Municipal Employees Retirement System of Michigan purchased a new position in Verso Co. (NYSE:VRS) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund 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 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in VRS. Voya Investment Management LLC bought a new position in Verso in the 2nd quarter worth about $104,000. Wells Fargo & Company MN bought a new position in shares of Verso during the third quarter valued at approximately $130,000. Metropolitan Life Insurance Co. NY bought a new position in shares of Verso during the fourth quarter valued at approximately $171,000. Rhumbline Advisers boosted its stake in shares of Verso by 33.2% during the third quarter. Rhumbline Advisers now owns 47,259 shares of the basic materials company’s stock valued at $241,000 after purchasing an additional 11,790 shares in the last quarter. Finally, Stone Ridge Asset Management LLC bought a new position in shares of Verso during the fourth quarter valued at approximately $242,000. Institutional investors and hedge funds own 82.22% of the company’s stock.
Several equities research analysts have weighed in on VRS shares. Zacks Investment Research upgraded shares of Verso from a “hold” rating to a “strong-buy” rating and set a $20.00 target price for the company in a research note on Wednesday, March 21st. BWS Financial raised their price target on shares of Verso to $30.00 and gave the stock a “buy” rating in a report on Friday, March 9th. B. Riley set a $24.00 price target on shares of Verso and gave the stock a “buy” rating in a report on Friday, March 9th. Finally, ValuEngine raised shares of Verso from a “sell” rating to a “hold” rating in a report on Friday, February 2nd.
In related news, major shareholder Mudrick Capital Management, L. sold 100,000 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $17.32, for a total transaction of $1,732,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold 782,573 shares of company stock worth $13,455,642 over the last 90 days. 4.20% of the stock is currently owned by company insiders.
VRS stock traded up $0.24 during midday trading on Friday, hitting $16.35. 507,887 shares of the stock traded hands, compared to its average volume of 687,621. The firm has a market cap of $555.07, a PE ratio of -21.80 and a beta of 1.35. Verso Co. has a 1-year low of $3.17 and a 1-year high of $19.32. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.63 and a current ratio of 2.15.
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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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