$2.09 Billion in Sales Expected for Veritiv Corporation (VRTV) This Quarter
Equities research analysts forecast that Veritiv Corporation (NYSE:VRTV) will report sales of $2.09 billion for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Veritiv Corporation’s earnings, with estimates ranging from $2.07 billion to $2.10 billion. Veritiv Corporation posted sales of $2.13 billion during the same quarter last year, which suggests a negative year over year growth rate of 1.9%. The company is scheduled to announce its next quarterly earnings report on Wednesday, November 8th.
On average, analysts expect that Veritiv Corporation will report full year sales of $2.09 billion for the current fiscal year, with estimates ranging from $8.20 billion to $8.25 billion. For the next fiscal year, analysts forecast that the firm will report sales of $8.18 billion per share, with estimates ranging from $8.10 billion to $8.28 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Veritiv Corporation.
Veritiv Corporation (NYSE:VRTV) last announced its earnings results on Wednesday, August 2nd. The basic materials company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.32. The company had revenue of $2.03 billion during the quarter, compared to analysts’ expectations 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.
Several equities analysts have recently weighed in on VRTV shares. 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 research report on Thursday, August 3rd. They noted that the move was a valuation call. TheStreet lowered shares of Veritiv Corporation from a “c-” rating to a “d+” rating in a research report on Monday, August 21st. Zacks Investment Research upgraded shares of Veritiv Corporation from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 5th. William Blair lowered shares of Veritiv Corporation from an “outperform” rating to a “market perform” rating in a research report on Wednesday, August 9th. Finally, Bank of America Corporation lowered shares of Veritiv Corporation from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $64.00 to $36.00 in a research report on Thursday, August 3rd. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. Veritiv Corporation presently has a consensus rating of “Hold” and a consensus target price of $45.60.
In other news, Chairman Mary A. Laschinger bought 3,300 shares of the firm’s stock in a transaction on Tuesday, September 12th. The stock was bought at an average cost of $30.22 per share, for a total transaction of $99,726.00. Following the completion of the acquisition, the chairman now directly owns 63,993 shares in the company, valued at approximately $1,933,868.46. The purchase was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.25% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in VRTV. Janus Henderson Group PLC acquired a new position in shares of Veritiv Corporation in the second quarter worth about $55,381,000. Morgan Stanley lifted its position in shares of Veritiv Corporation by 570.2% in the first quarter. Morgan Stanley now owns 209,167 shares of the basic materials company’s stock worth $10,836,000 after purchasing an additional 177,956 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Veritiv Corporation by 31.7% in the second 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 in the last quarter. Janus Capital Management LLC lifted its position in shares of Veritiv Corporation by 18.4% in the first quarter. Janus Capital Management LLC now owns 876,895 shares of the basic materials company’s stock worth $45,423,000 after purchasing an additional 136,536 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Veritiv Corporation by 28.1% in the first quarter. Vanguard Group Inc. now owns 582,988 shares of the basic materials company’s stock worth $30,199,000 after purchasing an additional 127,926 shares in the last quarter. Institutional investors own 93.10% of the company’s stock.
Veritiv Corporation (VRTV) opened at 31.05 on Friday. Veritiv Corporation has a 12 month low of $26.85 and a 12 month high of $62.60. The firm’s 50-day moving average is $29.66 and its 200-day moving average is $42.82. The firm’s market cap is $487.49 million.
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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