Sealed Air Corp (NYSE:SEE) Sees Large Increase in Short Interest

Sealed Air Corp (NYSE:SEE) saw a large increase in short interest in the month of July. As of July 31st, there was short interest totalling 8,512,600 shares, an increase of 30.0% from the June 30th total of 6,546,100 shares. Based on an average daily volume of 1,230,000 shares, the days-to-cover ratio is presently 6.9 days. Currently, 5.6% of the company’s shares are short sold.

A number of equities analysts have recently commented on the company. Bank of America downgraded Sealed Air from a “buy” rating to a “neutral” rating and set a $41.63 price objective on the stock. in a report on Friday, June 21st. KeyCorp restated a “sell” rating and issued a $39.00 price objective on shares of Sealed Air in a report on Friday, August 2nd. Wells Fargo & Co raised their price objective on Sealed Air from $42.00 to $43.00 and gave the stock a “market perform” rating in a report on Tuesday, August 6th. Finally, Morgan Stanley set a $44.00 price objective on Sealed Air and gave the stock a “hold” rating in a report on Wednesday, April 17th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $42.69.

Large investors have recently made changes to their positions in the stock. Toronto Dominion Bank grew its position in shares of Sealed Air by 24.7% in the 2nd quarter. Toronto Dominion Bank now owns 126,412 shares of the industrial products company’s stock worth $5,406,000 after acquiring an additional 25,030 shares in the last quarter. Ossiam acquired a new position in Sealed Air during the 2nd quarter valued at approximately $705,000. Seeyond boosted its position in Sealed Air by 6.0% during the 2nd quarter. Seeyond now owns 26,439 shares of the industrial products company’s stock valued at $1,131,000 after purchasing an additional 1,500 shares during the period. Pictet Asset Management Ltd. boosted its position in Sealed Air by 3.3% during the 2nd quarter. Pictet Asset Management Ltd. now owns 289,054 shares of the industrial products company’s stock valued at $12,366,000 after purchasing an additional 9,245 shares during the period. Finally, Cibc World Markets Corp boosted its position in Sealed Air by 287.5% during the 2nd quarter. Cibc World Markets Corp now owns 195,749 shares of the industrial products company’s stock valued at $8,374,000 after purchasing an additional 145,235 shares during the period. Institutional investors and hedge funds own 98.53% of the company’s stock.

Shares of NYSE:SEE traded up $0.64 during mid-day trading on Tuesday, hitting $45.30. 3,102 shares of the company traded hands, compared to its average volume of 1,230,698. The firm has a market capitalization of $6.94 billion, a price-to-earnings ratio of 18.08, a P/E/G ratio of 1.88 and a beta of 1.10. Sealed Air has a 52-week low of $30.22 and a 52-week high of $47.13. The stock’s 50 day moving average price is $43.55.

Sealed Air (NYSE:SEE) last announced its earnings results on Friday, August 2nd. The industrial products company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.64 by $0.16. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.17 billion. Sealed Air had a negative return on equity of 121.14% and a net margin of 7.84%. The company’s revenue was up .5% on a year-over-year basis. During the same period last year, the business posted $0.64 EPS. On average, equities research analysts predict that Sealed Air will post 2.77 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, September 6th will be issued a dividend of $0.16 per share. The ex-dividend date is Thursday, September 5th. This represents a $0.64 annualized dividend and a dividend yield of 1.41%. Sealed Air’s payout ratio is currently 25.60%.

About Sealed Air

Sealed Air Corporation provides food safety and security, and product protection solutions worldwide. It operates in two segments, Food Care and Product Care. The Food Care segment offers integrated packaging materials and equipment solutions to provide food safety, shelf life extension, and total cost optimization for perishable food processors in the fresh red meat, smoked and processed meats, poultry, and dairy markets under the Cryovac, Cryovac Grip & Tear, Cryovac Darfresh, Cryovac Mirabella, Simple Steps, and Optidure brands.

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