JPMorgan Chase & Co. decreased its stake in Veritiv Corp (NYSE:VRTV) by 6.1% during the first quarter, Holdings Channel reports. The institutional investor owned 138,213 shares of the basic materials company’s stock after selling 8,917 shares during the quarter. JPMorgan Chase & Co.’s holdings in Veritiv were worth $5,418,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. MetLife Investment Advisors LLC purchased a new stake in shares of Veritiv in the fourth quarter worth about $166,000. State Board of Administration of Florida Retirement System acquired a new position in Veritiv in the 1st quarter worth about $221,000. Stone Ridge Asset Management LLC acquired a new position in Veritiv in the 4th quarter worth about $269,000. Aperio Group LLC raised its holdings in Veritiv by 21.2% in the 1st quarter. Aperio Group LLC now owns 11,396 shares of the basic materials company’s stock worth $447,000 after purchasing an additional 1,993 shares during the period. Finally, Arizona State Retirement System acquired a new position in Veritiv in the 4th quarter worth about $541,000. Hedge funds and other institutional investors own 93.26% of the company’s stock.
VRTV has been the subject of a number of analyst reports. Zacks Investment Research raised Veritiv from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a report on Saturday. Bank of America set a $39.00 price target on Veritiv and gave the stock a “buy” rating in a report on Monday, March 5th. Wells Fargo & Co upped their price target on Veritiv from $30.00 to $33.00 and gave the stock a “market perform” rating in a report on Monday, April 2nd. They noted that the move was a valuation call. Finally, ValuEngine cut Veritiv from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. Three analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $36.60.
NYSE VRTV opened at $39.85 on Friday. The stock has a market capitalization of $623.28 million, a P/E ratio of -46.88, a price-to-earnings-growth ratio of 1.69 and a beta of 0.49. Veritiv Corp has a twelve month low of $20.35 and a twelve month high of $45.45. The company has a quick ratio of 1.60, a current ratio of 2.43 and a debt-to-equity ratio of 1.81.
Veritiv (NYSE:VRTV) last announced its earnings results on Tuesday, May 8th. The basic materials company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.15). Veritiv had a negative net margin of 0.32% and a positive return on equity of 8.92%. The firm had revenue of $2.10 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same period in the previous year, the company earned ($0.14) EPS. Veritiv’s revenue was up 5.3% compared to the same quarter last year. equities research analysts expect that Veritiv Corp will post 3.88 EPS for the current year.
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, and internationally. It operates through four segments: Packaging, Facility Solutions, Print, and Publishing. The Packaging segment offers standard and custom packaging solutions.
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