Zacks Investment Research Upgrades Veritiv Corporation (VRTV) to “Buy”
Veritiv Corporation (NYSE:VRTV) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a report issued on Thursday. The firm presently has a $38.00 price objective on the basic materials company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 16.92% from the company’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 firms also recently commented on VRTV. BidaskClub upgraded shares of Veritiv Corporation from a “sell” rating to a “hold” rating in a report on Thursday, September 28th. Bank of America Corporation downgraded shares of Veritiv Corporation from a “buy” rating to a “neutral” rating and cut their price objective for the company from $64.00 to $36.00 in a report on Thursday, August 3rd. William Blair downgraded shares of Veritiv Corporation from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 9th. TheStreet downgraded shares of Veritiv Corporation from a “c-” rating to a “d+” rating in a report on Monday, August 21st. Finally, SunTrust Banks, Inc. upgraded shares of Veritiv Corporation from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a report on Thursday, August 3rd. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $39.20.
Shares of Veritiv Corporation (VRTV) opened at 32.50 on Thursday. The company’s market capitalization is $510.25 million. Veritiv Corporation has a one year low of $26.85 and a one year high of $62.60. The stock has a 50 day moving average price of $30.25 and a 200 day moving average price of $40.16.
Veritiv Corporation (NYSE:VRTV) last released its quarterly earnings data on Wednesday, August 2nd. The basic materials company reported $0.88 EPS for the quarter, beating the Zacks’ consensus estimate of $0.56 by $0.32. The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.02 billion. Veritiv Corporation had a negative net margin of 0.02% and a positive return on equity of 5.43%. The company’s revenue was down 1.5% on a year-over-year basis. On average, equities research analysts predict that Veritiv Corporation will post $1.48 earnings per share for the current year.
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In other news, Chairman Mary A. Laschinger purchased 3,300 shares of the business’s stock in a transaction dated Tuesday, September 12th. The stock was acquired at an average price of $30.22 per share, for a total transaction of $99,726.00. Following the acquisition, the chairman now directly owns 63,993 shares of the company’s stock, valued at $1,933,868.46. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.25% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System increased its holdings in shares of Veritiv Corporation by 26.0% during the 2nd quarter. California State Teachers Retirement System now owns 20,375 shares of the basic materials company’s stock worth $917,000 after buying an additional 4,200 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Veritiv Corporation by 38.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,184 shares of the basic materials company’s stock worth $413,000 after buying an additional 2,567 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of Veritiv Corporation during the 2nd quarter worth approximately $392,000. State Street Corp increased its holdings in shares of Veritiv Corporation by 15.2% during the 2nd quarter. State Street Corp now owns 248,552 shares of the basic materials company’s stock worth $11,193,000 after buying an additional 32,835 shares during the last quarter. Finally, Janus Henderson Group PLC acquired a new stake in shares of Veritiv Corporation during the 2nd quarter worth approximately $55,381,000. Institutional investors and hedge funds own 93.10% 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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