PNC Financial Services Group Inc. Increases Position in Veritiv Corporation (VRTV)
PNC Financial Services Group Inc. increased its position in shares of Veritiv Corporation (NYSE:VRTV) by 10.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,443 shares of the basic materials company’s stock after buying an additional 6,500 shares during the period. PNC Financial Services Group Inc. owned about 0.42% of Veritiv Corporation worth $3,441,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of the stock. Victory Capital Management Inc. increased its position in shares of 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 buying an additional 598 shares during the last quarter. Acrospire Investment Management LLC acquired a new position in shares of Veritiv Corporation during the first quarter valued at about $121,000. Mason Street Advisors LLC increased its position in shares of 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 valued at $139,000 after buying an additional 628 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in shares of 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 valued at $153,000 after buying an additional 122 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its position in shares of Veritiv Corporation by 23.7% in the first quarter. Louisiana State Employees Retirement System now owns 4,700 shares of the basic materials company’s stock valued at $243,000 after buying an additional 900 shares in the last quarter. Institutional investors own 90.96% of the company’s stock.
Shares of Veritiv Corporation (NYSE:VRTV) traded up 3.14% during trading on Friday, hitting $44.30. The stock had a trading volume of 231,304 shares. The stock has a market cap of $695.07 million, a price-to-earnings ratio of 45.95 and a beta of 1.20. Veritiv Corporation has a one year low of $34.10 and a one year high of $62.60. The stock’s 50-day moving average price is $44.05 and its 200 day moving average price is $51.05.
Veritiv Corporation (NYSE:VRTV) last issued its quarterly earnings data on Wednesday, May 3rd. The basic materials company reported $0.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.17. The firm had revenue of $1.99 billion for the quarter, compared to analysts’ expectations of $1.97 billion. Veritiv Corporation had a net margin of 0.19% and a return on equity of 4.32%. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. On average, equities analysts forecast that Veritiv Corporation will post $2.78 EPS for the current year.
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Several brokerages have recently issued reports on VRTV. Zacks Investment Research downgraded Veritiv Corporation from a “buy” rating to a “hold” rating in a research report on Saturday, March 18th. Wells Fargo & Company upgraded Veritiv Corporation from a “market perform” rating to an “outperform” rating in a research report on Thursday, May 18th.
In related news, Chairman Mary A. Laschinger purchased 6,100 shares of the firm’s stock in a transaction dated Friday, May 5th. The shares were acquired at an average cost of $41.71 per share, with a total value of $254,431.00. Following the completion of the purchase, the chairman now directly owns 60,693 shares of the company’s stock, valued at $2,531,505.03. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Daniel J. Watkoske purchased 1,000 shares of the firm’s stock in a transaction dated Friday, May 5th. The shares were bought at an average cost of $41.50 per share, for a total transaction of $41,500.00. Following the completion of the purchase, the senior vice president now directly owns 9,146 shares of the company’s stock, valued at $379,559. The disclosure for this purchase can be found here. Insiders have acquired 12,100 shares of company stock worth $500,431 over the last ninety days. Insiders own 0.25% of the company’s stock.
Veritiv Corporation Company Profile
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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