IndexIQ Advisors LLC reduced its stake in shares of Veritiv Corp (NYSE:VRTV) by 65.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,580 shares of the basic materials company’s stock after selling 35,041 shares during the quarter. IndexIQ Advisors LLC’s holdings in Veritiv were worth $489,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of VRTV. Quantamental Technologies LLC bought a new stake in shares of Veritiv during the fourth quarter valued at about $40,000. Meeder Asset Management Inc. bought a new stake in shares of Veritiv during the first quarter valued at about $52,000. BNP Paribas Arbitrage SA raised its stake in shares of Veritiv by 88.8% during the first quarter. BNP Paribas Arbitrage SA now owns 2,679 shares of the basic materials company’s stock valued at $71,000 after purchasing an additional 1,260 shares in the last quarter. Macquarie Group Ltd. raised its stake in shares of Veritiv by 63.6% during the fourth quarter. Macquarie Group Ltd. now owns 3,600 shares of the basic materials company’s stock valued at $90,000 after purchasing an additional 1,400 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan bought a new stake in shares of Veritiv during the fourth quarter valued at about $90,000. Institutional investors and hedge funds own 94.21% of the company’s stock.
Shares of Veritiv stock opened at $20.07 on Wednesday. The company has a current ratio of 2.25, a quick ratio of 1.46 and a debt-to-equity ratio of 1.80. Veritiv Corp has a 52 week low of $19.67 and a 52 week high of $51.00. The stock has a market capitalization of $321.34 million, a price-to-earnings ratio of 8.47 and a beta of 1.14.
Veritiv (NYSE:VRTV) last issued its quarterly earnings results on Thursday, February 28th. The basic materials company reported $0.58 EPS for the quarter, missing the consensus estimate of $1.45 by ($0.87). Veritiv had a positive return on equity of 0.48% and a negative net margin of 0.31%. The business had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.25 billion.
A number of brokerages recently weighed in on VRTV. Zacks Investment Research cut shares of Veritiv from a “hold” rating to a “strong sell” rating in a research note on Thursday, May 16th. Bank of America cut shares of Veritiv from a “buy” rating to a “neutral” rating and cut their price objective for the company from $37.00 to $26.00 in a research note on Monday, May 13th. ValuEngine cut shares of Veritiv from a “hold” rating to a “sell” rating in a research note on Wednesday, March 6th. Finally, SunTrust Banks cut their price objective on shares of Veritiv to $30.00 and set a “hold” rating on the stock in a research note on Wednesday, March 6th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $36.00.
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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, Mexico, and internationally. It operates through four segments: Packaging, Facility Solutions, Print, and Publishing. The Packaging segment offers standard, custom, and comprehensive packaging solutions.
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