Veritiv Corporation (VRTV) Stake Raised by Municipal Employees Retirement System of Michigan
Municipal Employees Retirement System of Michigan raised its position in Veritiv Corporation (NYSE:VRTV) by 21.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,510 shares of the basic materials company’s stock after buying an additional 2,970 shares during the period. Municipal Employees Retirement System of Michigan owned approximately 0.11% of Veritiv Corporation worth $743,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Morgan Stanley raised its stake in Veritiv Corporation by 570.2% in the first quarter. Morgan Stanley now owns 209,167 shares of the basic materials company’s stock valued at $10,836,000 after buying an additional 177,956 shares during the period. Janus Capital Management LLC raised its stake 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 valued at $45,423,000 after buying an additional 136,536 shares during the period. Vanguard Group Inc. raised its stake 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 valued at $30,199,000 after buying an additional 127,926 shares during the period. Monashee Investment Management LLC purchased a new stake in Veritiv Corporation during the first quarter valued at $3,885,000. Finally, Hennessy Advisors Inc. purchased a new stake in Veritiv Corporation during the first quarter valued at $3,662,000. 89.50% of the stock is currently owned by hedge funds and other institutional investors.
Veritiv Corporation (VRTV) opened at 28.55 on Wednesday. The stock’s market capitalization is $448.24 million. The company’s 50-day moving average price is $38.08 and its 200 day moving average price is $46.76. Veritiv Corporation has a 52-week low of $27.40 and a 52-week high of $62.60.
Veritiv Corporation (NYSE:VRTV) last issued its earnings results on Wednesday, August 2nd. The basic materials company reported $0.88 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.32. The business had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.02 billion. Veritiv Corporation had a positive return on equity of 5.43% and a negative net margin of 0.02%. Veritiv Corporation’s revenue was down 1.5% compared to the same quarter last year. On average, equities research analysts anticipate that Veritiv Corporation will post $1.45 earnings per share for the current year.
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Several research firms have weighed in on VRTV. Zacks Investment Research raised Veritiv Corporation from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 5th. BidaskClub downgraded Veritiv Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, July 8th. Wells Fargo & Company upgraded Veritiv Corporation from a “market perform” rating to an “outperform” rating in a research report on Thursday, May 18th. William Blair downgraded Veritiv Corporation from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 3rd. Finally, Bank of America Corporation downgraded Veritiv Corporation from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $64.00 to $36.00 in a research report on Thursday, August 3rd. Three analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $45.60.
Veritiv Corporation Company Profile
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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