Veritiv (NYSE:VRTV) Announces Quarterly Earnings Results

Veritiv (NYSE:VRTV) released its earnings results on Thursday, May 9th. The basic materials company reported ($1.68) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($2.11), Briefing.com reports. Veritiv had a positive return on equity of 0.48% and a negative net margin of 0.31%. The firm had revenue of $1.94 billion for the quarter, compared to analyst estimates of $2.11 billion. During the same period in the prior year, the firm earned $0.28 EPS. The firm’s revenue was down 7.6% on a year-over-year basis.

Shares of Veritiv stock opened at $17.66 on Friday. The company has a current ratio of 2.25, a quick ratio of 1.46 and a debt-to-equity ratio of 1.80. The stock has a market cap of $292.25 million, a price-to-earnings ratio of 151.50 and a beta of 1.14. Veritiv has a 1-year low of $17.38 and a 1-year high of $51.00.

Several research analysts have recently issued reports on VRTV shares. Bank of America upgraded shares of Veritiv from a “neutral” rating to a “buy” rating and set a $37.00 price objective on the stock in a report on Tuesday, March 5th. They noted that the move was a valuation call. SunTrust Banks dropped their price objective on shares of Veritiv to $30.00 and set a “hold” rating on the stock in a report on Wednesday, March 6th. ValuEngine cut shares of Veritiv from a “hold” rating to a “sell” rating in a research note on Wednesday, March 6th. Finally, Zacks Investment Research cut shares of Veritiv from a “hold” rating to a “sell” rating in a research note on Friday, March 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $36.00.

A number of institutional investors have recently modified their holdings of the business. Marshall Wace LLP acquired a new position in shares of Veritiv during the first quarter worth approximately $341,000. Nordea Investment Management AB lifted its position in shares of Veritiv by 3.0% during the first quarter. Nordea Investment Management AB now owns 51,400 shares of the basic materials company’s stock worth $1,352,000 after purchasing an additional 1,500 shares in the last quarter. Morgan Stanley lifted its position in shares of Veritiv by 35.1% during the first quarter. Morgan Stanley now owns 59,233 shares of the basic materials company’s stock worth $1,559,000 after purchasing an additional 15,399 shares in the last quarter. SEI Investments Co lifted its position in shares of Veritiv by 43.5% during the first quarter. SEI Investments Co now owns 9,692 shares of the basic materials company’s stock worth $255,000 after purchasing an additional 2,937 shares in the last quarter. Finally, Ellington Management Group LLC acquired a new position in shares of Veritiv during the first quarter worth approximately $290,000. 91.63% of the stock is currently owned by hedge funds and other institutional investors.

ILLEGAL ACTIVITY NOTICE: “Veritiv (NYSE:VRTV) Announces Quarterly Earnings Results” was originally published by Rockland Register and is the sole property of of Rockland Register. If you are accessing this piece of content on another website, it was copied illegally and reposted in violation of international copyright & trademark laws. The original version of this piece of content can be accessed at https://rocklandregister.com/2019/06/01/veritiv-vrtv-releases-earnings-results-misses-expectations-by-2-11-eps.html.

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.

Further Reading: Commodities

Earnings History for Veritiv (NYSE:VRTV)

Receive News & Ratings for Veritiv Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veritiv and related companies with MarketBeat.com's FREE daily email newsletter.