M&T Bank Corp increased its stake in Sealed Air Corp (NYSE:SEE) by 12.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,117 shares of the industrial products company’s stock after acquiring an additional 1,404 shares during the period. M&T Bank Corp’s holdings in Sealed Air were worth $560,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Busey Trust CO raised its stake in Sealed Air by 11.6% in the first quarter. Busey Trust CO now owns 78,089 shares of the industrial products company’s stock valued at $3,341,000 after buying an additional 8,135 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in Sealed Air by 12.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,256,034 shares of the industrial products company’s stock valued at $96,537,000 after buying an additional 249,574 shares in the last quarter. Olstein Capital Management L.P. acquired a new stake in Sealed Air in the first quarter valued at $3,594,000. Victory Capital Management Inc. raised its stake in Sealed Air by 12.3% in the first quarter. Victory Capital Management Inc. now owns 1,052,284 shares of the industrial products company’s stock valued at $45,028,000 after buying an additional 115,558 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in Sealed Air by 3.3% in the first quarter. American Century Companies Inc. now owns 915,429 shares of the industrial products company’s stock valued at $39,171,000 after buying an additional 29,567 shares in the last quarter. Institutional investors and hedge funds own 97.24% of the company’s stock.
Shares of Sealed Air traded up $0.38, hitting $44.07, during mid-day trading on Thursday, MarketBeat.com reports. 1,953,000 shares of the stock were exchanged, compared to its average volume of 2,016,341. The firm has a market cap of $7.13 billion, a price-to-earnings ratio of 24.35, a PEG ratio of 1.58 and a beta of 1.12. Sealed Air Corp has a 12-month low of $40.76 and a 12-month high of $49.94. The company has a debt-to-equity ratio of -8.90, a quick ratio of 0.77 and a current ratio of 1.17.
Sealed Air declared that its board has initiated a share buyback program on Thursday, May 3rd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the industrial products company to buy up to 13.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 15th. Investors of record on Friday, June 1st will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date of this dividend is Thursday, May 31st. Sealed Air’s dividend payout ratio is currently 35.36%.
In related news, insider Kenneth P. Chrisman sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, May 22nd. The stock was sold at an average price of $45.01, for a total transaction of $315,070.00. Following the transaction, the insider now owns 36,218 shares of the company’s stock, valued at $1,630,172.18. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Emile Z. Chammas sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, May 29th. The stock was sold at an average price of $45.03, for a total value of $450,300.00. Following the transaction, the insider now directly owns 164,509 shares in the company, valued at approximately $7,407,840.27. The disclosure for this sale can be found here. Company insiders own 0.63% of the company’s stock.
A number of analysts have weighed in on SEE shares. Jefferies Financial Group started coverage on Sealed Air in a research note on Friday, May 18th. They issued a “buy” rating and a $53.00 price target on the stock. Bank of America raised their price target on Sealed Air from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Friday, May 4th. Zacks Investment Research upgraded Sealed Air from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research note on Tuesday, April 24th. UBS Group set a $52.00 price target on Sealed Air and gave the company a “buy” rating in a research note on Wednesday, May 23rd. Finally, TheStreet lowered Sealed Air from a “c” rating to a “d+” rating in a report on Thursday, May 3rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. Sealed Air presently has an average rating of “Hold” and a consensus price target of $50.55.
Sealed Air Profile
Sealed Air Corporation provides food safety and security, and product protection solutions worldwide. The company operates through Food Care and Product Care segments. The Food Care segment offers integrated system solutions that enhance the management of contamination risk during the food and beverage production process, extend product shelf life through packaging technologies, and improve merchandising, ease-of-use, and back-of-house preparation processes to processors, retailers, and food service operators under the Cryovac Grip & Tear, Cryovac Darfresh, Cryovac Mirabella, Simple Steps, and Optidure brands.
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