Veritiv Corporation (VRTV) Lifted to “Buy” at Zacks Investment Research
Veritiv Corporation (NYSE:VRTV) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a research note issued on Thursday. The brokerage currently has a $38.00 target price on the basic materials company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 16.03% from the company’s previous close.
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. “
Other equities research analysts have also recently issued research reports about the company. William Blair cut Veritiv Corporation from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 3rd. TheStreet cut Veritiv Corporation from a “c-” rating to a “d+” rating in a research report on Monday, August 21st. BidaskClub cut Veritiv Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, July 8th. Bank of America Corporation cut 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. Finally, Barclays PLC reduced their price objective on Veritiv Corporation from $35.00 to $25.00 and set an “underweight” rating for the company in a research report on Monday, August 7th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $39.20.
Shares of Veritiv Corporation (VRTV) traded up 0.92% during mid-day trading on Thursday, hitting $32.75. 46,945 shares of the company were exchanged. The stock’s market cap is $514.18 million. The stock’s 50-day moving average price is $30.00 and its 200 day moving average price is $40.37. Veritiv Corporation has a 12-month low of $26.85 and a 12-month high of $62.60.
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 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%. The business’s revenue was down 1.5% compared to the same quarter last year. On average, equities analysts anticipate that Veritiv Corporation will post $1.48 EPS for the current fiscal year.
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In other Veritiv Corporation news, Chairman Mary A. Laschinger acquired 3,300 shares of Veritiv Corporation stock in a transaction dated Tuesday, September 12th. The stock was bought at an average cost of $30.22 per share, with a total value of $99,726.00. Following the completion of the transaction, the chairman now owns 63,993 shares of the company’s stock, valued at $1,933,868.46. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.25% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of VRTV. Janus Henderson Group PLC acquired a new position in shares of Veritiv Corporation in the second quarter valued at $55,381,000. Morgan Stanley raised its stake 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 valued at $10,836,000 after purchasing an additional 177,956 shares in the last quarter. Dimensional Fund Advisors LP raised its stake 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 valued at $28,295,000 after purchasing an additional 151,207 shares in the last quarter. Janus Capital Management LLC raised its stake 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 valued at $45,423,000 after purchasing an additional 136,536 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake 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 valued at $30,199,000 after purchasing an additional 127,926 shares in the last quarter. 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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