Bank of Nova Scotia Decreases Stock Position in Sealed Air Co. (NYSE:SEE)

Bank of Nova Scotia lessened its stake in shares of Sealed Air Co. (NYSE:SEE - Free Report) by 54.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 37,300 shares of the industrial products company's stock after selling 43,903 shares during the quarter. Bank of Nova Scotia's holdings in Sealed Air were worth $1,262,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of SEE. Arizona State Retirement System boosted its holdings in Sealed Air by 0.8% in the 4th quarter. Arizona State Retirement System now owns 42,277 shares of the industrial products company's stock valued at $1,430,000 after purchasing an additional 348 shares during the period. Horizon Kinetics Asset Management LLC boosted its position in shares of Sealed Air by 0.8% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 43,450 shares of the industrial products company's stock valued at $1,470,000 after acquiring an additional 350 shares during the last quarter. Choreo LLC raised its stake in Sealed Air by 3.7% in the fourth quarter. Choreo LLC now owns 9,829 shares of the industrial products company's stock valued at $331,000 after purchasing an additional 351 shares in the last quarter. Metis Global Partners LLC grew its stake in Sealed Air by 4.3% in the 4th quarter. Metis Global Partners LLC now owns 9,039 shares of the industrial products company's stock worth $306,000 after buying an additional 375 shares in the last quarter. Finally, Truist Financial Corp increased its holdings in shares of Sealed Air by 3.3% in the 4th quarter. Truist Financial Corp now owns 11,794 shares of the industrial products company's stock worth $399,000 after buying an additional 377 shares during the last quarter. 94.40% of the stock is owned by hedge funds and other institutional investors.

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Sealed Air Stock Performance

Shares of SEE stock traded down $0.42 during trading hours on Tuesday, reaching $26.15. The company had a trading volume of 1,811,399 shares, compared to its average volume of 1,537,462. The firm has a market cap of $3.81 billion, a PE ratio of 9.61 and a beta of 1.35. The business has a fifty day moving average price of $30.21 and a 200-day moving average price of $33.55. Sealed Air Co. has a one year low of $22.78 and a one year high of $41.14. The company has a debt-to-equity ratio of 5.62, a quick ratio of 0.79 and a current ratio of 1.29.

Sealed Air (NYSE:SEE - Get Free Report) last released its quarterly earnings results on Tuesday, February 25th. The industrial products company reported $0.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.67 by $0.08. Sealed Air had a return on equity of 74.21% and a net margin of 7.34%. The firm had revenue of $1.37 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same period last year, the business posted $0.88 EPS. The company's revenue for the quarter was down .4% on a year-over-year basis. Sell-side analysts predict that Sealed Air Co. will post 3.05 earnings per share for the current fiscal year.

Sealed Air Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were given a $0.20 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.80 annualized dividend and a yield of 3.06%. Sealed Air's payout ratio is presently 44.20%.

Analyst Ratings Changes

Several equities analysts have recently commented on SEE shares. Truist Financial increased their price objective on Sealed Air from $41.00 to $44.00 and gave the company a "buy" rating in a research report on Monday, January 6th. StockNews.com raised shares of Sealed Air from a "hold" rating to a "buy" rating in a research note on Wednesday, February 19th. Jefferies Financial Group set a $36.00 price target on shares of Sealed Air in a research note on Tuesday, March 4th. Citigroup reduced their price objective on Sealed Air from $44.00 to $42.00 and set a "buy" rating on the stock in a research note on Monday, January 6th. Finally, Wells Fargo & Company boosted their target price on Sealed Air from $42.00 to $43.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $39.42.

Insider Activity

In related news, Director Henry R. Keizer purchased 1,120 shares of Sealed Air stock in a transaction on Tuesday, March 11th. The stock was acquired at an average price of $30.00 per share, for a total transaction of $33,600.00. Following the completion of the transaction, the director now directly owns 35,000 shares in the company, valued at $1,050,000. This represents a 3.31 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.30% of the company's stock.

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.