Veritiv (NYSE:VRTV) Lifted to “Hold” at Zacks Investment Research

Veritiv (NYSE:VRTV) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued 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. “

VRTV has been the topic of several other research reports. Bank of America lowered shares of Veritiv from a “buy” rating to a “neutral” rating and reduced their target price for the company from $37.00 to $26.00 in a research note on Monday, May 13th. ValuEngine lowered shares of Veritiv from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $33.33.



NYSE:VRTV traded down $0.97 during mid-day trading on Friday, reaching $16.02. 2,314 shares of the company were exchanged, compared to its average volume of 108,002. Veritiv has a 12 month low of $13.66 and a 12 month high of $49.45. The company has a fifty day moving average of $17.08 and a 200 day moving average of $23.55. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 1.57. The stock has a market cap of $268.86 million, a PE ratio of 6.76 and a beta of 1.45.

Veritiv (NYSE:VRTV) last issued its earnings results on Tuesday, August 6th. The basic materials company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.11). The business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2.04 billion. Veritiv had a negative net margin of 0.33% and a negative return on equity of 0.45%. The firm’s revenue for the quarter was down 9.8% compared to the same quarter last year. During the same period last year, the business posted ($0.67) EPS. On average, equities research analysts anticipate that Veritiv will post -1.1 EPS for the current fiscal year.

In other news, VP John G. Biscanti sold 2,500 shares of the firm’s 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 transaction, the vice president now owns 6,173 shares of the company’s stock, valued at approximately $117,842.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.60% of the stock is currently owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its holdings in Veritiv by 7.6% during the 2nd quarter. BlackRock Inc. now owns 1,964,865 shares of the basic materials company’s stock worth $38,158,000 after buying an additional 139,587 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Veritiv by 11.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,213,433 shares of the basic materials company’s stock valued at $30,299,000 after purchasing an additional 125,213 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Veritiv by 126.6% in the second quarter. Invesco Ltd. now owns 454,374 shares of the basic materials company’s stock valued at $8,824,000 after purchasing an additional 253,838 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Veritiv by 42.4% in the first quarter. JPMorgan Chase & Co. now owns 433,601 shares of the basic materials company’s stock valued at $11,413,000 after purchasing an additional 129,074 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Veritiv in the fourth quarter valued at approximately $10,327,000. 91.78% 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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