Veritiv Corporation (VRTV) Issues Quarterly Earnings Results, Beats Expectations By $0.32 EPS
Veritiv Corporation (NYSE:VRTV) issued its earnings results on Wednesday. The basic materials company reported $0.88 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.32, Morningstar.com reports. The company had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.02 billion. Veritiv Corporation had a net margin of 0.19% and a return on equity of 4.32%. Veritiv Corporation’s revenue for the quarter was down 1.5% compared to the same quarter last year.
Veritiv Corporation (NYSE VRTV) traded down 5.02% during trading on Thursday, hitting $28.40. 391,523 shares of the stock traded hands. Veritiv Corporation has a one year low of $28.35 and a one year high of $62.60. The company has a 50-day moving average price of $42.41 and a 200 day moving average price of $48.72. The stock has a market cap of $445.62 million, a PE ratio of 29.58 and a beta of 1.13.
In related news, SVP Daniel J. Watkoske bought 1,000 shares of the firm’s stock in a transaction dated Friday, May 5th. The stock was bought at an average cost of $41.50 per share, for a total transaction of $41,500.00. Following the transaction, the senior vice president now owns 9,146 shares of the company’s stock, valued at $379,559. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Mary A. Laschinger bought 6,100 shares of the firm’s stock in a transaction dated Friday, May 5th. The shares were bought at an average price of $41.71 per share, with a total value of $254,431.00. Following the completion of the transaction, the chairman now directly owns 60,693 shares in the company, valued at approximately $2,531,505.03. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 12,100 shares of company stock valued at $500,431. Corporate insiders own 0.25% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Janus Capital Management LLC raised its position in Veritiv Corporation by 18.4% in the first quarter. Janus Capital Management LLC now owns 876,895 shares of the basic materials company’s stock worth $45,423,000 after buying an additional 136,536 shares in the last quarter. Vanguard Group Inc. raised its position in Veritiv Corporation by 28.1% in the first quarter. Vanguard Group Inc. now owns 582,988 shares of the basic materials company’s stock worth $30,199,000 after buying an additional 127,926 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Veritiv Corporation by 16.3% in the first quarter. Dimensional Fund Advisors LP now owns 477,575 shares of the basic materials company’s stock worth $24,737,000 after buying an additional 67,030 shares in the last quarter. Norges Bank purchased a new position in Veritiv Corporation during the fourth quarter worth $23,221,000. Finally, Morgan Stanley raised its position in Veritiv Corporation by 570.2% in the first quarter. Morgan Stanley now owns 209,167 shares of the basic materials company’s stock worth $10,836,000 after buying an additional 177,956 shares in the last quarter. Institutional investors own 89.16% of the company’s stock.
A number of analysts have weighed in on VRTV shares. Zacks Investment Research cut shares of Veritiv Corporation from a “hold” rating to a “strong sell” rating in a report on Saturday, May 6th. Wells Fargo & Company raised shares of Veritiv Corporation from a “market perform” rating to an “outperform” rating in a report on Thursday, May 18th. BidaskClub cut shares of Veritiv Corporation from a “hold” rating to a “sell” rating in a report on Saturday, July 8th. SunTrust Banks, Inc. raised shares of Veritiv Corporation from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Thursday. They noted that the move was a valuation call. Finally, Bank of America Corporation cut shares of Veritiv Corporation from a “buy” rating to a “neutral” rating and set a $36.00 target price on the stock. in a report on Thursday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $50.75.
About Veritiv Corporation
Veritiv Corporation is a business-to-business distributor of print, publishing, packaging and facility solutions. The Company also provides logistics and supply chain management solutions to its customers. The Company’s segments are Print, Publishing & Print Management (Publishing), Packaging, Facility Solutions, and Corporate & Other.
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