Harvey Partners LLC Sells 225,000 Shares of Sealed Air Co. (NYSE:SEE)

Harvey Partners LLC decreased its position in Sealed Air Co. (NYSE:SEE) by 41.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 321,500 shares of the industrial products company’s stock after selling 225,000 shares during the quarter. Harvey Partners LLC’s holdings in Sealed Air were worth $11,670,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Teachers Retirement System of The State of Kentucky lifted its stake 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 valued at $1,804,000 after buying an additional 23,029 shares during the period. Empowered Funds LLC bought a new position in Sealed Air during the third quarter worth about $1,497,000. Deprince Race & Zollo Inc. lifted its position in Sealed Air by 1.4% during the second quarter. Deprince Race & Zollo Inc. now owns 1,856,020 shares of the industrial products company’s stock worth $64,571,000 after purchasing an additional 24,940 shares during the period. Van ECK Associates Corp acquired a new stake in shares of Sealed Air in the 2nd quarter worth about $2,098,000. Finally, Commerce Bank raised its stake in shares of Sealed Air by 67.6% in the third quarter. Commerce Bank now owns 36,601 shares of the industrial products company’s stock worth $1,329,000 after purchasing an additional 14,766 shares during the last quarter. 94.40% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Jefferies Financial Group downgraded shares of Sealed Air from a “buy” rating to a “hold” rating and dropped their target price for the company from $47.00 to $35.00 in a research report on Friday, August 9th. StockNews.com lowered shares of Sealed Air from a “buy” rating to a “hold” rating in a report on Monday. Truist Financial decreased their price target on Sealed Air from $44.00 to $41.00 and set a “buy” rating on the stock in a research note on Tuesday, October 15th. Wells Fargo & Company upped their price target on Sealed Air from $43.00 to $44.00 and gave the company an “overweight” rating in a research report on Friday, August 9th. Finally, Royal Bank of Canada cut their target price on Sealed Air from $40.00 to $39.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 17th. Eight research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.00.

Sealed Air Stock Performance

Shares of SEE opened at $36.61 on Tuesday. The company has a current ratio of 1.29, a quick ratio of 0.79 and a debt-to-equity ratio of 5.62. The company has a market cap of $5.33 billion, a price-to-earnings ratio of 13.46, a P/E/G ratio of 5.06 and a beta of 1.34. Sealed Air Co. has a 12 month low of $30.87 and a 12 month high of $41.14. The business’s fifty day simple moving average is $35.84 and its two-hundred day simple moving average is $35.79.

Sealed Air (NYSE:SEE) last announced its earnings results on Thursday, November 7th. The industrial products company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.12. Sealed Air had a return on equity of 74.21% and a net margin of 7.34%. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same period in the prior year, the company posted $0.77 EPS. The firm’s quarterly revenue was down 2.7% compared to the same quarter last year. Research analysts anticipate that Sealed Air Co. will post 3.06 earnings per share for the current fiscal year.

Sealed Air Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 2.19%. The ex-dividend date is Friday, December 6th. Sealed Air’s dividend payout ratio (DPR) is presently 29.41%.

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.