BlackRock Inc. boosted its position in Veritiv Corp (NYSE:VRTV) by 7.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,964,865 shares of the basic materials company’s stock after purchasing an additional 139,587 shares during the period. BlackRock Inc. owned approximately 12.20% of Veritiv worth $38,158,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bank of Montreal Can lifted its stake in Veritiv by 80.3% in the second quarter. Bank of Montreal Can now owns 2,400 shares of the basic materials company’s stock worth $47,000 after purchasing an additional 1,069 shares during the last quarter. Commonwealth Bank of Australia lifted its stake in Veritiv by 39.7% in the second quarter. Commonwealth Bank of Australia now owns 8,800 shares of the basic materials company’s stock worth $170,000 after purchasing an additional 2,500 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Veritiv during the first quarter valued at approximately $341,000. Russell Investments Group Ltd. raised its stake in shares of Veritiv by 41.0% during the second quarter. Russell Investments Group Ltd. now owns 13,811 shares of the basic materials company’s stock valued at $269,000 after acquiring an additional 4,018 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of Veritiv during the second quarter valued at approximately $299,000. 91.71% of the stock is owned by institutional investors and hedge funds.
Veritiv stock opened at $15.10 on Friday. The company has a 50 day moving average price of $16.93 and a 200-day moving average price of $20.07. The company has a debt-to-equity ratio of 1.57, a quick ratio of 1.36 and a current ratio of 2.08. Veritiv Corp has a fifty-two week low of $13.66 and a fifty-two week high of $36.70. The company has a market capitalization of $241.34 million, a PE ratio of 6.37 and a beta of 1.49.
Veritiv (NYSE:VRTV) last posted its quarterly earnings results on Tuesday, August 6th. The basic materials company reported $0.01 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.11). Veritiv had a negative net margin of 0.33% and a negative return on equity of 0.45%. The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.04 billion. During the same period in the prior year, the firm posted ($0.67) EPS. The business’s revenue was down 9.8% on a year-over-year basis. On average, analysts forecast that Veritiv Corp will post -1.1 earnings per share for the current year.
Several research firms have recently weighed in on VRTV. Zacks Investment Research raised shares of Veritiv from a “sell” rating to a “hold” rating in a research note on Saturday, September 14th. ValuEngine raised shares of Veritiv from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $33.33.
Veritiv Company Profile
Veritiv Corporation operates as a business-to-business distributor of packaging, facility solutions, print, and publishing products and services in the United States, Canada, Mexico, and internationally. It operates through four segments: Packaging, Facility Solutions, Print, and Publishing. The Packaging segment offers standard, custom, and comprehensive packaging solutions.
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