Zacks Investment Research Upgrades Veritiv (NYSE:VRTV) to “Hold”

Zacks Investment Research upgraded shares of Veritiv (NYSE:VRTV) from a sell rating to a hold rating in a research note published on Saturday, Zacks.com reports.

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. “

Separately, ValuEngine downgraded shares of Veritiv from a sell rating to a strong sell rating in a research note on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. Veritiv currently has a consensus rating of Hold and an average price target of $33.33.

Shares of Veritiv stock opened at $19.18 on Friday. Veritiv has a 1 year low of $13.66 and a 1 year high of $47.85. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 1.57. The company’s fifty day simple moving average is $16.94 and its 200-day simple moving average is $21.28. The company has a market cap of $309.60 million, a price-to-earnings ratio of 8.09 and a beta of 1.42.

Veritiv (NYSE:VRTV) last posted its quarterly earnings results on Tuesday, August 6th. The basic materials company reported $0.01 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.11). Veritiv had a negative return on equity of 0.45% and a negative net margin of 0.33%. The business had revenue of $1.96 billion for the quarter, compared to analyst estimates of $2.04 billion. During the same quarter in the prior year, the firm earned ($0.67) EPS. The firm’s quarterly revenue was down 9.8% on a year-over-year basis. As a group, research analysts forecast that Veritiv will post -1.1 earnings per share for the current fiscal year.

In other Veritiv news, VP John G. Biscanti sold 2,500 shares of Veritiv stock in a transaction on Friday, June 21st. The shares were sold at an average price of $19.09, for a total transaction of $47,725.00. Following the sale, the vice president now owns 6,173 shares in the company, valued at $117,842.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.60% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of VRTV. Bank of America Corp DE boosted its stake in Veritiv by 50.4% during the fourth quarter. Bank of America Corp DE now owns 17,079 shares of the basic materials company’s stock worth $426,000 after buying an additional 5,727 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Veritiv by 11.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,213,433 shares of the basic materials company’s stock worth $30,299,000 after buying an additional 125,213 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of Veritiv by 88.8% in the 1st quarter. BNP Paribas Arbitrage SA now owns 2,679 shares of the basic materials company’s stock valued at $71,000 after purchasing an additional 1,260 shares in the last quarter. Comerica Bank boosted its stake in shares of Veritiv by 3.3% in the 1st quarter. Comerica Bank now owns 12,630 shares of the basic materials company’s stock valued at $346,000 after purchasing an additional 404 shares in the last quarter. Finally, Moors & Cabot Inc. boosted its stake in shares of Veritiv by 25.8% in the 1st quarter. Moors & Cabot Inc. now owns 10,984 shares of the basic materials company’s stock valued at $290,000 after purchasing an additional 2,254 shares in the last quarter. Hedge funds and other institutional investors own 91.71% of the company’s stock.

Veritiv Company Profile

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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