Cohen Klingenstein LLC Sells 36,541 Shares of Sealed Air Co. (NYSE:SEE)

Cohen Klingenstein LLC lowered its holdings in shares of Sealed Air Co. (NYSE:SEE) by 51.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 35,059 shares of the industrial products company’s stock after selling 36,541 shares during the period. Cohen Klingenstein LLC’s holdings in Sealed Air were worth $1,220,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in SEE. Invenomic Capital Management LP bought a new stake in Sealed Air in the fourth quarter valued at approximately $6,834,000. BNP Paribas Financial Markets boosted its position in Sealed Air by 158.5% during the 4th quarter. BNP Paribas Financial Markets now owns 322,620 shares of the industrial products company’s stock valued at $11,782,000 after buying an additional 197,799 shares during the period. Louisiana State Employees Retirement System bought a new stake in Sealed Air in the 4th quarter worth $2,965,000. State Board of Administration of Florida Retirement System raised its stake in shares of Sealed Air by 9.5% during the first quarter. State Board of Administration of Florida Retirement System now owns 181,455 shares of the industrial products company’s stock valued at $6,750,000 after acquiring an additional 15,710 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Sealed Air during the first quarter worth about $582,000. Hedge funds and other institutional investors own 94.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Stifel Nicolaus initiated coverage on Sealed Air in a report on Tuesday, July 9th. They set a “buy” rating and a $47.00 price target on the stock. Royal Bank of Canada downgraded Sealed Air from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $43.00 to $40.00 in a report on Friday, July 19th. Jefferies Financial Group cut shares of Sealed Air from a “buy” rating to a “hold” rating and cut their price target for the company from $47.00 to $35.00 in a report on Friday. Citigroup decreased their price objective on shares of Sealed Air from $44.00 to $43.00 and set a “buy” rating for the company in a report on Monday, July 8th. Finally, StockNews.com raised shares of Sealed Air from a “hold” rating to a “buy” rating in a research note on Friday. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $42.60.

Sealed Air Stock Down 2.5 %

Shares of NYSE SEE traded down $0.84 on Monday, reaching $32.28. 3,672,250 shares of the company’s stock traded hands, compared to its average volume of 1,543,631. The business’s 50 day simple moving average is $36.16 and its two-hundred day simple moving average is $35.70. Sealed Air Co. has a 12 month low of $28.50 and a 12 month high of $41.14. The company has a market cap of $4.70 billion, a price-to-earnings ratio of 12.96, a price-to-earnings-growth ratio of 4.27 and a beta of 1.35. The company has a quick ratio of 0.80, a current ratio of 1.33 and a debt-to-equity ratio of 7.49.

Sealed Air (NYSE:SEE) last posted its quarterly earnings data on Thursday, August 8th. The industrial products company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.19. Sealed Air had a return on equity of 94.93% and a net margin of 6.61%. The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same quarter last year, the company earned $0.80 EPS. The firm’s revenue for the quarter was down 2.6% on a year-over-year basis. As a group, equities research analysts forecast that Sealed Air Co. will post 2.86 EPS for the current fiscal year.

Sealed Air Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.20 per share. The ex-dividend date is Friday, September 13th. This represents a $0.80 dividend on an annualized basis and a yield of 2.48%. Sealed Air’s dividend payout ratio is currently 32.13%.

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.