State of Michigan Retirement System Increases Stock Holdings in Sealed Air Co. (NYSE:SEE)

Posted by Defense World Staff on Jul 23rd, 2023

State of Michigan Retirement System lifted its holdings in shares of Sealed Air Co. (NYSE:SEE – Free Report) by 1.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 39,703 shares of the industrial products company’s stock after acquiring an additional 400 shares during the period. State of Michigan Retirement System’s holdings in Sealed Air were worth $1,823,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Compass Wealth Management LLC purchased a new position in shares of Sealed Air during the fourth quarter worth approximately $25,000. Whittier Trust Co. grew its position in shares of Sealed Air by 54.2% during the fourth quarter. Whittier Trust Co. now owns 666 shares of the industrial products company’s stock worth $33,000 after acquiring an additional 234 shares during the last quarter. Sandy Spring Bank purchased a new position in shares of Sealed Air during the fourth quarter worth approximately $42,000. Zions Bancorporation N.A. grew its position in shares of Sealed Air by 334.1% during the first quarter. Zions Bancorporation N.A. now owns 981 shares of the industrial products company’s stock worth $66,000 after acquiring an additional 755 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Sealed Air during the fourth quarter worth approximately $52,000. 87.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SEE shares. Robert W. Baird upgraded shares of Sealed Air from a “neutral” rating to an “outperform” rating and set a $49.00 target price on the stock in a research report on Wednesday, July 12th. Citigroup lowered their price objective on shares of Sealed Air from $48.00 to $43.00 in a research report on Monday, July 10th. StockNews.com began coverage on shares of Sealed Air in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. Mizuho lowered their price objective on shares of Sealed Air from $56.00 to $49.00 in a research report on Wednesday, May 31st. Finally, UBS Group upgraded shares of Sealed Air from a “neutral” rating to a “buy” rating and set a $59.00 price objective on the stock in a research report on Wednesday, April 5th. Eight analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $52.00.

Sealed Air Price Performance

Sealed Air stock opened at $45.94 on Friday. Sealed Air Co. has a one year low of $37.34 and a one year high of $62.14. The company has a debt-to-equity ratio of 13.39, a quick ratio of 0.64 and a current ratio of 1.19. The business has a fifty day moving average of $40.89 and a two-hundred day moving average of $45.80. The company has a market cap of $6.63 billion, a P/E ratio of 16.58, a price-to-earnings-growth ratio of 8.30 and a beta of 1.24.

Sealed Air (NYSE:SEE – Get Free Report) last released its earnings results on Tuesday, May 2nd. The industrial products company reported $0.74 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.03). Sealed Air had a net margin of 7.25% and a return on equity of 196.19%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.36 billion. During the same period last year, the business posted $1.12 EPS. Sealed Air’s revenue was down 4.9% compared to the same quarter last year. As a group, analysts predict that Sealed Air Co. will post 3.46 earnings per share for the current fiscal year.

Sealed Air Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 23rd. Stockholders of record on Friday, June 9th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend was Thursday, June 8th. Sealed Air’s dividend payout ratio (DPR) is presently 28.88%.

About Sealed Air

(Free Report)

Sealed Air Corporation provides packaging solutions in the Americas, Europe, the Middle East, Africa, Asia, Australia, and NewZealand. 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.