Veritiv (NYSE:VRTV) Lifted to “Hold” at Zacks Investment Research

Veritiv (NYSE:VRTV) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday, Zacks.com reports.

According to Zacks, “Veritiv Corporation engages in offering North American business-to-business distribution solutions. It provides packaging, print and print management, publishing, supply chain, facility and logistics solutions that span the entire lifecycle of core business operations. The company’s customers vary across a number of industries, including manufacturing, healthcare, retail and more. Veritiv Corporation is headquartered in Atlanta, Georgia. “

A number of other brokerages have also recently issued reports on VRTV. ValuEngine cut shares of Veritiv from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 2nd. Bank of America cut shares of Veritiv from a “buy” rating to a “neutral” rating and reduced their target price for the company from $37.00 to $26.00 in a research report on Monday, May 13th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $33.33.

Shares of Veritiv stock traded down $0.97 during trading on Friday, reaching $16.02. The company’s stock had a trading volume of 2,314 shares, compared to its average volume of 108,002. The business’s 50-day moving average price is $17.08 and its 200-day moving average price is $23.55. The firm has a market cap of $268.86 million, a PE ratio of 6.76 and a beta of 1.45. Veritiv has a 52 week low of $13.66 and a 52 week high of $49.45. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 1.57.

Veritiv (NYSE:VRTV) last announced its earnings results on Tuesday, August 6th. The basic materials company reported $0.01 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.11). The business had revenue of $1.96 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.67) EPS. Equities analysts predict that Veritiv will post -1.1 earnings per share for the current year.

In related news, VP John G. Biscanti sold 2,500 shares of the company’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $19.09, for a total transaction of $47,725.00. Following the completion of the sale, the vice president now owns 6,173 shares of the company’s stock, valued at $117,842.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.60% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of VRTV. Bank of Montreal Can raised its stake in Veritiv by 80.3% during the second quarter. Bank of Montreal Can now owns 2,400 shares of the basic materials company’s stock worth $47,000 after acquiring an additional 1,069 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in Veritiv during the first quarter worth about $52,000. BNP Paribas Arbitrage SA raised its stake in Veritiv by 88.8% during the first quarter. BNP Paribas Arbitrage SA now owns 2,679 shares of the basic materials company’s stock worth $71,000 after acquiring an additional 1,260 shares in the last quarter. Commonwealth Bank of Australia raised its stake in Veritiv by 39.7% during the second quarter. Commonwealth Bank of Australia now owns 8,800 shares of the basic materials company’s stock worth $170,000 after acquiring an additional 2,500 shares in the last quarter. Finally, Citadel Advisors LLC acquired a new position in shares of Veritiv in the second quarter valued at approximately $209,000. 91.78% of the stock is owned by institutional investors and hedge funds.

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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