Bank of America Cuts Sealed Air (NYSE:SEE) Price Target to $39.00

Sealed Air (NYSE:SEE) had its price objective cut by Bank of America from $42.00 to $39.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the industrial products company’s stock.

Several other research analysts have also weighed in on the stock. Truist Financial upped their price objective on shares of Sealed Air from $41.00 to $44.00 and gave the company a “buy” rating in a research note on Monday. Royal Bank of Canada decreased their price objective on shares of Sealed Air from $40.00 to $39.00 and set a “sector perform” rating for the company in a report on Thursday, October 17th. Wells Fargo & Company lowered their price target on Sealed Air from $44.00 to $42.00 and set an “overweight” rating on the stock in a report on Monday. Raymond James upgraded Sealed Air from a “market perform” rating to a “strong-buy” rating and set a $42.00 price objective on the stock in a research note on Thursday, October 17th. Finally, StockNews.com upgraded shares of Sealed Air from a “hold” rating to a “buy” rating in a research note on Tuesday, December 10th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $40.17.

Sealed Air Stock Performance

Shares of SEE stock opened at $33.71 on Monday. The company has a quick ratio of 0.79, a current ratio of 1.29 and a debt-to-equity ratio of 5.62. The business has a 50 day moving average of $35.40 and a two-hundred day moving average of $35.23. The company has a market cap of $4.91 billion, a P/E ratio of 12.39, a PEG ratio of 4.97 and a beta of 1.34. Sealed Air has a 52 week low of $30.87 and a 52 week high of $41.14.

Sealed Air (NYSE:SEE) last posted its earnings results on Thursday, November 7th. The industrial products company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.67 by $0.12. Sealed Air had a net margin of 7.34% and a return on equity of 74.21%. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the prior year, the firm earned $0.77 EPS. Sealed Air’s quarterly revenue was down 2.7% on a year-over-year basis. As a group, analysts anticipate that Sealed Air will post 3.06 EPS for the current year.

Sealed Air Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend was Friday, December 6th. Sealed Air’s dividend payout ratio (DPR) is presently 29.41%.

Hedge Funds Weigh In On Sealed Air

Several large investors have recently modified their holdings of the stock. Empowered Funds LLC bought a new position in Sealed Air during the third quarter worth about $1,497,000. Maple Rock Capital Partners Inc. boosted its position in Sealed Air by 56.6% in the third quarter. Maple Rock Capital Partners Inc. now owns 1,517,493 shares of the industrial products company’s stock valued at $55,085,000 after buying an additional 548,493 shares in the last quarter. Deprince Race & Zollo Inc. boosted its holdings in shares of Sealed Air by 1.4% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 1,856,020 shares of the industrial products company’s stock valued at $64,571,000 after acquiring an additional 24,940 shares in the last quarter. Commerce Bank raised its position in Sealed Air by 67.6% in the third quarter. Commerce Bank now owns 36,601 shares of the industrial products company’s stock valued at $1,329,000 after purchasing an additional 14,766 shares during the last quarter. Finally, MQS Management LLC bought a new stake in shares of Sealed Air during the second quarter worth about $514,000. 94.40% of the stock is owned by institutional investors.

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.