Laurion Capital Management LP purchased a new position in Veritiv Corp (NYSE:VRTV) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 496,900 shares of the basic materials company’s stock, valued at approximately $18,087,000. Laurion Capital Management LP owned 3.14% of Veritiv as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also modified their holdings of the company. Metropolitan Life Insurance Co. NY raised its holdings in shares of Veritiv by 36.0% in the second 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. Wells Fargo & Company MN increased its holdings in Veritiv by 8.4% during the 3rd quarter. Wells Fargo & Company MN now owns 20,770 shares of the basic materials company’s stock worth $755,000 after purchasing an additional 1,610 shares during the period. Strs Ohio increased 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 purchasing an additional 1,800 shares during the period. Stone Ridge Asset Management LLC increased its holdings in Veritiv by 21.3% during the 3rd quarter. Stone Ridge Asset Management LLC now owns 11,274 shares of the basic materials company’s stock worth $410,000 after purchasing an additional 1,981 shares during the period. Finally, Principal Financial Group Inc. increased 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 purchasing an additional 2,026 shares during the period. Hedge funds and other institutional investors own 93.12% of the company’s stock.
VRTV opened at $28.98 on Thursday. The firm has a market cap of $459.23 million, a price-to-earnings ratio of -34.09 and a beta of 0.64. Veritiv Corp has a 52 week low of $22.28 and a 52 week high of $51.00. The company has a current ratio of 2.32, a quick ratio of 1.53 and a debt-to-equity ratio of 1.86.
Veritiv (NYSE:VRTV) last released its quarterly earnings data on Tuesday, November 6th. The basic materials company reported $0.90 EPS for the quarter, missing the consensus estimate of $1.11 by ($0.21). The firm had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.18 billion. Veritiv had a positive return on equity of 6.77% and a negative net margin of 0.15%. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.91) earnings per share. On average, equities research analysts forecast that Veritiv Corp will post 2.97 EPS for the current fiscal year.
VRTV has been the topic of several research reports. ValuEngine downgraded Veritiv from a “sell” rating to a “strong sell” rating in a report on Wednesday. Zacks Investment Research downgraded Veritiv from a “hold” rating to a “strong sell” rating in a report on Saturday, November 17th. TheStreet upgraded Veritiv from a “d+” rating to a “c” rating in a report on Monday, August 13th. SunTrust Banks raised their price objective on Veritiv to $40.00 and gave the stock a “hold” rating in a report on Friday, August 10th. Finally, Sidoti initiated coverage on Veritiv in a report on Wednesday, October 24th. They set a “buy” rating and a $44.00 price objective on the stock. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. Veritiv has an average rating of “Hold” and a consensus price target of $40.40.
In other Veritiv news, major shareholder Bain Capital Investors Llc sold 1,500,000 shares of the stock in a transaction on Tuesday, September 25th. The stock was sold at an average price of $41.40, for a total transaction of $62,100,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Mary A. Laschinger bought 3,350 shares of the company’s stock in a transaction on Monday, November 19th. The shares were bought at an average cost of $29.79 per share, for a total transaction of $99,796.50. The disclosure for this purchase can be found here. 0.80% of the stock is currently owned by company insiders.
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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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