KeyCorp Reaffirms “Hold” Rating for Sealed Air Corporation (SEE)
KeyCorp restated their hold rating on shares of Sealed Air Corporation (NYSE:SEE) in a research note released on Monday, October 2nd. KeyCorp also issued estimates for Sealed Air Corporation’s Q3 2017 earnings at $0.47 EPS, Q4 2017 earnings at $0.54 EPS, FY2017 earnings at $1.80 EPS and FY2018 earnings at $2.12 EPS.
“We are updating our estimates for Sealed Air (SEE) to account for recent resin price increases. Our 2017 adj. EBITDA estimate is going from $830M (guidance was/is $825M-$835M) to $818M, and our 2018 estimate is going from $860M to $848M (in other words, the same reduction as in 2017). Consensus is expecting a substantial $70M of EBITDA growth in 2018, which we don’t understand given recent (subdued) growth trends and given how high SEE’s margins already are; we are assuming $30M of growth on account of lower corporate costs. Key Investment Points On our reduced estimates, SEE is trading at ~12x our 2017/2018 adj. EBITDA estimates, higher than the packaging group average of 10-11x.”,” the firm’s analyst wrote.
A number of other analysts have also issued reports on SEE. BidaskClub raised shares of Sealed Air Corporation from a strong sell rating to a sell rating in a research report on Wednesday, August 9th. Robert W. Baird reaffirmed a buy rating and set a $55.00 price objective on shares of Sealed Air Corporation in a research report on Friday, September 1st. BMO Capital Markets reaffirmed a hold rating and set a $45.00 price objective on shares of Sealed Air Corporation in a research report on Friday, June 9th. Jefferies Group LLC reiterated a hold rating and set a $44.00 price target on shares of Sealed Air Corporation in a report on Friday, August 11th. Finally, Bank of America Corporation upgraded Sealed Air Corporation from a neutral rating to a buy rating and set a $48.00 price target on the stock in a report on Thursday, September 21st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. Sealed Air Corporation currently has a consensus rating of Hold and an average target price of $48.50.
Sealed Air Corporation (NYSE SEE) traded up 0.93% during midday trading on Monday, reaching $44.55. 2,389,954 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $43.54 and its 200-day moving average price is $44.18. Sealed Air Corporation has a 1-year low of $41.22 and a 1-year high of $50.62. The company has a market capitalization of $8.47 billion, a PE ratio of 23.02 and a beta of 1.17.
Sealed Air Corporation (NYSE:SEE) last announced its earnings results on Tuesday, August 8th. The industrial products company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.01). The firm had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.06 billion. Sealed Air Corporation had a return on equity of 84.32% and a net margin of 6.81%. The business’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.65 earnings per share. Equities analysts expect that Sealed Air Corporation will post $1.82 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.64 annualized dividend and a yield of 1.44%. Sealed Air Corporation’s dividend payout ratio is currently 33.16%.
In other news, Director Lawrence R. Codey sold 3,500 shares of the business’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $42.91, for a total transaction of $150,185.00. Following the completion of the transaction, the director now directly owns 38,180 shares in the company, valued at approximately $1,638,303.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.05% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Alps Advisors Inc. grew its position in shares of Sealed Air Corporation by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 10,524 shares of the industrial products company’s stock valued at $471,000 after purchasing an additional 27 shares during the period. Cleararc Capital Inc. lifted its stake in Sealed Air Corporation by 1.3% in the 1st quarter. Cleararc Capital Inc. now owns 4,745 shares of the industrial products company’s stock valued at $207,000 after acquiring an additional 60 shares in the last quarter. Ameritas Investment Partners Inc. lifted its stake in Sealed Air Corporation by 1.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,772 shares of the industrial products company’s stock valued at $213,000 after acquiring an additional 70 shares in the last quarter. Ray Gerald L & Associates Ltd. lifted its stake in Sealed Air Corporation by 1.2% in the 2nd quarter. Ray Gerald L & Associates Ltd. now owns 9,513 shares of the industrial products company’s stock valued at $426,000 after acquiring an additional 113 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its stake in Sealed Air Corporation by 3.0% in the 1st quarter. Pacer Advisors Inc. now owns 3,979 shares of the industrial products company’s stock valued at $173,000 after acquiring an additional 116 shares in the last quarter. Institutional investors and hedge funds own 92.12% of the company’s stock.
Sealed Air Corporation Company Profile
Sealed Air Corporation is engaged in food safety and security, facility hygiene and product protection business. The Company’s segments are Food Care (includes Corporate, Medical Applications and New Ventures businesses), Product Care and Corporate. The Food Care segment focuses on providing a range of integrated system solutions.
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