Sealed Air (SEE) - Get Report shares were trading lower after being downgraded to neutral from buy at Bank of America Merrill Lynch a day after the company issued so-so guidance, and after Chief Financial Officer William G. Stiehl was fired "for cause" after a Securities and Exchange Commission probe prompted an internal investigation.
Bank of America Merrill Lynch downgraded the bubble-wrap maker to neutral from buy, after the company reiterated fiscal 2019 earnings guidance of between $2.65 and $2.75 a share; the mean is shy of analysts' estimates of $2.74, according to Bloomberg.
The Charlotte-based company said Stiehl's termination is "related to an internal review by the audit committee of the board in connection with the previously disclosed investigation by the SEC," in a statement. James M. Sullivan has been appointed as the new chief financial officer. Sullivan most recently served as finance chief of Joy Global.
The stock has eight buy ratings, nine holds, and no sells, according to Bloomberg data.
The company has an average overweight rating and price target of $46.92, according to analysts surveyed by FactSet. Its dividend yield is 1.5%.
The stock tumbled 5.34% to $41.34.