Sealed Air (NYSE:SEE) Shares Gap Up Following Dividend Announcement

Shares of Sealed Air Co. (NYSE:SEE) gapped up prior to trading on Thursday following a dividend announcement from the company. The stock had previously closed at $35.30, but opened at $36.73. Sealed Air shares last traded at $36.23, with a volume of 68,880 shares changing hands.

The newly announced dividend which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be paid a dividend of $0.20 per share. The ex-dividend date is Friday, December 6th. This represents a $0.80 annualized dividend and a yield of 2.16%. Sealed Air’s dividend payout ratio is 32.26%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on SEE shares. JPMorgan Chase & Co. decreased their price objective on Sealed Air from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Thursday, August 15th. Morgan Stanley initiated coverage on Sealed Air in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $39.00 target price for the company. UBS Group lowered their price target on shares of Sealed Air from $39.00 to $38.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. Wells Fargo & Company raised their price objective on shares of Sealed Air from $43.00 to $44.00 and gave the stock an “overweight” rating in a report on Friday, August 9th. Finally, Stifel Nicolaus began coverage on shares of Sealed Air in a research note on Tuesday, July 9th. They issued a “buy” rating and a $47.00 target price on the stock. Seven analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $41.00.

Sealed Air Price Performance

The company’s 50 day simple moving average is $34.64 and its two-hundred day simple moving average is $35.31. The company has a debt-to-equity ratio of 6.81, a current ratio of 1.30 and a quick ratio of 0.79. The stock has a market capitalization of $5.41 billion, a P/E ratio of 14.97, a PEG ratio of 8.98 and a beta of 1.34.

Sealed Air (NYSE:SEE) last released its quarterly earnings results on Thursday, August 8th. The industrial products company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.19. The business had revenue of $1.35 billion for 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 revenue for the quarter was down 2.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.80 EPS. As a group, equities analysts expect that Sealed Air Co. will post 2.93 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Board of Administration of Florida Retirement System raised its stake in shares of Sealed Air by 9.5% in the first quarter. State Board of Administration of Florida Retirement System now owns 181,455 shares of the industrial products company’s stock worth $6,750,000 after acquiring an additional 15,710 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Sealed Air in the 1st quarter valued at $582,000. CANADA LIFE ASSURANCE Co boosted its position in Sealed Air by 10.7% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 156,578 shares of the industrial products company’s stock valued at $5,828,000 after buying an additional 15,174 shares during the last quarter. Teachers Retirement System of The State of Kentucky raised its position in shares of Sealed Air by 90.5% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 48,479 shares of the industrial products company’s stock worth $1,804,000 after acquiring an additional 23,029 shares during the last quarter. Finally, Van ECK Associates Corp acquired a new position in shares of Sealed Air during the second quarter valued at $2,098,000. Institutional investors and hedge funds own 94.40% of the company’s stock.

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.