Arizona State Retirement System Sells 486 Shares of Sealed Air Corporation (NYSE:SEE)

Arizona State Retirement System reduced its stake in shares of Sealed Air Corporation (NYSE:SEE) by 1.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 41,791 shares of the industrial products company’s stock after selling 486 shares during the period. Arizona State Retirement System’s holdings in Sealed Air were worth $1,208,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Xponance Inc. lifted its holdings in shares of Sealed Air by 7.2% in the 1st quarter. Xponance Inc. now owns 8,549 shares of the industrial products company’s stock worth $247,000 after acquiring an additional 577 shares during the last quarter. Regents Gate Capital LLP bought a new stake in Sealed Air in the first quarter worth $5,193,000. Crossmark Global Holdings Inc. boosted its position in Sealed Air by 11.6% during the first quarter. Crossmark Global Holdings Inc. now owns 23,676 shares of the industrial products company’s stock valued at $684,000 after buying an additional 2,465 shares during the period. TD Private Client Wealth LLC boosted its position in Sealed Air by 6.8% during the first quarter. TD Private Client Wealth LLC now owns 23,905 shares of the industrial products company’s stock valued at $691,000 after buying an additional 1,519 shares during the period. Finally, Penserra Capital Management LLC bought a new position in shares of Sealed Air during the first quarter valued at about $325,000. 94.40% of the stock is currently owned by hedge funds and other institutional investors.

Sealed Air Trading Down 0.6%

Shares of NYSE:SEE opened at $31.20 on Friday. The company has a debt-to-equity ratio of 5.26, a current ratio of 1.26 and a quick ratio of 0.76. Sealed Air Corporation has a 1 year low of $22.78 and a 1 year high of $38.85. The company has a market cap of $4.59 billion, a P/E ratio of 15.45, a PEG ratio of 2.85 and a beta of 1.35. The stock’s fifty day moving average price is $31.84 and its 200-day moving average price is $31.24.

Sealed Air (NYSE:SEE) last released its quarterly earnings results on Tuesday, May 6th. The industrial products company reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.14. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Sealed Air had a return on equity of 65.49% and a net margin of 5.55%. The company’s revenue was down 4.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.78 EPS. Sell-side analysts expect that Sealed Air Corporation will post 3.05 earnings per share for the current year.

Sealed Air Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 2.56%. The ex-dividend date is Friday, September 12th. Sealed Air’s dividend payout ratio is 39.60%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on SEE shares. Wells Fargo & Company lifted their target price on shares of Sealed Air from $39.00 to $43.00 and gave the stock an “overweight” rating in a research note on Friday. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Sealed Air in a research note on Tuesday. Citigroup boosted their price target on Sealed Air from $33.00 to $37.00 and gave the company a “buy” rating in a report on Friday, July 11th. Mizuho upped their price target on Sealed Air from $34.00 to $37.00 and gave the company an “outperformer” rating in a research report on Tuesday, July 15th. Finally, Wall Street Zen upgraded Sealed Air from a “hold” rating to a “buy” rating in a research report on Friday, June 6th. Four research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $38.27.

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.