Prudential Financial Inc. has enhanced its investment in Sealed Air Corporation by acquiring an additional 5,629 shares, raising its total holdings by 4.0% during the second quarter of 2023. This increase brings Prudential’s total ownership to 145,837 shares, valued at approximately $4.5 million at the end of the most recent quarter. The financial update was disclosed in a filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also adjusted their stakes in Sealed Air. For instance, Brighton Jones LLC purchased a new position in the company worth $737,000 during the fourth quarter. Additionally, Cetera Investment Advisers increased its holdings by 11.1% in the first quarter, now owning 15,659 shares valued at $453,000. LPL Financial LLC also raised its stake by 7.7%, bringing its total to 49,260 shares valued at $1.42 million.
Mackenzie Financial Corp significantly grew its holdings in Sealed Air by 137.4% during the first quarter, now owning 16,207 shares valued at approximately $468,000. XTX Topco Ltd also entered a new position during the first quarter, worth about $308,000. Overall, institutional investors currently own 94.4% of Sealed Air’s stock.
Stock Performance and Dividend Announcement
Sealed Air shares opened at $42.74 on Tuesday, reflecting a slight decrease of 0.5%. The company has experienced a fifty-day simple moving average of $36.99 and a 200-day average of $33.57. Over the last year, the stock has fluctuated between a low of $22.78 and a high of $44.27. Sealed Air, which has a market capitalization of $6.29 billion, reported a P/E ratio of 21.59, with a P/E/G ratio of 2.40 and a beta of 1.38.
The firm also announced a quarterly dividend of $0.20 per share, scheduled to be paid on December 19, 2023. Shareholders on record by December 5 will receive this dividend, representing an annualized dividend of $0.80 and a yield of 1.9%. Sealed Air’s current dividend payout ratio stands at 25.97%.
Analyst Ratings and Market Outlook
Recent reports from various brokerages reflect a mixed outlook on Sealed Air’s stock. Citigroup raised its target price for Sealed Air from $38.00 to $39.00, maintaining a “buy” rating. Weiss Ratings reiterated a “hold (c)” rating, while Wall Street Zen downgraded its recommendation from “strong-buy” to “buy.”
Stifel Nicolaus has also reissued a “hold” rating, increasing the price target to $45.00 from $43.80. Truist Financial maintained a “buy” rating with a revised price target of $45.00, up from $40.00. Currently, one research analyst rates the stock as a “strong buy,” eight recommend a “buy,” and three suggest holding the stock. According to data from MarketBeat, the consensus rating is “moderate buy,” with an average target price of $42.83.
Sealed Air Corporation, headquartered in Elmwood Park, New Jersey, specializes in providing innovative packaging solutions across multiple regions, including the Americas, Europe, the Middle East, Africa, and Asia. The company operates through two segments: Food and Protective, offering a range of products designed to enhance food safety and reduce waste.
