Zacks: Brokerages Anticipate Veritiv Corporation (VRTV) Will Post Quarterly Sales of $2.09 Billion
Brokerages expect Veritiv Corporation (NYSE:VRTV) to announce sales of $2.09 billion for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Veritiv Corporation’s earnings, with the highest sales estimate coming in at $2.10 billion and the lowest estimate coming in at $2.07 billion. Veritiv Corporation posted sales of $2.13 billion in the same quarter last year, which would indicate a negative year-over-year growth rate of 1.9%. The company is scheduled to report its next earnings results on Wednesday, November 8th.
According to Zacks, 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 financial year, analysts forecast that the business will post sales of $8.18 billion per share, with estimates ranging from $8.10 billion to $8.28 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Veritiv Corporation.
Veritiv Corporation (NYSE:VRTV) last posted its quarterly earnings data 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 firm had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.02 billion. Veritiv Corporation had a positive return on equity of 5.43% and a negative net margin of 0.02%. Veritiv Corporation’s revenue was down 1.5% compared to the same quarter last year.
VRTV has been the topic of several recent research reports. Zacks Investment Research raised Veritiv Corporation from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 5th. BidaskClub lowered shares of Veritiv Corporation from a “sell” rating to a “strong sell” rating in a report on Monday, July 24th. Barclays PLC reduced their price target on shares of Veritiv Corporation from $35.00 to $25.00 and set an “underweight” rating on the stock in a research report on Monday, August 7th. William Blair cut shares of Veritiv Corporation from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 3rd. Finally, SunTrust Banks, Inc. raised shares of Veritiv Corporation from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research note on Thursday, August 3rd. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. Veritiv Corporation currently has an average rating of “Hold” and an average price target of $45.60.
Shares of Veritiv Corporation (NYSE VRTV) traded down 2.84% during mid-day trading on Wednesday, reaching $32.50. The company’s stock had a trading volume of 16,632 shares. The company’s 50-day moving average price is $29.89 and its 200-day moving average price is $40.42. Veritiv Corporation has a 12-month low of $26.85 and a 12-month high of $62.60. The stock’s market capitalization is $510.25 million.
In other news, Chairman Mary A. Laschinger purchased 3,300 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was purchased at an average cost of $30.22 per share, with a total value of $99,726.00. Following the purchase, the chairman now owns 63,993 shares in the company, valued at $1,933,868.46. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.25% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in VRTV. Janus Henderson Group PLC bought a new position in shares of Veritiv Corporation during the second quarter valued at approximately $55,381,000. Morgan Stanley raised its holdings 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 buying an additional 177,956 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Veritiv Corporation 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 acquiring an additional 151,207 shares during the last quarter. Janus Capital Management LLC lifted its stake in shares of Veritiv Corporation by 18.4% during the 1st quarter. Janus Capital Management LLC now owns 876,895 shares of the basic materials company’s stock worth $45,423,000 after acquiring an additional 136,536 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Veritiv Corporation by 28.1% during the 1st quarter. Vanguard Group Inc. now owns 582,988 shares of the basic materials company’s stock worth $30,199,000 after acquiring an additional 127,926 shares during the last quarter. 93.10% of the stock is owned by institutional investors and hedge funds.
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About Veritiv Corporation
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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