Veritiv Corporation (NYSE:VRTV) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a report issued on Thursday, October 5th. The brokerage currently has a $38.00 price objective on the basic materials company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 16.92% from the stock’s current price.
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 subject of a number of other reports. BidaskClub downgraded Veritiv Corporation from a “sell” rating to a “strong sell” rating in a research report on Monday, July 24th. Barclays PLC decreased their price target on Veritiv Corporation from $35.00 to $25.00 and set an “underweight” rating on the stock in a report on Monday, August 7th. William Blair lowered Veritiv Corporation from an “outperform” rating to a “market perform” rating in a report on Thursday, August 3rd. SunTrust Banks, Inc. upgraded Veritiv Corporation from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Thursday, August 3rd. They noted that the move was a valuation call. Finally, TheStreet lowered Veritiv Corporation from a “c-” rating to a “d+” rating in a report on Monday, August 21st. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. Veritiv Corporation presently has an average rating of “Hold” and an average target price of $39.20.
Veritiv Corporation (NYSE VRTV) opened at 32.50 on Thursday. Veritiv Corporation has a 1-year low of $26.85 and a 1-year high of $62.60. The stock’s market capitalization is $510.25 million. The firm’s 50 day moving average is $30.97 and its 200 day moving average is $39.30.
Veritiv Corporation (NYSE:VRTV) last posted its 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. The firm had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.02 billion. Veritiv Corporation had a positive return on equity of 5.43% and a negative net margin of 0.02%. The firm’s quarterly revenue was down 1.5% compared to the same quarter last year. On average, equities research analysts anticipate that Veritiv Corporation will post $1.48 earnings per share for the current year.
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In related news, Chairman Mary A. Laschinger purchased 3,300 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The shares were bought at an average price of $30.22 per share, for a total transaction of $99,726.00. Following the acquisition, the chairman now owns 63,993 shares of the company’s stock, valued at approximately $1,933,868.46. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.25% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the business. California State Teachers Retirement System increased its stake in Veritiv Corporation by 26.0% in the second quarter. California State Teachers Retirement System now owns 20,375 shares of the basic materials company’s stock worth $917,000 after purchasing an additional 4,200 shares during the period. The Manufacturers Life Insurance Company increased its stake in Veritiv Corporation by 38.8% in the second quarter. The Manufacturers Life Insurance Company now owns 9,184 shares of the basic materials company’s stock worth $413,000 after purchasing an additional 2,567 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in Veritiv Corporation in the second quarter worth $392,000. State Street Corp increased its stake in Veritiv Corporation by 15.2% in the second quarter. State Street Corp now owns 248,552 shares of the basic materials company’s stock worth $11,193,000 after purchasing an additional 32,835 shares during the period. Finally, Janus Henderson Group PLC purchased a new stake in Veritiv Corporation in the second quarter worth $55,381,000. Institutional investors and hedge funds own 93.10% 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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