BidaskClub upgraded shares of Veritiv Corporation (NYSE:VRTV) from a strong sell rating to a sell rating in a research note issued to investors on Saturday.
A number of other analysts have also weighed in on the company. TheStreet lowered Veritiv Corporation from a c- rating to a d+ rating in a research note on Monday, August 21st. William Blair lowered Veritiv Corporation from an outperform rating to a market perform rating in a research note on Wednesday, August 9th. Barclays PLC dropped their price objective on Veritiv Corporation from $35.00 to $25.00 and set an underweight rating for the company in a research note on Monday, August 7th. Zacks Investment Research lowered Veritiv Corporation from a hold rating to a sell rating in a research note on Saturday, August 5th. Finally, Bank of America Corporation lowered Veritiv Corporation from a buy rating to a neutral rating and dropped their price objective for the company from $64.00 to $36.00 in a research note on Thursday, August 3rd. Three research analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $45.60.
Veritiv Corporation (NYSE VRTV) traded up 4.68% during midday trading on Friday, reaching $32.45. 264,006 shares of the company traded hands. The stock’s 50 day moving average is $29.49 and its 200 day moving average is $42.64. The company’s market capitalization is $509.47 million. Veritiv Corporation has a one year low of $26.85 and a one year high of $62.60.
Veritiv Corporation (NYSE:VRTV) last issued its quarterly earnings results on Wednesday, August 2nd. The basic materials company reported $0.88 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.32. Veritiv Corporation had a negative net margin of 0.02% and a positive return on equity of 5.43%. The business had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.02 billion. The firm’s revenue was down 1.5% compared to the same quarter last year. On average, equities analysts anticipate that Veritiv Corporation will post $1.48 earnings per share for the current year.
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In other Veritiv Corporation news, Chairman Mary A. Laschinger purchased 3,300 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was bought at an average price of $30.22 per share, with a total value of $99,726.00. Following the completion of the purchase, the chairman now directly owns 63,993 shares of the company’s stock, valued at approximately $1,933,868.46. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.25% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. lifted its stake in Veritiv Corporation by 44.2% in the first quarter. Victory Capital Management Inc. now owns 1,951 shares of the basic materials company’s stock worth $101,000 after acquiring an additional 598 shares during the period. State of Alaska Department of Revenue lifted its stake in Veritiv Corporation by 78.0% in the second quarter. State of Alaska Department of Revenue now owns 2,260 shares of the basic materials company’s stock worth $101,000 after acquiring an additional 990 shares during the period. Mason Street Advisors LLC lifted its stake in Veritiv Corporation by 30.5% in the first quarter. Mason Street Advisors LLC now owns 2,685 shares of the basic materials company’s stock worth $139,000 after acquiring an additional 628 shares during the period. SG Americas Securities LLC purchased a new stake in Veritiv Corporation in the second quarter worth $124,000. Finally, BNP Paribas Arbitrage SA lifted its stake in Veritiv Corporation by 4.3% in the first quarter. BNP Paribas Arbitrage SA now owns 2,951 shares of the basic materials company’s stock worth $153,000 after acquiring an additional 122 shares during the period. 93.10% of the stock is owned by institutional investors.
About Veritiv Corporation
Veritiv Corporation is a business-to-business distributor of print, publishing, packaging and facility solutions. The Company also provides logistics and supply chain management solutions to its customers. The Company’s segments are Print, Publishing & Print Management (Publishing), Packaging, Facility Solutions, and Corporate & Other.
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