Bank of Nova Scotia Trims Stock Holdings in Sealed Air Co. (NYSE:SEE)

Bank of Nova Scotia reduced its stake in Sealed Air Co. (NYSE:SEEGet Rating) by 83.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,495 shares of the industrial products company’s stock after selling 17,046 shares during the quarter. Bank of Nova Scotia’s holdings in Sealed Air were worth $203,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Illinois Municipal Retirement Fund lifted its position in shares of Sealed Air by 99.5% in the second quarter. Illinois Municipal Retirement Fund now owns 16,373 shares of the industrial products company’s stock valued at $945,000 after acquiring an additional 8,166 shares in the last quarter. Los Angeles Capital Management LLC increased its stake in Sealed Air by 8.0% in the second quarter. Los Angeles Capital Management LLC now owns 771,929 shares of the industrial products company’s stock valued at $44,556,000 after purchasing an additional 57,349 shares during the last quarter. abrdn plc increased its stake in Sealed Air by 55.6% in the second quarter. abrdn plc now owns 64,349 shares of the industrial products company’s stock valued at $3,727,000 after purchasing an additional 22,998 shares during the last quarter. Schaper Benz & Wise Investment Counsel Inc. WI acquired a new position in Sealed Air in the second quarter valued at $692,000. Finally, Seven Eight Capital LP acquired a new position in Sealed Air in the second quarter valued at $330,000. 82.41% of the stock is currently owned by hedge funds and other institutional investors.

Sealed Air Price Performance

Shares of NYSE SEE opened at $46.11 on Thursday. Sealed Air Co. has a 1-year low of $41.24 and a 1-year high of $70.72. The business has a 50-day moving average of $47.61 and a 200-day moving average of $55.50. The company has a debt-to-equity ratio of 14.83, a current ratio of 1.08 and a quick ratio of 0.57. The company has a market capitalization of $6.67 billion, a price-to-earnings ratio of 11.85, a PEG ratio of 1.98 and a beta of 1.20.

Sealed Air Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Friday, December 2nd will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date is Thursday, December 1st. Sealed Air’s dividend payout ratio is currently 20.57%.

Insider Activity at Sealed Air

In other Sealed Air news, Director Henry R. Keizer purchased 500 shares of Sealed Air stock in a transaction that occurred on Friday, August 26th. The stock was purchased at an average price of $55.25 per share, with a total value of $27,625.00. Following the completion of the acquisition, the director now owns 20,763 shares of the company’s stock, valued at approximately $1,147,155.75. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Sealed Air news, Director Henry R. Keizer purchased 500 shares of Sealed Air stock in a transaction that occurred on Friday, August 26th. The stock was purchased at an average price of $55.25 per share, with a total value of $27,625.00. Following the completion of the acquisition, the director now owns 20,763 shares of the company’s stock, valued at approximately $1,147,155.75. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Emile Z. Chammas purchased 1,000 shares of Sealed Air stock in a transaction that occurred on Wednesday, August 31st. The stock was acquired at an average cost of $54.08 per share, with a total value of $54,080.00. Following the acquisition, the chief operating officer now directly owns 208,161 shares of the company’s stock, valued at approximately $11,257,346.88. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 3,700 shares of company stock valued at $176,579. Insiders own 0.44% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on SEE. Morgan Stanley dropped their target price on Sealed Air from $75.00 to $65.00 and set an “overweight” rating for the company in a research note on Tuesday, October 18th. Credit Suisse Group lowered Sealed Air from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $80.00 to $64.00 in a research note on Wednesday, July 20th. Royal Bank of Canada dropped their price target on Sealed Air from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday, November 2nd. JPMorgan Chase & Co. upgraded Sealed Air from an “underweight” rating to a “neutral” rating and dropped their price target for the stock from $62.00 to $58.00 in a research note on Tuesday, August 30th. Finally, Bank of America dropped their price target on Sealed Air from $65.00 to $54.00 in a research note on Thursday, October 13th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Sealed Air presently has a consensus rating of “Hold” and a consensus target price of $60.45.

About Sealed Air

(Get Rating)

Sealed Air Corporation provides food safety and security, and product protection solutions and equipment in North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. It operates through two segments, Food and Protective. The Food segment offers integrated packaging materials and automation equipment solutions to provide food safety and 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, and dairy markets under the CRYOVAC, CRYOVAC Grip & Tear, CRYOVAC Darfresh, Simple Steps, and Optidure brands.

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Institutional Ownership by Quarter for Sealed Air (NYSE:SEE)

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