Norges Bank Acquires Shares of 1,494,596 Sealed Air Co. (NYSE:SEE)

Norges Bank bought a new position in Sealed Air Co. (NYSE:SEE) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,494,596 shares of the industrial products company’s stock, valued at approximately $50,562,000. Norges Bank owned approximately 1.03% of Sealed Air as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of SEE. Quarry LP raised its holdings in shares of Sealed Air by 9.2% during the third quarter. Quarry LP now owns 3,701 shares of the industrial products company’s stock worth $134,000 after acquiring an additional 311 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Sealed Air by 0.8% during the 4th quarter. Arizona State Retirement System now owns 42,277 shares of the industrial products company’s stock worth $1,430,000 after purchasing an additional 348 shares in the last quarter. Horizon Kinetics Asset Management LLC lifted its holdings in shares of Sealed Air by 0.8% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 43,450 shares of the industrial products company’s stock valued at $1,470,000 after buying an additional 350 shares during the last quarter. Choreo LLC grew its stake in shares of Sealed Air by 3.7% in the 4th quarter. Choreo LLC now owns 9,829 shares of the industrial products company’s stock valued at $331,000 after buying an additional 351 shares in the last quarter. Finally, Metis Global Partners LLC increased its holdings in Sealed Air by 4.3% in the fourth quarter. Metis Global Partners LLC now owns 9,039 shares of the industrial products company’s stock worth $306,000 after buying an additional 375 shares during the last quarter. Institutional investors and hedge funds own 94.40% of the company’s stock.

Sealed Air Price Performance

NYSE:SEE opened at $24.39 on Friday. The company has a debt-to-equity ratio of 5.62, a current ratio of 1.29 and a quick ratio of 0.79. Sealed Air Co. has a one year low of $24.35 and a one year high of $41.14. The company has a fifty day moving average price of $31.89 and a 200 day moving average price of $34.17. The stock has a market cap of $3.55 billion, a P/E ratio of 8.97 and a beta of 1.32.

Sealed Air (NYSE:SEE) last released its earnings results on Tuesday, February 25th. The industrial products company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.08. Sealed Air had a net margin of 7.34% and a return on equity of 74.21%. The business had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.36 billion. During the same quarter last year, the company earned $0.88 earnings per share. The firm’s revenue was down .4% on a year-over-year basis. Analysts anticipate that Sealed Air Co. will post 3.05 earnings per share for the current year.

Sealed Air Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date of this dividend was Friday, March 14th. Sealed Air’s dividend payout ratio is presently 44.20%.

Insider Activity at Sealed Air

In other Sealed Air news, Director Henry R. Keizer purchased 1,120 shares of the stock in a transaction on Tuesday, March 11th. The shares were purchased at an average price of $30.00 per share, with a total value of $33,600.00. Following the acquisition, the director now directly owns 35,000 shares of the company’s stock, valued at $1,050,000. This represents a 3.31 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

SEE has been the subject of several recent research reports. Jefferies Financial Group set a $36.00 target price on shares of Sealed Air in a research report on Tuesday, March 4th. Citigroup cut their target price on Sealed Air from $44.00 to $42.00 and set a “buy” rating on the stock in a report on Monday, January 6th. StockNews.com upgraded Sealed Air from a “hold” rating to a “buy” rating in a research note on Wednesday, February 19th. Morgan Stanley cut their price objective on Sealed Air from $39.00 to $38.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. Finally, Truist Financial upped their target price on Sealed Air from $41.00 to $44.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Six investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $40.25.

Sealed Air 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.