Bank of New York Mellon Corp lifted its stake in Veritiv Corp (NYSE:VRTV) by 1.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 141,088 shares of the basic materials company’s stock after buying an additional 1,993 shares during the period. Bank of New York Mellon Corp owned approximately 0.88% of Veritiv worth $2,740,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Comerica Bank lifted its stake in shares of Veritiv by 3.3% in the first quarter. Comerica Bank now owns 12,630 shares of the basic materials company’s stock valued at $346,000 after purchasing an additional 404 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Veritiv by 42.4% in the first quarter. JPMorgan Chase & Co. now owns 433,601 shares of the basic materials company’s stock valued at $11,413,000 after purchasing an additional 129,074 shares during the period. ClariVest Asset Management LLC lifted its stake in shares of Veritiv by 3.0% in the first quarter. ClariVest Asset Management LLC now owns 51,400 shares of the basic materials company’s stock valued at $1,352,000 after purchasing an additional 1,500 shares during the period. Marshall Wace LLP acquired a new stake in shares of Veritiv in the first quarter valued at about $341,000. Finally, Nordea Investment Management AB lifted its stake in shares of Veritiv by 3.0% in the first quarter. Nordea Investment Management AB now owns 51,400 shares of the basic materials company’s stock valued at $1,352,000 after purchasing an additional 1,500 shares during the period. 91.71% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE VRTV traded up $0.11 during trading on Friday, reaching $15.10. 80,046 shares of the stock were exchanged, compared to its average volume of 127,808. The business’s 50-day moving average price is $16.93 and its 200 day moving average price is $20.07. Veritiv Corp has a twelve month low of $13.66 and a twelve month high of $36.70. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 1.57. The company has a market capitalization of $243.11 million, a price-to-earnings 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 (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.11). The company had revenue of $1.96 billion during the quarter, compared to analyst estimates of $2.04 billion. Veritiv had a negative net margin of 0.33% and a negative return on equity of 0.45%. The company’s revenue was down 9.8% on a year-over-year basis. During the same period in the prior year, the company earned ($0.67) earnings per share. As a group, sell-side analysts expect that Veritiv Corp will post -1.1 earnings per share for the current fiscal year.
Several research firms have weighed in on VRTV. Zacks Investment Research upgraded shares of Veritiv from a “sell” rating to a “hold” rating in a report on Saturday, September 14th. ValuEngine upgraded shares of Veritiv from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $33.33.
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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