42.09 0.00 (0.00%)
After hours: 5:35PM EDT
|Bid||41.81 x 900|
|Ask||42.33 x 800|
|Day's Range||41.27 - 42.26|
|52 Week Range||30.22 - 47.13|
|Beta (3Y Monthly)||1.14|
|PE Ratio (TTM)||14.77|
|Forward Dividend & Yield||0.64 (1.54%)|
|1y Target Est||N/A|
Sealed Air's (SEE) investigation focuses on whether or not the company and certain of its executives violated federal securities laws.
The investigation calls into question a decision to change auditing firms. Stiehl joined Sealed Air as chief accounting officer and controller in January 2013 and was promoted to acting CFO in October 2017. In May, Sealed Air acquired Automated Packaging Systems, an Ohio-based manufacturer of automated bagging systems, for $510 million in cash.
At least a half-dozen law firms say they are investigating whether the company misled investors or failed to disclose pertinent information.
Shares of food packaging company Sealed Air Corp. slid 6% Friday, after Bank of America Merrill Lynch downgraded the stock to neutral from buy following the termination of Chief Financial Officer William Stiehl. The company announced Stiehl's departure late Thursday, following an internal review by the Board Audit Committee in connection with an investigation by the Securities and Exchange Commission. The company had received an additional subpoena for documents and information on May 2, relating to the process used in selecting its auditor for the period beginning fiscal 2015 and relating to the audit firm's independence. BofA analysts led by George Staphos said they had upgraded Sealed Air in December after it announced a transformation program and that they fully respect Chief Executive Ted Doheny and incoming CFO James Sullivan. However, "multiples might remain compressed until the SEC investigation concludes," they wrote in a note to clients. "Second, investors might discount some elements of SEE's guidance until greater visibility is achieved because 1Q was challenging, the macro is somewhat murky, and because there will be a new CFO in place." The probe has also likely distracted employees and that could hurt operating performance. Sealed Air shares have gained 18% in 2019, matching the S&P 500's gains.
(Bloomberg) -- Sealed Air Corp. said it terminated Chief Financial Officer William Stiehl for cause after an internal review. Shares tumbled.The packaging company said it began the inquiry after receiving a subpoena May 2 for information related to its selection of an independent audit firm. The review is related to a previously disclosed Securities and Exchange Commission investigation.Key InsightsThe termination signals potentially deeper regulatory trouble for Sealed Air, which said in August that the SEC was seeking information about income-tax accounting and financial reporting.Last month’s subpoena also demanded information about the independence of the audit firm that Sealed Air chose beginning with fiscal year 2015.Sealed Air, which makes Bubble Wrap and other packaging, reaffirmed its 2019 earnings outlook and appointed James Sullivan as CFO as of June 24. The company said it’s cooperating with the SEC probe.Market ReactionThe shares plunged 7.3% to $40.50 after the close of regular trading in New York. Sealed Air had risen 25% this year through Thursday, outpacing the 15% gain of a Standard & Poor’s index of materials companies.Get MoreCompany statementAugust disclosure of SEC probeTo contact the reporter on this story: Brendan Case in Dallas at email@example.comTo contact the editors responsible for this story: Brendan Case at firstname.lastname@example.org, Justin BachmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Sealed Air Corp NYSE:SEEView full report here! Summary * Perception of the company's creditworthiness is positive and improving * ETFs holding this stock are seeing positive inflows * Bearish sentiment is low and declining * Economic output in this company's sector is contracting Bearish sentimentShort interest | PositiveShort interest is low for SEE with fewer than 5% of shares on loan. Additionally, this was an improvement in sentiment as investors who seek to profit from falling equity prices reduced their short positions on June 10. Money flowETF/Index ownership | PositiveETF activity is positive. Over the last month, ETFs holding SEE are favorable, with net inflows of $9.95 billion. Additionally, the rate of inflows is increasing. Economic sentimentPMI by IHS Markit | NegativeAccording to the latest IHS Markit Purchasing Managersâ€™ Index (PMI) data, output in the Industrialsis falling. The rate of decline is very significant relative to the trend shown over the past year, and is accelerating. The rate of contraction may ease in the coming months, however. Credit worthinessCredit default swap | PositiveThe current level displays a positive indicator with a strengthening bias over the past 1-month. SEE credit default swap spreads are decreasing and near the lowest level of the last three years, which indicates improvement in the market's perception of the company's credit worthiness.Please send all inquiries related to the report to email@example.com.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
Moody's Investors Service ("Moody's") affirmed the Corporate Family Rating (CFR) of Diamond (BC) B.V. (Diversey) at B3, but changed the outlook to negative from stable. Other ratings affirmed include the B1 rating on the revolving credit facility and first lien term loan, the Caa2 on the senior unsecured notes due 2025 and the Probability of Default rating at B3-PD. "Since the separation from Sealed Air less than 2 years ago the company has faced fx and inflation headwinds and underachieved on its plans to improve margins, grow EBITDA, and generate positive free cash flow," according to Joseph Princiotta, Senior Vice President at Moody's. "Metrics are below expectations and the outlook in 2019 is for flattish EBITDA and negative free cash flow, weakening metrics further," Princiotta added.
We at Insider Monkey have gone over 738 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st. In this article, we look at what those funds think of Sealed Air Corporation (NYSE:SEE) based on that […]
Diversey, the spinoff from Sealed Air Corp., has moved out of the Charlotte home of its former parent and into the Inter Net Services Corp. building in Fort Mill.
Sealed Air (SEE) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Expected benefits from reducing costs, driving operational excellence, commercializing new innovations and favorable global business trends will drive Sealed Air (SEE).
With positive growth projections and long-term opportunities, Sealed Air (SEE) stock is worth retaining in the portfolio at the moment.
Moody's Investors Service ("Moody's") affirmed the Ba2 Corporate Family Rating and Ba2-PD Probability of Default Rating of Sealed Air Corp. Moody's also affirmed all other existing instrument ratings of Sealed Air Corp. and Sealed Air Limited. The affirmation follows the company's announcement that it had entered into a definitive agreement to acquire Automated Packaging Systems in an all debt financed transaction which includes a purchase price of $510 million on a cash and debt-free basis.
The following long-term dividend payers announced quarterly dividends on May 16. Shares of Union Pacific Corp. (UNP) jumped 1.07% to $175.63 on Thursday after the announcement of its 88-cent cash quarterly dividend per share, which is in line with the previous payment. Warning! GuruFocus has detected 7 Warning Signs with PNNT.
New York, NY, based Investment company Kenmare Capital Partners, L.L.C. buys Weibo Corp, sells Sealed Air Corp, Career Education Corp during the 3-months ended 2019Q1, according to the most recent filings ...
Dividend paying stocks like Sealed Air Corporation (NYSE:SEE) tend to be popular with investors, and for good reason...
The Charlotte-based manufacturer of Bubble Wrap and other packaging materials expects to broaden its portfolio by the end of this year through a company acquisition.
Sealed Air Corp (NYSE: SEE ) said Wednesday that it will acquire Automated Packaging Systems , an Ohio-based manufacturer of automated bagging systems, for $510 million in cash. What Happened Sealed ...
Sealed Air (SEE) delivered earnings and revenue surprises of 3.51% and -1.60%, respectively, for the quarter ended March 2019. Do the numbers hold clues to what lies ahead for the stock?