Wells Fargo & Company Lowers Veritiv Corporation (VRTV) to Market Perform
Wells Fargo & Company lowered shares of Veritiv Corporation (NYSE:VRTV) from an outperform rating to a market perform rating in a research note released on Wednesday, MarketBeat.com reports.
A number of other brokerages have also recently issued reports on VRTV. Zacks Investment Research cut Veritiv Corporation from a hold rating to a sell rating in a report on Saturday, August 5th. BidaskClub upgraded Veritiv Corporation from a sell rating to a hold rating in a report on Thursday, September 28th. Bank of America Corporation cut Veritiv Corporation from a buy rating to a neutral rating and decreased their target price for the stock from $64.00 to $36.00 in a report on Thursday, August 3rd. William Blair cut Veritiv Corporation from an outperform rating to a market perform rating in a report on Wednesday, August 9th. Finally, TheStreet cut Veritiv Corporation from a c- rating to a d+ rating in a report on Monday, August 21st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. Veritiv Corporation presently has an average rating of Hold and a consensus price target of $33.00.
Shares of Veritiv Corporation (NYSE VRTV) traded up $0.10 during mid-day trading on Wednesday, hitting $23.65. The stock had a trading volume of 174,100 shares, compared to its average volume of 118,600. The company has a current ratio of 2.36, a quick ratio of 1.55 and a debt-to-equity ratio of 1.81. The firm has a market cap of $371.30, a PE ratio of 8.92 and a beta of 1.22. Veritiv Corporation has a one year low of $20.35 and a one year high of $62.60.
In other news, Chairman Mary A. Laschinger acquired 3,300 shares of Veritiv Corporation stock in a transaction that occurred on Tuesday, September 12th. The stock was purchased at an average price of $30.22 per share, with a total value of $99,726.00. Following the completion of the transaction, the chairman now owns 63,993 shares in the company, valued at $1,933,868.46. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Charles Ward acquired 20,000 shares of Veritiv Corporation stock in a transaction that occurred on Thursday, November 9th. The shares were purchased at an average cost of $23.63 per share, with a total value of $472,600.00. Following the transaction, the director now owns 20,000 shares of the company’s stock, valued at approximately $472,600. The disclosure for this purchase can be found here. Company insiders own 0.25% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC acquired a new stake in Veritiv Corporation during the second quarter valued at $55,381,000. Dimensional Fund Advisors LP boosted its position in Veritiv Corporation by 31.7% during the second quarter. Dimensional Fund Advisors LP now owns 628,782 shares of the basic materials company’s stock valued at $28,295,000 after purchasing an additional 151,207 shares during the last quarter. Vanguard Group Inc. boosted its position in Veritiv Corporation by 1.1% during the second quarter. Vanguard Group Inc. now owns 589,334 shares of the basic materials company’s stock valued at $26,521,000 after purchasing an additional 6,346 shares during the last quarter. State Street Corp boosted its position in Veritiv Corporation by 15.2% during the second quarter. State Street Corp now owns 248,552 shares of the basic materials company’s stock valued at $11,193,000 after purchasing an additional 32,835 shares during the last quarter. Finally, Morgan Stanley boosted its position in Veritiv Corporation by 570.2% during the first quarter. Morgan Stanley now owns 209,167 shares of the basic materials company’s stock valued at $10,836,000 after purchasing an additional 177,956 shares during the last quarter. 92.57% of the stock is owned by hedge funds and other institutional investors.
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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