Veritiv Corporation (VRTV) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Veritiv Corporation (NYSE:VRTV) from a buy rating to a hold rating in a report published on Thursday.

According to Zacks, “Veritiv Corporation engages in offering North American business-to-business distribution solutions. It provides packaging, print and print management, publishing, supply chain, facility and logistics solutions that span the entire lifecycle of core business operations. The company’s customers vary across a number of industries, including manufacturing, healthcare, retail and more. Veritiv Corporation is headquartered in Atlanta, Georgia. “

VRTV has been the topic of several other research reports. BidaskClub downgraded shares of Veritiv Corporation from a hold rating to a sell rating in a report on Wednesday, October 11th. Bank of America Corporation dropped their price objective on shares of Veritiv Corporation from $36.00 to $29.00 and set a neutral rating on the stock in a research note on Wednesday. Wells Fargo & Company cut shares of Veritiv Corporation from an outperform rating to a market perform rating in a research note on Wednesday. SunTrust Banks, Inc. raised shares of Veritiv Corporation from a hold rating to a buy rating and set a $45.00 price objective on the stock in a research note on Thursday, August 3rd. They noted that the move was a valuation call. Finally, William Blair cut shares of Veritiv Corporation from an outperform rating to a market perform rating in a research note on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $33.00.

Shares of Veritiv Corporation (VRTV) traded up $0.10 during trading hours on Thursday, reaching $23.65. 174,100 shares of the company traded hands, compared to its average volume of 118,600. Veritiv Corporation has a one year low of $20.35 and a one year high of $62.60. The company has a current ratio of 2.36, a quick ratio of 1.55 and a debt-to-equity ratio of 1.81. The firm has a market cap of $371.30, a P/E ratio of 8.92 and a beta of 1.22.

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In other news, Chairman Mary A. Laschinger acquired 3,300 shares of the company’s stock in a transaction dated Tuesday, September 12th. The shares were acquired at an average price of $30.22 per share, with a total value of $99,726.00. Following the purchase, the chairman now directly owns 63,993 shares of the company’s stock, valued at $1,933,868.46. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles Ward acquired 20,000 shares of the company’s stock in a transaction dated Thursday, November 9th. The shares were purchased at an average cost of $23.63 per share, for a total transaction of $472,600.00. Following the purchase, the director now directly owns 20,000 shares in the company, valued at $472,600. The disclosure for this purchase can be found here. 0.25% of the stock is owned by company insiders.

Several large investors have recently made changes to their positions in the company. Janus Henderson Group PLC purchased a new position in shares of Veritiv Corporation during the 2nd quarter valued at approximately $55,381,000. Dimensional Fund Advisors LP lifted its position in shares of Veritiv Corporation by 31.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 628,782 shares of the basic materials company’s stock valued at $28,295,000 after buying an additional 151,207 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Veritiv Corporation by 1.1% during the 2nd quarter. Vanguard Group Inc. now owns 589,334 shares of the basic materials company’s stock valued at $26,521,000 after buying an additional 6,346 shares in the last quarter. State Street Corp lifted its position in shares of Veritiv Corporation by 15.2% during the 2nd quarter. State Street Corp now owns 248,552 shares of the basic materials company’s stock valued at $11,193,000 after buying an additional 32,835 shares in the last quarter. Finally, Morgan Stanley lifted its position in shares of Veritiv Corporation by 570.2% during the 1st quarter. Morgan Stanley now owns 209,167 shares of the basic materials company’s stock valued at $10,836,000 after buying an additional 177,956 shares in the last quarter. Hedge funds and other institutional investors own 92.57% of the company’s stock.

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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