Veritiv (VRTV) Upgraded at Zacks Investment Research
Veritiv (NYSE:VRTV) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Saturday. The firm currently has a $33.00 price objective on the basic materials company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 17.65% 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. “
A number of other research analysts also recently commented on the company. Barclays lowered their target price on Veritiv from $25.00 to $20.00 and set an “underweight” rating on the stock in a research note on Friday, November 10th. Bank of America raised Veritiv from a “neutral” rating to a “buy” rating and set a $29.00 price target for the company in a research report on Tuesday, November 21st. Wells Fargo & Co cut Veritiv from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 8th. ValuEngine cut Veritiv from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. Finally, BidaskClub cut Veritiv from a “hold” rating to a “sell” rating in a research report on Wednesday, October 11th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Veritiv has a consensus rating of “Hold” and a consensus price target of $31.75.
Veritiv (NYSE:VRTV) last issued its earnings results on Tuesday, November 7th. The basic materials company reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.02. Veritiv had a positive return on equity of 7.71% and a negative net margin of 0.26%. equities research analysts forecast that Veritiv will post -0.94 EPS for the current fiscal year.
In related news, Director Charles Ward purchased 20,000 shares of Veritiv stock in a transaction on Thursday, November 9th. The stock was bought at an average price of $23.63 per share, with a total value of $472,600.00. Following the completion of the transaction, the director now directly owns 20,000 shares of the company’s stock, valued at $472,600. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Tracy A. Leinbach purchased 5,000 shares of Veritiv stock in a transaction on Wednesday, November 15th. The stock was bought at an average cost of $23.69 per share, with a total value of $118,450.00. The disclosure for this purchase can be found here. 0.25% of the stock is owned by insiders.
Large investors have recently made changes to their positions in the business. Janus Henderson Group PLC acquired a new position in shares of Veritiv during the 2nd quarter worth about $55,381,000. Dimensional Fund Advisors LP lifted its position in shares of Veritiv by 31.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 628,782 shares of the basic materials company’s stock worth $28,295,000 after purchasing an additional 151,207 shares during the last quarter. Donald Smith & CO. Inc. acquired a new position in shares of Veritiv during the 3rd quarter worth about $1,865,000. Prudential Financial Inc. lifted its position in shares of Veritiv by 58.5% during the 3rd quarter. Prudential Financial Inc. now owns 148,799 shares of the basic materials company’s stock worth $4,836,000 after purchasing an additional 54,890 shares during the last quarter. Finally, Citadel Advisors LLC lifted its position in shares of Veritiv by 440.4% during the 3rd quarter. Citadel Advisors LLC now owns 61,367 shares of the basic materials company’s stock worth $1,994,000 after purchasing an additional 50,011 shares during the last quarter. 90.17% of the stock is owned by institutional investors.
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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