Prudential Financial Inc. has augmented its holdings in Sealed Air Corporation (NYSE: SEE) by purchasing an additional 5,629 shares during the second quarter of 2024. This increase reflects a 4.0% rise in its total ownership, bringing Prudential’s stake to 145,837 shares, valued at approximately $4,525,000 at the end of the quarter. The information was disclosed in a recent filing with the Securities and Exchange Commission.
Other institutional investors have also made significant adjustments to their positions in Sealed Air. For instance, Brighton Jones LLC acquired a new stake in the company worth $737,000 during the fourth quarter. Cetera Investment Advisers raised its holdings by 11.1% in the first quarter, resulting in ownership of 15,659 shares valued at $453,000. Similarly, LPL Financial LLC increased its stake by 7.7%, now holding 49,260 shares valued at $1,424,000 after purchasing an additional 3,508 shares. Mackenzie Financial Corp’s holdings grew by an impressive 137.4%, acquiring an additional 9,379 shares, which brings its total to 16,207 shares worth $468,000. XTX Topco Ltd also entered the market with a new position valued at approximately $308,000. Overall, institutional investors own 94.40% of Sealed Air’s shares.
Sealed Air’s Market Performance
On Tuesday, shares of Sealed Air opened at $42.74, marking a 0.5% decrease. The company’s stock has seen a fifty-day simple moving average of $36.99 and a 200-day average of $33.57. Over the past year, shares have fluctuated between a low of $22.78 and a high of $44.27. Sealed Air currently boasts a market capitalization of $6.29 billion, with a price-to-earnings ratio of 21.59 and a beta of 1.38. The company’s quick ratio stands at 0.71, the current ratio at 1.19, and the debt-to-equity ratio is notably high at 4.18.
Dividend Announcement and Analyst Ratings
In addition to its recent stock activity, Sealed Air announced a quarterly dividend of $0.20 per share, set to be paid on December 19, 2024. Shareholders of record on December 5, 2024, will receive this dividend, which represents an annualized payout of $0.80 and a yield of 1.9%. The current dividend payout ratio stands at 25.97%.
Analysts have recently provided insights on Sealed Air’s stock performance. Citigroup has raised its target price from $38.00 to $39.00, maintaining a “buy” rating. Weiss Ratings has reiterated a “hold (c)” rating, while Wall Street Zen downgraded Sealed Air from a “strong-buy” to a “buy” rating. Stifel Nicolaus has also reissued a “hold” rating, increasing its price target to $45.00. Truist Financial reaffirmed a “buy” rating with an elevated target price of $45.00. Currently, one equity research analyst has rated Sealed Air as a Strong Buy, eight analysts have given it a Buy rating, and three have issued a Hold rating, resulting in a consensus of “Moderate Buy” with an average target price of $42.83.
Sealed Air Corporation specializes in packaging solutions across various regions, including the Americas, Europe, the Middle East, Africa, Asia, Australia, and New Zealand. The company operates through two main segments: Food and Protective. The Food segment offers integrated packaging materials and automation solutions aimed at enhancing food safety and reducing waste, catering to diverse markets such as fresh red meat, poultry, seafood, and plant-based products.
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