PNC Financial Services Group Inc. Cuts Stake in Sealed Air Co. (NYSE:SEE)

PNC Financial Services Group Inc. reduced its position in Sealed Air Co. (NYSE:SEE) by 4.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,345 shares of the industrial products company’s stock after selling 2,249 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Sealed Air were worth $1,791,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in SEE. Swedbank AB bought a new stake in shares of Sealed Air in the 3rd quarter valued at about $53,681,000. Millennium Management LLC increased its holdings in Sealed Air by 38.2% during the second quarter. Millennium Management LLC now owns 4,114,281 shares of the industrial products company’s stock valued at $143,136,000 after buying an additional 1,136,985 shares during the period. Appian Way Asset Management LP raised its stake in Sealed Air by 68.1% in the second quarter. Appian Way Asset Management LP now owns 1,349,857 shares of the industrial products company’s stock worth $46,962,000 after buying an additional 546,701 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Sealed Air by 33.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,910,647 shares of the industrial products company’s stock worth $66,475,000 after buying an additional 479,675 shares during the period. Finally, AQR Capital Management LLC boosted its position in Sealed Air by 2,083.0% during the 2nd quarter. AQR Capital Management LLC now owns 374,589 shares of the industrial products company’s stock valued at $13,032,000 after acquiring an additional 357,430 shares in the last quarter. 94.40% of the stock is owned by hedge funds and other institutional investors.

Sealed Air Price Performance

NYSE SEE opened at $35.95 on Wednesday. The stock’s fifty day moving average price is $35.74 and its 200 day moving average price is $35.85. Sealed Air Co. has a 1 year low of $30.87 and a 1 year high of $41.14. The company has a debt-to-equity ratio of 5.62, a current ratio of 1.29 and a quick ratio of 0.79. The company has a market cap of $5.24 billion, a price-to-earnings ratio of 13.22, a PEG ratio of 4.97 and a beta of 1.34.

Sealed Air (NYSE:SEE) last announced its quarterly earnings data on Thursday, November 7th. The industrial products company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.12. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Sealed Air had a return on equity of 74.21% and a net margin of 7.34%. The company’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period last year, the business posted $0.77 earnings per share. As a group, equities research analysts forecast that Sealed Air Co. will post 3.06 earnings per share for the current year.

Sealed Air Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.23%. The ex-dividend date is Friday, December 6th. Sealed Air’s dividend payout ratio (DPR) is currently 29.41%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Raymond James raised Sealed Air from a “market perform” rating to a “strong-buy” rating and set a $42.00 price target for the company in a research report on Thursday, October 17th. Morgan Stanley started coverage on shares of Sealed Air in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $39.00 price target for the company. Wells Fargo & Company lifted their price objective on shares of Sealed Air from $43.00 to $44.00 and gave the stock an “overweight” rating in a research report on Friday, August 9th. Jefferies Financial Group cut shares of Sealed Air from a “buy” rating to a “hold” rating and decreased their target price for the company from $47.00 to $35.00 in a research report on Friday, August 9th. Finally, JPMorgan Chase & Co. cut their price target on shares of Sealed Air from $35.00 to $33.00 and set a “neutral” rating on the stock in a report on Thursday, August 15th. Seven research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $41.00.

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.