Bank of Nova Scotia Cuts Position in Sealed Air Corporation (NYSE:SEE)

Key Points

• Bank of Nova Scotia has reduced its stake in Sealed Air Corporation by 75.6%, now holding 9,088 shares valued at $263,000 after selling 28,212 shares.
• Sealed Air reported earnings of $0.89 per share, surpassing analysts' expectations of $0.72, with a revenue of $1.34 billion for the quarter.
• The company announced a quarterly dividend of $0.20 per share, resulting in an annual yield of 2.7% and a payout ratio of 40.40%.

Bank of Nova Scotia cut its stake in Sealed Air Corporation (NYSE:SEE - Free Report) by 75.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,088 shares of the industrial products company's stock after selling 28,212 shares during the quarter. Bank of Nova Scotia's holdings in Sealed Air were worth $263,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. T. Rowe Price Investment Management Inc. increased its stake in shares of Sealed Air by 9.6% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 12,316,192 shares of the industrial products company's stock worth $416,657,000 after acquiring an additional 1,081,848 shares during the last quarter. Invesco Ltd. increased its stake in shares of Sealed Air by 69.2% in the 4th quarter. Invesco Ltd. now owns 3,788,839 shares of the industrial products company's stock worth $128,176,000 after acquiring an additional 1,549,184 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Sealed Air by 42.1% in the 1st quarter. Victory Capital Management Inc. now owns 2,864,927 shares of the industrial products company's stock worth $82,796,000 after acquiring an additional 849,485 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Sealed Air by 8.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,204,663 shares of the industrial products company's stock worth $74,583,000 after acquiring an additional 178,592 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of Sealed Air by 21.3% in the 4th quarter. Northern Trust Corp now owns 1,642,371 shares of the industrial products company's stock worth $55,561,000 after acquiring an additional 288,528 shares during the last quarter. 94.40% of the stock is owned by institutional investors and hedge funds.

Sealed Air Stock Up 2.8%

Shares of Sealed Air stock traded up $0.81 on Tuesday, reaching $29.86. 1,102,456 shares of the company were exchanged, compared to its average volume of 1,572,429. Sealed Air Corporation has a 1-year low of $22.78 and a 1-year high of $38.85. The company has a market cap of $4.39 billion, a P/E ratio of 15.08, a price-to-earnings-growth ratio of 2.30 and a beta of 1.33. The company has a debt-to-equity ratio of 4.18, a current ratio of 1.19 and a quick ratio of 0.71. The stock's 50 day moving average price is $31.15 and its 200-day moving average price is $30.74.

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

Sealed Air Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be paid a $0.20 dividend. The ex-dividend date is Friday, September 12th. This represents a $0.80 dividend on an annualized basis and a yield of 2.7%. Sealed Air's payout ratio is currently 40.40%.

Analyst Upgrades and Downgrades

SEE has been the subject of a number of research analyst reports. UBS Group increased their price target on Sealed Air from $39.00 to $40.00 and gave the stock a "buy" rating in a report on Wednesday, July 9th. Truist Financial boosted their price objective on shares of Sealed Air from $33.00 to $40.00 and gave the company a "buy" rating in a report on Friday, July 11th. Wall Street Zen upgraded shares of Sealed Air from a "hold" rating to a "buy" rating in a report on Saturday. Mizuho boosted their price objective on shares of Sealed Air from $34.00 to $37.00 and gave the company an "outperformer" rating in a report on Tuesday, July 15th. Finally, Citigroup boosted their price objective on shares of Sealed Air from $33.00 to $37.00 and gave the company a "buy" rating in a report on Friday, July 11th. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Sealed Air has a consensus rating of "Moderate Buy" and a consensus target price of $38.27.

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.