Brandywine Global Investment Management LLC has increased its investment in Sealed Air Corporation (NYSE: SEE) by 24.1% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission (SEC). The firm now holds 633,465 shares of the industrial packaging company, having acquired an additional 123,040 shares in the period. As of the latest SEC disclosure, Brandywine’s stake represents a value of approximately $19.7 million, accounting for 0.43% of Sealed Air’s total shares.
Other institutional investors have also adjusted their holdings in Sealed Air, indicating growing interest in the company. Impax Asset Management Group plc raised its position by 18.6%, acquiring 106,627 shares to reach a total of 680,824 shares valued at $21.1 million. Alberta Investment Management Corp significantly boosted its stake by 43.3%, now owning 2,287,300 shares worth $71 million after purchasing 691,200 shares during the same quarter.
Russell Investments Group Ltd. increased its holdings by 9.4%, now owning 105,651 shares valued at $3.1 million, while the Public Sector Pension Investment Board raised its stake by 43.1%, holding 519,339 shares valued at $15 million. T. Rowe Price Investment Management Inc. also increased its position by 1.9%, with 12,545,129 shares valued at $362.6 million after acquiring an additional 228,937 shares. Collectively, institutional investors now own 94.4% of Sealed Air’s stock.
Market Analysts Weigh In
Market analysts have shared their insights regarding Sealed Air’s stock performance. In a report dated November 5, 2023, JPMorgan Chase & Co. raised its price target for Sealed Air from $36.00 to $38.00, assigning the company an “overweight” rating. Meanwhile, Wall Street Zen downgraded its rating from “strong-buy” to “buy” as of November 16, 2023.
Raymond James Financial reaffirmed a “strong-buy” rating, increasing the price target from $39.00 to $50.00 in a report on October 17, 2023. Mizuho also adjusted its price target from $36.00 to $41.00 while maintaining an “outperform” rating. Morgan Stanley lifted its target from $31.00 to $41.00, giving Sealed Air an “equal weight” rating.
Overall, one research analyst has rated the stock as a “strong buy,” while eight analysts have issued a “buy” rating, and three have assigned a “hold” rating. According to data from MarketBeat.com, the consensus rating for Sealed Air is “moderate buy,” with an average price target of $42.83.
Recent Stock Performance and Financial Results
Sealed Air’s stock opened at $42.69 on November 4, 2023. The company has exhibited a robust performance with a fifty-day simple moving average of $35.89 and a two-hundred-day simple moving average of $33.03. Over the past year, shares have fluctuated between a low of $22.78 and a high of $44.27.
On the financial front, Sealed Air reported earnings of $0.87 per share for the third quarter, surpassing analysts’ expectations of $0.68 by $0.19. The company generated revenue of $1.35 billion, exceeding forecasts of $1.31 billion. Sealed Air recorded a net margin of 5.46% and a return on equity of 60.61%. Looking ahead, the company has provided guidance for fiscal year 2025, projecting earnings per share between $3.250 and $3.350.
In addition to its earnings report, Sealed Air announced a quarterly dividend of $0.20 per share, set to be paid on December 19, 2023. Stockholders on record by December 5, 2023 will receive this dividend, which translates to an annualized payout of $0.80 and a dividend yield of 1.9%. The company’s payout ratio stands at 25.97%.
Sealed Air Corporation is a global leader in packaging solutions, operating across the Americas, Europe, the Middle East, Africa, Asia, Australia, and New Zealand. It focuses on two main segments: Food and Protective. The Food segment provides integrated packaging materials and automation solutions aimed at enhancing food safety, extending shelf life, reducing waste, and optimizing costs for food processors across various markets.
