Veritiv (NYSE:VRTV) Sees Unusually-High Trading Volume

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Shares of Veritiv Co. (NYSE:VRTV) saw strong trading volume on Tuesday . 30,960 shares changed hands during mid-day trading, a decline of 91% from the previous session’s volume of 362,837 shares.The stock last traded at $46.64 and had previously closed at $45.37.

Several equities research analysts recently weighed in on the stock. TheStreet upgraded shares of Veritiv from a “d” rating to a “c-” rating in a research note on Wednesday, February 3rd. Zacks Investment Research upgraded shares of Veritiv from a “hold” rating to a “strong-buy” rating and set a $48.00 price target for the company in a research note on Friday, March 12th.

The company has a quick ratio of 1.43, a current ratio of 2.17 and a debt-to-equity ratio of 1.27. The firm has a market cap of $683.69 million, a price-to-earnings ratio of -64.85 and a beta of 2.03. The business’s fifty day moving average is $36.28 and its two-hundred day moving average is $23.19.

Veritiv (NYSE:VRTV) last issued its quarterly earnings results on Tuesday, March 2nd. The basic materials company reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.73) by $2.63. Veritiv had a negative net margin of 0.15% and a positive return on equity of 2.91%. Research analysts forecast that Veritiv Co. will post -2.1 EPS for the current year.

In other Veritiv news, Director Stephen E. Macadam bought 5,000 shares of the stock in a transaction on Tuesday, March 23rd. The stock was purchased at an average price of $39.49 per share, with a total value of $197,450.00. Following the acquisition, the director now owns 18,270 shares of the company’s stock, valued at $721,482.30. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 2.30% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in VRTV. Morgan Stanley grew its holdings in Veritiv by 396.8% during the 4th quarter. Morgan Stanley now owns 295,250 shares of the basic materials company’s stock worth $6,138,000 after acquiring an additional 235,818 shares during the period. Caas Capital Management LP acquired a new position in shares of Veritiv in the 4th quarter valued at $2,607,000. Canada Pension Plan Investment Board acquired a new position in shares of Veritiv in the 4th quarter valued at $2,050,000. BlackRock Inc. grew its holdings in shares of Veritiv by 4.7% in the 4th quarter. BlackRock Inc. now owns 1,939,438 shares of the basic materials company’s stock valued at $40,321,000 after buying an additional 86,902 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Veritiv in the 4th quarter valued at $1,267,000. 94.75% of the stock is owned by hedge funds and other institutional investors.

About Veritiv (NYSE:VRTV)

Veritiv Corporation operates as a business-to-business provider of value-added packaging products and services, as well as facility solutions, print, and publishing products and services in the United States, Canada, Mexico, and internationally. The Packaging segment provides custom and standard packaging solutions.

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