Laurion Capital Management LP lowered its holdings in Veritiv Corp (NYSE:VRTV) by 87.4% in the first quarter, HoldingsChannel.com reports. The fund owned 22,829 shares of the basic materials company’s stock after selling 158,097 shares during the quarter. Laurion Capital Management LP’s holdings in Veritiv were worth $601,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Quantamental Technologies LLC acquired a new stake in Veritiv in the fourth quarter valued at $40,000. Meeder Asset Management Inc. acquired a new stake in Veritiv in the first quarter valued at $52,000. BNP Paribas Arbitrage SA lifted its holdings in Veritiv by 88.8% in the first quarter. BNP Paribas Arbitrage SA now owns 2,679 shares of the basic materials company’s stock valued at $71,000 after acquiring an additional 1,260 shares during the period. Macquarie Group Ltd. increased its position in shares of Veritiv by 63.6% in the fourth quarter. Macquarie Group Ltd. now owns 3,600 shares of the basic materials company’s stock valued at $90,000 after buying an additional 1,400 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan purchased a new position in shares of Veritiv in the fourth quarter valued at $90,000. 90.53% of the stock is owned by institutional investors.
A number of research analysts have recently weighed in on VRTV shares. Zacks Investment Research cut Veritiv from a “hold” rating to a “strong sell” rating in a research report on Thursday, May 16th. Bank of America cut Veritiv from a “buy” rating to a “neutral” rating and dropped their price target for the company from $37.00 to $26.00 in a research report on Monday, May 13th. ValuEngine cut Veritiv from a “hold” rating to a “sell” rating in a research report on Wednesday, March 6th. Finally, SunTrust Banks dropped their price target on Veritiv to $30.00 and set a “hold” rating for the company in a research report on Wednesday, March 6th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $36.00.
Shares of VRTV stock opened at $19.16 on Friday. Veritiv Corp has a fifty-two week low of $18.79 and a fifty-two week high of $51.00. The firm has a market capitalization of $308.00 million, a PE ratio of 8.08 and a beta of 1.14. The company has a debt-to-equity ratio of 1.80, a current ratio of 2.25 and a quick ratio of 1.46.
Veritiv (NYSE:VRTV) last announced its quarterly earnings results on Thursday, February 28th. The basic materials company reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $1.45 by ($0.87). Veritiv had a negative net margin of 0.31% and a positive return on equity of 0.48%. The firm had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.25 billion.
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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