Hsbc Holdings PLC Lowers Position in Sealed Air Co. (NYSE:SEE)

Hsbc Holdings PLC cut its holdings in shares of Sealed Air Co. (NYSE:SEE) by 24.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,273,621 shares of the industrial products company’s stock after selling 1,056,892 shares during the quarter. Hsbc Holdings PLC owned about 2.25% of Sealed Air worth $114,413,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Edgestream Partners L.P. purchased a new position in shares of Sealed Air during the 2nd quarter worth $1,971,000. Renaissance Technologies LLC grew its holdings in shares of Sealed Air by 156.5% during the 2nd quarter. Renaissance Technologies LLC now owns 185,700 shares of the industrial products company’s stock worth $6,461,000 after purchasing an additional 113,300 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Sealed Air by 33.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,910,647 shares of the industrial products company’s stock worth $66,475,000 after purchasing an additional 479,675 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of Sealed Air by 5.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 553,230 shares of the industrial products company’s stock worth $19,247,000 after purchasing an additional 27,554 shares during the period. Finally, GHP Investment Advisors Inc. lifted its stake in Sealed Air by 8.3% during the 2nd quarter. GHP Investment Advisors Inc. now owns 37,291 shares of the industrial products company’s stock worth $1,297,000 after acquiring an additional 2,867 shares in the last quarter. 94.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on SEE shares. Royal Bank of Canada lowered Sealed Air from an “outperform” rating to a “sector perform” rating and decreased their target price for the stock from $43.00 to $40.00 in a research note on Friday, July 19th. JPMorgan Chase & Co. decreased their target price on Sealed Air from $35.00 to $33.00 and set a “neutral” rating on the stock in a research note on Thursday, August 15th. UBS Group decreased their target price on Sealed Air from $39.00 to $38.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 17th. Stifel Nicolaus started coverage on Sealed Air in a research note on Tuesday, July 9th. They set a “buy” rating and a $47.00 target price on the stock. Finally, Morgan Stanley started coverage on Sealed Air in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $39.00 target price on the stock. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $41.30.

Sealed Air Price Performance

SEE stock opened at $34.80 on Thursday. Sealed Air Co. has a 1 year low of $28.50 and a 1 year high of $41.14. The firm has a market capitalization of $5.07 billion, a P/E ratio of 13.92, a P/E/G ratio of 8.40 and a beta of 1.34. 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 business’s 50-day moving average is $34.87 and its two-hundred day moving average is $35.40.

Sealed Air (NYSE:SEE) last released its quarterly earnings data on Thursday, August 8th. The industrial products company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.19. Sealed Air had a return on equity of 85.65% and a net margin of 6.64%. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the prior year, the business posted $0.80 EPS. The business’s revenue for the quarter was down 2.6% on a year-over-year basis. Analysts anticipate that Sealed Air Co. will post 2.93 earnings per share for the current fiscal year.

Sealed Air Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a $0.20 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.30%. Sealed Air’s payout ratio is currently 32.13%.

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.