Renaissance Technologies LLC Increases Holdings in Sealed Air Co. (NYSE:SEE)

Renaissance Technologies LLC raised its holdings in shares of Sealed Air Co. (NYSE:SEE) by 156.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 185,700 shares of the industrial products company’s stock after acquiring an additional 113,300 shares during the period. Renaissance Technologies LLC owned about 0.13% of Sealed Air worth $6,461,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Balyasny Asset Management L.P. purchased a new position in Sealed Air in the 4th quarter worth $86,410,000. Norges Bank bought a new stake in shares of Sealed Air in the 4th quarter valued at about $52,968,000. Appian Way Asset Management LP purchased a new stake in Sealed Air during the 1st quarter valued at about $29,877,000. Vanguard Group Inc. increased its stake in Sealed Air by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 16,703,769 shares of the industrial products company’s stock worth $621,380,000 after purchasing an additional 600,146 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Sealed Air by 33.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,910,647 shares of the industrial products company’s stock valued at $66,475,000 after purchasing an additional 479,675 shares during the last quarter. 94.40% of the stock is currently owned by institutional investors.

Sealed Air Stock Down 1.3 %

SEE stock opened at $35.14 on Thursday. The company has a quick ratio of 0.79, a current ratio of 1.30 and a debt-to-equity ratio of 6.81. The business has a 50 day moving average of $34.80 and a 200 day moving average of $35.39. Sealed Air Co. has a twelve month low of $28.50 and a twelve month high of $41.14. The firm has a market cap of $5.12 billion, a PE ratio of 14.11, a price-to-earnings-growth ratio of 8.96 and a beta of 1.34.

Sealed Air (NYSE:SEE) last posted its quarterly earnings results on Thursday, August 8th. The industrial products company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.19. The firm had revenue of $1.35 billion during 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%. Sealed Air’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.80 EPS. On average, research analysts forecast that Sealed Air Co. will post 2.93 EPS for the current fiscal year.

Sealed Air Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a $0.20 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.80 annualized dividend and a yield of 2.28%. Sealed Air’s payout ratio is presently 32.13%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SEE. Morgan Stanley assumed coverage on shares of Sealed Air in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $39.00 target price on the stock. Wells Fargo & Company upped their price objective on shares of Sealed Air from $43.00 to $44.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. Stifel Nicolaus began coverage on Sealed Air in a report on Tuesday, July 9th. They set a “buy” rating and a $47.00 price target on the stock. Truist Financial reiterated a “buy” rating and issued a $44.00 price objective on shares of Sealed Air in a report on Monday, June 17th. Finally, Mizuho raised Sealed Air from a “neutral” rating to a “buy” rating and boosted their target price for the company from $36.00 to $50.00 in a research note on Thursday, June 6th. Eight 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, the company currently has a consensus rating of “Hold” and an average target price of $41.30.

Sealed Air Company 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.