Empowered Funds LLC Takes Position in Sealed Air Co. (NYSE:SEE)

Empowered Funds LLC bought a new position in shares of Sealed Air Co. (NYSE:SEE - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 41,242 shares of the industrial products company's stock, valued at approximately $1,497,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Family Firm Inc. purchased a new stake in Sealed Air in the 2nd quarter worth $26,000. Strategic Investment Solutions Inc. IL purchased a new stake in Sealed Air in the 2nd quarter worth $34,000. Covestor Ltd increased its stake in Sealed Air by 651.2% in the 1st quarter. Covestor Ltd now owns 1,615 shares of the industrial products company's stock worth $60,000 after buying an additional 1,400 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Sealed Air by 100.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,833 shares of the industrial products company's stock worth $99,000 after buying an additional 1,422 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Sealed Air by 523.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,912 shares of the industrial products company's stock worth $101,000 after buying an additional 2,445 shares in the last quarter. Hedge funds and other institutional investors own 94.40% of the company's stock.

Sealed Air Price Performance

SEE stock traded up $0.43 during mid-day trading on Friday, reaching $35.96. The company's stock had a trading volume of 457,053 shares, compared to its average volume of 1,518,244. The stock has a market cap of $5.24 billion, a PE ratio of 13.06, a P/E/G ratio of 4.81 and a beta of 1.34. The company has a current ratio of 1.29, a quick ratio of 0.79 and a debt-to-equity ratio of 5.62. Sealed Air Co. has a fifty-two week low of $30.87 and a fifty-two week high of $41.14. The company's 50 day moving average is $35.64 and its two-hundred day moving average is $35.86.

Sealed Air (NYSE:SEE - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The industrial products company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.67 by $0.12. Sealed Air had a net margin of 7.34% and a return on equity of 74.21%. The company had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.34 billion. During the same quarter last year, the company posted $0.77 EPS. The firm's revenue was down 2.7% compared to the same quarter last year. Equities research analysts expect that Sealed Air Co. will post 3.07 EPS for the current year.

Sealed Air Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.22%. Sealed Air's payout ratio is 29.41%.

Analysts Set New Price Targets

SEE has been the subject of several research reports. Truist Financial dropped their price objective on shares of Sealed Air from $44.00 to $41.00 and set a "buy" rating for the company in a report on Tuesday, October 15th. Jefferies Financial Group downgraded shares of Sealed Air from a "buy" rating to a "hold" rating and lowered their price target for the company from $47.00 to $35.00 in a report on Friday, August 9th. JPMorgan Chase & Co. lowered their price target on shares of Sealed Air from $35.00 to $33.00 and set a "neutral" rating for the company in a report on Thursday, August 15th. Wells Fargo & Company increased their price target on shares of Sealed Air from $43.00 to $44.00 and gave the company an "overweight" rating in a report on Friday, August 9th. Finally, Raymond James raised shares of Sealed Air from a "market perform" rating to a "strong-buy" rating and set a $42.00 price objective for the company in a research note on Thursday, October 17th. Eight equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Sealed Air has an average rating of "Moderate Buy" and an average target price of $41.00.

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.