Veritiv (NYSE:VRTV) Given Sell Rating at Zacks Investment Research
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. “
A number of other brokerages have also weighed in on VRTV. Bank of America upgraded shares of Veritiv from a “neutral” rating to a “buy” rating and set a $37.00 target price on the stock in a research report on Tuesday, March 5th. They noted that the move was a valuation call. SunTrust Banks cut their target price on shares of Veritiv to $30.00 and set a “hold” rating on the stock in a research report on Wednesday, March 6th. Finally, ValuEngine lowered shares of Veritiv from a “hold” rating to a “sell” rating in a research report on Wednesday, March 6th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $36.00.
Veritiv (NYSE:VRTV) last posted its quarterly earnings results on Thursday, May 9th. The basic materials company reported ($1.68) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($2.11). The firm had revenue of $1.94 billion for the quarter, compared to analyst estimates of $2.11 billion. Veritiv had a positive return on equity of 0.48% and a negative net margin of 0.31%. The business’s revenue was down 7.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.28 EPS.
Institutional investors have recently modified their holdings of the business. Meeder Asset Management Inc. acquired a new stake in Veritiv in the first quarter valued at approximately $52,000. BNP Paribas Arbitrage SA boosted its position in Veritiv by 88.8% in the first quarter. BNP Paribas Arbitrage SA now owns 2,679 shares of the basic materials company’s stock valued at $71,000 after buying an additional 1,260 shares in the last quarter. Municipal Employees Retirement System of Michigan acquired a new stake in Veritiv in the fourth quarter valued at approximately $90,000. Macquarie Group Ltd. boosted its position in Veritiv by 63.6% in the fourth quarter. Macquarie Group Ltd. now owns 3,600 shares of the basic materials company’s stock valued at $90,000 after buying an additional 1,400 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY lifted its holdings in shares of Veritiv by 347.4% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 3,995 shares of the basic materials company’s stock worth $100,000 after purchasing an additional 3,102 shares during the period. Hedge funds and other institutional investors own 91.63% of the company’s stock.
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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