$2.09 Billion in Sales Expected for Veritiv Corporation (VRTV) This Quarter
Equities research analysts expect that Veritiv Corporation (NYSE:VRTV) will report $2.09 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Veritiv Corporation’s earnings. The lowest sales estimate is $2.07 billion and the highest is $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 expected to announce its next earnings report 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 year, analysts forecast that the company will post sales of $8.18 billion per share, with estimates ranging from $8.10 billion to $8.28 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover 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 for the quarter, topping analysts’ consensus estimates of $0.56 by $0.32. Veritiv Corporation had a positive return on equity of 5.43% and a negative net margin of 0.02%. The business had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.02 billion. The business’s quarterly revenue was down 1.5% compared to the same quarter last year.
VRTV has been the topic of a number of recent analyst reports. Zacks Investment Research lowered shares of Veritiv Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. BidaskClub upgraded shares of Veritiv Corporation from a “sell” rating to a “hold” rating in a report on Thursday, September 28th. Bank of America Corporation lowered shares of Veritiv Corporation from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $64.00 to $36.00 in a report on Thursday, August 3rd. William Blair lowered shares of Veritiv Corporation from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 9th. Finally, TheStreet lowered shares of Veritiv Corporation from a “c-” rating to a “d+” rating in a report on Monday, August 21st. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $39.20.
Veritiv Corporation (NYSE VRTV) opened at 32.85 on Friday. Veritiv Corporation has a 12-month low of $26.85 and a 12-month high of $62.60. The company has a 50-day moving average price of $31.53 and a 200 day moving average price of $38.80. The stock’s market cap is $515.74 million.
In other news, Chairman Mary A. Laschinger acquired 3,300 shares of the business’s stock in a transaction on Tuesday, September 12th. The shares were purchased at an average price of $30.22 per share, for a total transaction of $99,726.00. Following the acquisition, the chairman now directly owns 63,993 shares of the company’s stock, valued at approximately $1,933,868.46. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.25% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ameriprise Financial Inc. increased its position in shares of Veritiv Corporation by 27.1% in the 1st quarter. Ameriprise Financial Inc. now owns 62,216 shares of the basic materials company’s stock worth $3,223,000 after purchasing an additional 13,252 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of Veritiv Corporation by 71.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 45,377 shares of the basic materials company’s stock worth $2,043,000 after purchasing an additional 18,913 shares during the last quarter. Morgan Stanley increased its position in shares of Veritiv Corporation by 570.2% in the 1st 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 during the last quarter. Karp Capital Management Corp bought a new stake in shares of Veritiv Corporation in the 1st quarter worth about $277,000. Finally, Swiss National Bank increased its position in shares of Veritiv Corporation by 25.7% in the 1st quarter. Swiss National Bank now owns 19,582 shares of the basic materials company’s stock worth $1,014,000 after purchasing an additional 4,000 shares during the last quarter. 93.10% of the stock is owned by institutional investors.
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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