Veritiv (NYSE:VRTV) Sees Large Volume Increase

Veritiv Co. (NYSE:VRTV) shares saw an uptick in trading volume on Tuesday . 30,960 shares traded hands during mid-day trading, a decline of 91% from the previous session’s volume of 362,837 shares.The stock last traded at $46.64 and had previously closed at $45.37.

A number of brokerages recently commented on VRTV. TheStreet upgraded shares of Veritiv from a “d” rating to a “c-” rating in a research note on Wednesday, February 3rd. Zacks Investment Research upgraded shares of Veritiv from a “hold” rating to a “strong-buy” rating and set a $48.00 target price on the stock in a research report on Friday, March 12th.

The stock’s 50-day simple moving average is $36.28 and its 200-day simple moving average is $23.19. The stock has a market cap of $683.69 million, a price-to-earnings ratio of -64.85 and a beta of 2.03. The company has a current ratio of 2.17, a quick ratio of 1.43 and a debt-to-equity ratio of 1.27.

Veritiv (NYSE:VRTV) last issued its quarterly earnings results on Tuesday, March 2nd. The basic materials company reported $1.90 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.73) by $2.63. Veritiv had a negative net margin of 0.15% and a positive return on equity of 2.91%. On average, equities research analysts forecast that Veritiv Co. will post -2.1 earnings per share for the current year.

In other Veritiv news, Director Stephen E. Macadam purchased 5,000 shares of the company’s stock in a transaction dated Tuesday, March 23rd. The stock was purchased at an average price of $39.49 per share, with a total value of $197,450.00. Following the completion of the purchase, the director now owns 18,270 shares of the company’s stock, valued at $721,482.30. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.30% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in shares of Veritiv by 4.7% during the fourth quarter. BlackRock Inc. now owns 1,939,438 shares of the basic materials company’s stock valued at $40,321,000 after acquiring an additional 86,902 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Veritiv by 14.1% during the fourth quarter. JPMorgan Chase & Co. now owns 398,724 shares of the basic materials company’s stock worth $8,290,000 after buying an additional 49,344 shares during the period. Morgan Stanley increased its position in shares of Veritiv by 396.8% during the fourth quarter. Morgan Stanley now owns 295,250 shares of the basic materials company’s stock worth $6,138,000 after buying an additional 235,818 shares during the period. Renaissance Technologies LLC increased its position in shares of Veritiv by 23.9% during the fourth quarter. Renaissance Technologies LLC now owns 229,500 shares of the basic materials company’s stock worth $4,771,000 after buying an additional 44,300 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of Veritiv by 1.6% during the fourth quarter. Bank of New York Mellon Corp now owns 132,040 shares of the basic materials company’s stock worth $2,745,000 after buying an additional 2,030 shares during the period. 94.75% of the stock is owned by hedge funds and other institutional investors.

About Veritiv (NYSE:VRTV)

Veritiv Corporation operates as a business-to-business provider of value-added packaging products and services, as well as facility solutions, print, and publishing products and services in the United States, Canada, Mexico, and internationally. The Packaging segment provides custom and standard packaging solutions.

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