objective on Sealed Air Corporation from $45.00 to $40.00 and set a hold rating for the company in a research note on Wednesday, May 10th. Finally, Bank of America Corporation lowered Sealed Air Corporation from a buy rating to a neutral rating and set a $43.00 price objective for the company. in a research note on Tuesday, May 9th. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $48.91.
Shares of Sealed Air Corporation (SEE) traded down 1.15% during trading on Wednesday, hitting $45.49. The stock had a trading volume of 605,388 shares. The stock has a 50-day moving average of $45.07 and a 200 day moving average of $45.56. The firm has a market cap of $8.91 billion, a price-to-earnings ratio of 26.14 and a beta of 1.17. Sealed Air Corporation has a 12-month low of $41.74 and a 12-month high of $50.62.
Sealed Air Corporation (NYSE:SEE) last posted its earnings results on Tuesday, May 9th. The industrial products company reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by $0.03. Sealed Air Corporation had a net margin of 5.48% and a return on equity of 85.72%. The company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter last year, the business posted $0.50 EPS. Sealed Air Corporation’s quarterly revenue was up 2.6% compared to the same quarter last year. On average, analysts predict that Sealed Air Corporation will post $1.83 earnings per share for the current fiscal year.
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Sealed Air Corporation declared that its board has approved a share repurchase program on Monday, March 27th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the industrial products company to buy up to 17.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date of this dividend is Wednesday, August 30th. Sealed Air Corporation’s dividend payout ratio is presently 36.99%.
In other news, insider Jerome A. Peribere bought 6,960 shares of Sealed Air Corporation stock in a transaction on Friday, May 12th. The shares were bought at an average price of $42.97 per share, with a total value of $299,071.20. Following the acquisition, the insider now directly owns 199,000 shares in the company, valued at approximately $8,551,030. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO William G. Stiehl sold 3,000 shares of the stock in a transaction that occurred on Friday, May 19th. The stock was sold at an average price of $43.43, for a total value of $130,290.00. Following the transaction, the chief accounting officer now directly owns 37,797 shares in the company, valued at approximately $1,641,523.71. The disclosure for this sale can be found here. Company insiders own 0.86% of the company’s stock.
Several hedge funds have recently made changes to their positions in SEE. Ladenburg Thalmann Financial Services Inc. increased its stake in shares of Sealed Air Corporation by 19.3% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,571 shares of the industrial products company’s stock valued at $163,000 after buying an additional 578 shares during the period. Quadrature Capital Ltd bought a new stake in shares of Sealed Air Corporation during the fourth quarter valued at about $431,000. Hudson Bay Capital Management LP bought a new stake in shares of Sealed Air Corporation during the fourth quarter valued at about $340,000. Kentucky Retirement Systems bought a new stake in shares of Sealed Air Corporation during the fourth quarter valued at about $636,000. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Sealed Air Corporation during the fourth quarter valued at about $284,000. 90.48% of the stock is currently owned by institutional investors and hedge funds.
About Sealed Air Corporation
Sealed Air Corporation is engaged in food safety and security, facility hygiene and product protection business. The Company’s segments are Food Care, Diversey Care, Product Care and Other (includes Corporate, Medical Applications and New Ventures businesses). The Food Care segment focuses on providing a range of integrated system solutions.
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