California Public Employees Retirement System cut its holdings in Veritiv Corp (NYSE:VRTV) by 37.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 43,259 shares of the basic materials company’s stock after selling 26,145 shares during the quarter. California Public Employees Retirement System owned about 0.27% of Veritiv worth $1,724,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Metropolitan Life Insurance Co. NY raised its holdings in Veritiv by 36.0% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 3,995 shares of the basic materials company’s stock worth $159,000 after buying an additional 1,058 shares during the period. Paloma Partners Management Co acquired a new stake in Veritiv during the 2nd quarter worth about $336,000. Dimensional Fund Advisors LP raised its holdings in Veritiv by 12.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 980,402 shares of the basic materials company’s stock worth $39,069,000 after buying an additional 108,645 shares during the period. Principal Financial Group Inc. raised its holdings in Veritiv by 2.4% during the 1st quarter. Principal Financial Group Inc. now owns 85,374 shares of the basic materials company’s stock worth $3,347,000 after buying an additional 2,026 shares during the period. Finally, Strs Ohio raised its holdings in Veritiv by 10.1% during the 2nd quarter. Strs Ohio now owns 19,700 shares of the basic materials company’s stock worth $785,000 after buying an additional 1,800 shares during the period. Hedge funds and other institutional investors own 95.17% of the company’s stock.
NYSE VRTV opened at $35.89 on Friday. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.53 and a current ratio of 2.32. Veritiv Corp has a 1 year low of $20.35 and a 1 year high of $51.00. The stock has a market cap of $528.79 million, a price-to-earnings ratio of -42.22 and a beta of 0.59.
Veritiv (NYSE:VRTV) last released its earnings results on Thursday, August 9th. The basic materials company reported $0.32 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.99 by ($0.67). Veritiv had a negative net margin of 0.33% and a positive return on equity of 7.33%. The business had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2.07 billion. On average, sell-side analysts expect that Veritiv Corp will post 3.54 earnings per share for the current year.
In other Veritiv news, major shareholder Bain Capital Investors Llc sold 1,500,000 shares of Veritiv stock in a transaction dated Tuesday, September 25th. The stock was sold at an average price of $41.40, for a total transaction of $62,100,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.80% of the company’s stock.
Several analysts have issued reports on the company. ValuEngine upgraded Veritiv from a “sell” rating to a “hold” rating in a report on Saturday, October 27th. Sidoti assumed coverage on Veritiv in a report on Wednesday, October 24th. They set a “buy” rating and a $44.00 price objective on the stock. TheStreet upgraded Veritiv from a “d+” rating to a “c” rating in a report on Monday, August 13th. Zacks Investment Research downgraded Veritiv from a “buy” rating to a “hold” rating in a report on Sunday, July 15th. Finally, SunTrust Banks boosted their price objective on Veritiv to $40.00 and gave the stock a “hold” rating in a report on Friday, August 10th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $37.00.
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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