Commonwealth Bank of Australia acquired a new stake in shares of Veritiv Corp (NYSE:VRTV) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 6,300 shares of the basic materials company’s stock, valued at approximately $229,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in VRTV. Millennium Management LLC purchased a new position in Veritiv in the first quarter worth approximately $1,058,000. Principal Financial Group Inc. lifted its stake in Veritiv by 2.4% in the first quarter. Principal Financial Group Inc. now owns 85,374 shares of the basic materials company’s stock worth $3,347,000 after acquiring an additional 2,026 shares during the last quarter. Acadian Asset Management LLC purchased a new position in Veritiv in the second quarter worth approximately $1,805,000. Alps Advisors Inc. purchased a new position in Veritiv in the second quarter worth approximately $236,000. Finally, Piedmont Investment Advisors LLC purchased a new position in Veritiv in the second quarter worth approximately $105,000. 98.49% of the stock is currently owned by institutional investors.
A number of research analysts recently issued reports on the stock. Zacks Investment Research downgraded shares of Veritiv from a “hold” rating to a “strong sell” rating in a research note on Saturday, November 17th. ValuEngine downgraded shares of Veritiv from a “sell” rating to a “strong sell” rating in a research report on Tuesday, November 6th. Sidoti initiated coverage on shares of Veritiv in a research report on Wednesday, October 24th. They set a “buy” rating and a $44.00 price objective for the company. TheStreet upgraded shares of Veritiv from a “d+” rating to a “c” rating in a research report on Monday, August 13th. Finally, SunTrust Banks boosted their price objective on shares of Veritiv to $40.00 and gave the stock a “hold” rating in a research report on Friday, August 10th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $40.40.
Shares of NYSE:VRTV opened at $30.35 on Friday. The company has a market cap of $487.44 million, a PE ratio of -35.71 and a beta of 0.67. The company has a quick ratio of 1.53, a current ratio of 2.32 and a debt-to-equity ratio of 1.86. Veritiv Corp has a twelve month low of $22.28 and a twelve month high of $51.00.
Veritiv (NYSE:VRTV) last issued its quarterly earnings data on Tuesday, November 6th. The basic materials company reported $0.90 earnings per share for the quarter, missing the consensus estimate of $1.11 by ($0.21). The company had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.18 billion. Veritiv had a positive return on equity of 6.77% and a negative net margin of 0.15%. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.91) EPS. On average, equities research analysts forecast that Veritiv Corp will post 2.97 EPS for the current year.
TRADEMARK VIOLATION WARNING: This piece was originally reported by Community Financial News and is owned by of Community Financial News. If you are accessing this piece on another site, it was illegally stolen and republished in violation of US and international trademark and copyright laws. The original version of this piece can be read at https://www.com-unik.info/2018/12/02/commonwealth-bank-of-australia-invests-229000-in-veritiv-corp-vrtv.html.
Veritiv Corporation operates as a business-to-business distributor of packaging, facility solutions, print, and publishing products and services in the United States, Canada, and internationally. It operates through four segments: Packaging, Facility Solutions, Print, and Publishing. The Packaging segment offers standard and custom packaging solutions.
Featured Article: Technical Analysis of Stocks, How Can It Help
Receive News & Ratings for Veritiv Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veritiv and related companies with MarketBeat.com's FREE daily email newsletter.