Sealed Air Corp Given Buy Rating at Bank of America (SEE)
Sealed Air Corp (NYSE:SEE)‘s stock had its “buy” rating reiterated by equities researchers at Bank of America in a research report issued on Thursday. They currently have a $40.00 target price on the stock, up from their previous target price of $38.00. Bank of America’s price objective would indicate a potential upside of 23.65% from the stock’s previous close.
The analysts wrote, “We maintain our Buy rating on SEE shares. Going into 2Q reporting, we viewed SEE as a turnaround story with attractive cash flow (FCF) and we were reaffirmed in this view. “Performance was impressive on a number of fronts, especially considering the challenging volume environment. What really got our attention in the quarter was the (again) strong price/mix (up +3.4% for the company as a whole), continuing to rebut the skeptics, as well as the increased FCF guidance (to $485mn) and cumulative target ($1.7bn over 2014-2016, ex. next year’s Grace payment refund) that drives a new, long-term incentive program. In bygone years, we had dubbed Sealed Air as ‘the ATM you can own.’ Based on its performance and targets, it looks like we can roll that moniker out again. We continue to Buy. We’ll review our forecasts and theses for all companies, post-earnings.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Citigroup Inc. raised their price target on shares of Sealed Air Corp from $32.00 to $35.00 in a research note on Tuesday, May 6th. Analysts at Barclays raised their price target on shares of Sealed Air Corp from $31.00 to $32.00 in a research note on Monday, May 5th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $35.22.
Shares of Sealed Air Corp (NYSE:SEE) traded up 0.72% during mid-day trading on Thursday, hitting $32.35. The stock had a trading volume of 2,454,991 shares. Sealed Air Corp has a one year low of $26.13 and a one year high of $37.20. The stock has a 50-day moving average of $33.46 and a 200-day moving average of $32.81. The company has a market cap of $6.907 billion and a price-to-earnings ratio of 35.10.
Sealed Air Corp (NYSE:SEE) last released its earnings data on Wednesday, July 30th. The company reported $0.42 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.39 by $0.03. The company had revenue of $2.00 billion for the quarter, compared to the consensus estimate of $1.95 billion. During the same quarter last year, the company posted $0.35 earnings per share. Sealed Air Corp’s revenue was up 1.9% compared to the same quarter last year. On average, analysts predict that Sealed Air Corp will post $1.65 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, September 19th. Shareholders of record on Friday, September 5th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend is Wednesday, September 3rd.
Sealed Air Corporation is engaged in food safety and security, facility hygiene and product protection business.
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