Municipal Employees Retirement System of Michigan purchased a new position in shares of Verso Co. (NYSE:VRS) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 218,670 shares of the basic materials company’s stock, valued at approximately $3,842,000. Municipal Employees Retirement System of Michigan owned approximately 0.63% of Verso at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Teachers Advisors LLC raised its stake in shares of Verso by 6.2% during the 4th quarter. Teachers Advisors LLC now owns 71,734 shares of the basic materials company’s stock worth $1,260,000 after purchasing an additional 4,165 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Verso by 20.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 26,092 shares of the basic materials company’s stock valued at $458,000 after acquiring an additional 4,493 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of Verso by 15.5% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 67,591 shares of the basic materials company’s stock valued at $1,188,000 after acquiring an additional 9,091 shares in the last quarter. Metropolitan Life Insurance Co. NY bought a new position in shares of Verso in the 4th quarter valued at approximately $171,000. Finally, Rhumbline Advisers raised its stake in shares of Verso by 33.2% in the 3rd quarter. Rhumbline Advisers now owns 47,259 shares of the basic materials company’s stock valued at $241,000 after acquiring an additional 11,790 shares in the last quarter. 82.22% of the stock is owned by institutional investors.
Verso Co. (VRS) opened at $17.35 on Friday. The company has a current ratio of 2.15, a quick ratio of 0.63 and a debt-to-equity ratio of 0.35. Verso Co. has a one year low of $3.17 and a one year high of $19.32.
A number of research analysts recently weighed in on VRS shares. Zacks Investment Research downgraded Verso from a “buy” rating to a “hold” rating in a research note on Thursday, November 23rd. BWS Financial raised their price objective on Verso from $15.00 to $20.00 and gave the company a “strong-buy” rating in a research note on Friday, November 17th. B. Riley raised their price objective on Verso from $11.25 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, December 20th. Finally, ValuEngine raised Verso from a “sell” rating to a “hold” rating in a research note on Sunday, December 31st.
In related news, major shareholder Mudrick Capital Management, L. sold 312,746 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $16.63, for a total value of $5,200,965.98. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 1,894,168 shares of company stock worth $32,029,340 over the last three months. 4.20% of the stock is owned by company insiders.
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Verso Corporation is a producer of coated papers, which are used in magazines, catalogs, advertising brochures and annual reports, among other media and marketing publications. The Company operates through two segments: paper and pulp. The Paper segment includes paper products, which are used in media and marketing applications, including catalogs, magazines, and commercial printing applications, such as advertising brochures, annual reports and direct-mail advertising.
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