Veritiv (NYSE:VRTV) was upgraded by research analysts at Bank of America from a “neutral” rating to a “buy” rating in a research report issued on Tuesday, November 21st, Marketbeat reports. The firm presently has a $29.00 target price on the basic materials company’s stock. Bank of America’s price target indicates a potential upside of 7.41% from the stock’s current price.
Other equities research analysts have also recently issued reports about the company. William Blair cut Veritiv from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 3rd. TheStreet cut Veritiv from a “c-” rating to a “d+” rating in a research note on Monday, August 21st. Zacks Investment Research lowered Veritiv from a “buy” rating to a “hold” rating in a report on Thursday, November 9th. Barclays dropped their target price on Veritiv from $35.00 to $25.00 and set an “underweight” rating on the stock in a report on Monday, August 7th. Finally, BidaskClub raised Veritiv from a “sell” rating to a “hold” rating in a report on Thursday, September 28th. Two equities research 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 currently has a consensus rating of “Hold” and a consensus price target of $33.00.
Shares of Veritiv (VRTV) traded down $0.15 during midday trading on Tuesday, hitting $27.00. The company had a trading volume of 46,445 shares, compared to its average volume of 112,269. The company has a quick ratio of 1.51, a current ratio of 2.36 and a debt-to-equity ratio of 1.81. The stock has a market cap of $430.18, a PE ratio of 10.34 and a beta of 1.10. Veritiv has a 1 year low of $20.35 and a 1 year high of $62.60.
In other news, Director Tracy A. Leinbach acquired 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 15th. The shares were purchased at an average price of $23.69 per share, for a total transaction of $118,450.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Mary A. Laschinger bought 3,300 shares of the stock in a transaction that occurred on Tuesday, September 12th. The shares were bought at an average cost of $30.22 per share, with a total value of $99,726.00. Following the completion of the purchase, the chairman now directly owns 63,993 shares in the company, valued at $1,933,868.46. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 28,300 shares of company stock worth $690,776. 0.25% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue boosted its position in shares of Veritiv by 78.0% during the 2nd quarter. State of Alaska Department of Revenue now owns 2,260 shares of the basic materials company’s stock worth $101,000 after acquiring an additional 990 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Veritiv by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 2,295 shares of the basic materials company’s stock valued at $103,000 after purchasing an additional 344 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Veritiv in the 2nd quarter valued at about $124,000. BNP Paribas Arbitrage SA lifted its holdings in shares of Veritiv by 49.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,420 shares of the basic materials company’s stock valued at $199,000 after purchasing an additional 1,469 shares during the last quarter. Finally, Nine Chapters Capital Management LLC purchased a new stake in shares of Veritiv in the 3rd quarter valued at about $228,000. 90.02% of the stock is owned by institutional investors and hedge funds.
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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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