Zacks Investment Research Lowers Veritiv (NYSE:VRTV) to Sell

Zacks Investment Research downgraded shares of Veritiv (NYSE:VRTV) from a hold rating to a sell rating in a research note released on Friday, Zacks.com reports.

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. “

Other research analysts have also issued reports about the stock. Bank of America raised shares of Copa from a neutral rating to a buy rating in a research report on Monday, May 13th. ValuEngine lowered shares of Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $33.33.

VRTV opened at $16.67 on Friday. The company has a debt-to-equity ratio of 1.80, a current ratio of 2.25 and a quick ratio of 1.46. The firm’s 50-day moving average price is $18.49. Veritiv has a fifty-two week low of $16.11 and a fifty-two week high of $51.00. The company has a market capitalization of $267.97 million, a price-to-earnings ratio of 7.03 and a beta of 1.46.

Veritiv (NYSE:VRTV) last released its quarterly earnings results on Thursday, May 9th. The basic materials company reported ($1.68) earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($2.11). Veritiv had a negative net margin of 0.31% and a positive return on equity of 0.48%. The firm had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $2.11 billion. During the same period in the previous year, the business earned $0.28 earnings per share. The firm’s revenue for the quarter was down 7.6% on a year-over-year basis. As a group, analysts predict that Veritiv will post -0.2 earnings per share for the current year.

In other Veritiv news, VP John G. Biscanti sold 2,500 shares of Veritiv stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $19.09, for a total value of $47,725.00. Following the sale, the vice president now owns 6,173 shares of the company’s stock, valued at $117,842.57. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.60% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the business. California Public Employees Retirement System raised its position in Veritiv by 6.1% in the 4th quarter. California Public Employees Retirement System now owns 42,515 shares of the basic materials company’s stock worth $1,062,000 after purchasing an additional 2,452 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Veritiv by 10.4% in the fourth quarter. BlackRock Inc. now owns 1,816,840 shares of the basic materials company’s stock worth $45,366,000 after acquiring an additional 170,769 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Veritiv by 9.5% in the fourth quarter. Bank of New York Mellon Corp now owns 139,730 shares of the basic materials company’s stock worth $3,488,000 after acquiring an additional 12,106 shares during the last quarter. Texas Permanent School Fund raised its holdings in shares of Veritiv by 17.2% in the fourth quarter. Texas Permanent School Fund now owns 8,296 shares of the basic materials company’s stock worth $207,000 after acquiring an additional 1,217 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Veritiv by 4.8% in the fourth quarter. Northern Trust Corp now owns 154,373 shares of the basic materials company’s stock worth $3,856,000 after acquiring an additional 7,077 shares during the last quarter. 91.63% of the stock is currently owned by institutional investors and hedge funds.

Veritiv Company Profile

Veritiv Corporation operates as a business-to-business distributor of packaging, facility solutions, print, and publishing products and services in the United States, Canada, Mexico, and internationally. It operates through four segments: Packaging, Facility Solutions, Print, and Publishing. The Packaging segment offers standard, custom, and comprehensive packaging solutions.

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