Sealed Air Corporation (NYSE:SEE) Shares Bought by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp significantly increased its stake in Sealed Air Corporation by 137.4%, acquiring an additional 9,379 shares, bringing their total to 16,207 shares valued at approximately $468,000.
• Sealed Air Corporation recently reported earnings of $0.89 per share, exceeding analyst expectations, with a revenue of $1.34 billion despite experiencing a 0.7% decline year-over-year.
• The company declared a quarterly dividend of $0.20 per share, which translates to an annualized dividend of $0.80 and a dividend yield of 2.7%.

Mackenzie Financial Corp raised its stake in shares of Sealed Air Corporation (NYSE:SEE - Free Report) by 137.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,207 shares of the industrial products company's stock after buying an additional 9,379 shares during the quarter. Mackenzie Financial Corp's holdings in Sealed Air were worth $468,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. LPL Financial LLC lifted its stake in shares of Sealed Air by 7.7% during the 1st quarter. LPL Financial LLC now owns 49,260 shares of the industrial products company's stock worth $1,424,000 after purchasing an additional 3,508 shares during the period. TD Asset Management Inc lifted its stake in shares of Sealed Air by 3.7% during the 1st quarter. TD Asset Management Inc now owns 822,000 shares of the industrial products company's stock worth $23,756,000 after purchasing an additional 29,600 shares during the period. Cetera Investment Advisers lifted its stake in shares of Sealed Air by 11.1% during the 1st quarter. Cetera Investment Advisers now owns 15,659 shares of the industrial products company's stock worth $453,000 after purchasing an additional 1,568 shares during the period. Royce & Associates LP lifted its stake in shares of Sealed Air by 1,194.8% during the 1st quarter. Royce & Associates LP now owns 189,022 shares of the industrial products company's stock worth $5,463,000 after purchasing an additional 174,424 shares during the period. Finally, Burney Co. lifted its stake in shares of Sealed Air by 4.1% during the 1st quarter. Burney Co. now owns 12,316 shares of the industrial products company's stock worth $356,000 after purchasing an additional 481 shares during the period. Institutional investors and hedge funds own 94.40% of the company's stock.

Sealed Air Stock Up 2.3%

Shares of NYSE SEE traded up $0.67 on Tuesday, hitting $29.72. The company had a trading volume of 168,332 shares, compared to its average volume of 1,565,998. Sealed Air Corporation has a 12-month low of $22.78 and a 12-month high of $38.85. The business has a 50 day moving average of $31.15 and a two-hundred day moving average of $30.74. The company has a quick ratio of 0.71, a current ratio of 1.19 and a debt-to-equity ratio of 4.18. The firm has a market capitalization of $4.37 billion, a P/E ratio of 14.99, a PEG ratio of 2.30 and a beta of 1.33.

Sealed Air (NYSE:SEE - Get Free Report) last issued its earnings results on Tuesday, August 5th. The industrial products company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.17. Sealed Air had a return on equity of 60.61% and a net margin of 5.46%. The company had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the prior year, the business earned $0.83 earnings per share. The company's revenue was down .7% compared to the same quarter last year. As a group, equities research analysts forecast that Sealed Air Corporation will post 3.05 earnings per share for the current fiscal year.

Sealed Air Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be paid a dividend of $0.20 per share. The ex-dividend date is Friday, September 12th. This represents a $0.80 annualized dividend and a dividend yield of 2.7%. Sealed Air's dividend payout ratio (DPR) is currently 40.40%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Wall Street Zen raised Sealed Air from a "hold" rating to a "buy" rating in a research report on Saturday. Truist Financial increased their target price on Sealed Air from $33.00 to $40.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Sealed Air in a research report on Tuesday, July 15th. Citigroup increased their target price on Sealed Air from $33.00 to $37.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Finally, Wells Fargo & Company increased their target price on Sealed Air from $39.00 to $43.00 and gave the stock an "overweight" rating in a research report on Friday, July 18th. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Sealed Air currently has an average rating of "Moderate Buy" and a consensus price target of $38.27.

About Sealed Air

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.