Municipal Employees Retirement System of Michigan raised its position in shares of Veritiv Corporation (NYSE:VRTV) by 21.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,510 shares of the basic materials company’s stock after buying an additional 2,970 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Veritiv Corporation were worth $743,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of VRTV. Capstone Asset Management Co. boosted its stake in shares of Veritiv Corporation by 1.7% in the first quarter. Capstone Asset Management Co. now owns 6,666 shares of the basic materials company’s stock worth $345,000 after buying an additional 110 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake 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 worth $153,000 after buying an additional 122 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Veritiv Corporation by 4.1% in the first quarter. Arizona State Retirement System now owns 5,021 shares of the basic materials company’s stock worth $260,000 after buying an additional 200 shares in the last quarter. Capital One National Association boosted its stake in shares of Veritiv Corporation by 6.1% in the second quarter. Capital One National Association now owns 9,665 shares of the basic materials company’s stock worth $435,000 after buying an additional 556 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake 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 in the last quarter. Institutional investors and hedge funds own 89.50% of the company’s stock.

Veritiv Corporation (VRTV) opened at 28.55 on Wednesday. The company’s market capitalization is $448.24 million. The company’s 50-day moving average price is $38.08 and its 200 day moving average price is $46.76. Veritiv Corporation has a 52 week low of $27.40 and a 52 week high of $62.60.

Veritiv Corporation (NYSE:VRTV) last issued its earnings results on Wednesday, August 2nd. The basic materials company reported $0.88 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.32. Veritiv Corporation had a negative net margin of 0.02% and a positive return on equity of 5.43%. The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.02 billion. The firm’s revenue for the quarter was down 1.5% compared to the same quarter last year. On average, analysts predict that Veritiv Corporation will post $1.45 EPS for the current year.

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VRTV has been the subject of a number of analyst reports. Zacks Investment Research cut Veritiv Corporation from a “hold” rating to a “strong sell” rating in a research report on Saturday, May 6th. Wells Fargo & Company raised Veritiv Corporation from a “market perform” rating to an “outperform” rating in a research report on Thursday, May 18th. BidaskClub cut Veritiv Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, July 8th. SunTrust Banks, Inc. raised Veritiv Corporation from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research report on Thursday, August 3rd. They noted that the move was a valuation call. Finally, Bank of America Corporation cut Veritiv Corporation from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $64.00 to $36.00 in a research report on Thursday, August 3rd. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $45.60.

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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Institutional Ownership by Quarter for Veritiv Corporation (NYSE:VRTV)

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