Veritiv Corp (NYSE:VRTV) Short Interest Up 34.9% in August

Veritiv Corp (NYSE:VRTV) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 824,900 shares, an increase of 34.9% from the July 31st total of 611,700 shares. Currently, 6.5% of the company’s shares are sold short. Based on an average daily trading volume, of 99,900 shares, the days-to-cover ratio is presently 8.3 days.

In other Veritiv news, VP John G. Biscanti sold 2,500 shares of Veritiv stock in a transaction on Friday, June 21st. The shares were sold at an average price of $19.09, for a total value of $47,725.00. Following the completion of the transaction, the vice president now owns 6,173 shares of the company’s stock, valued at $117,842.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.60% of the stock is currently owned by company insiders.

Institutional investors have recently made changes to their positions in the company. Alambic Investment Management L.P. bought a new position in Veritiv in the second quarter valued at about $947,000. SG Americas Securities LLC bought a new position in shares of Veritiv in the 2nd quarter worth $299,000. Nordea Investment Management AB raised its position in shares of Veritiv by 3.0% in the 1st quarter. Nordea Investment Management AB now owns 51,400 shares of the basic materials company’s stock worth $1,352,000 after acquiring an additional 1,500 shares in the last quarter. Spark Investment Management LLC raised its position in shares of Veritiv by 19.5% in the 1st quarter. Spark Investment Management LLC now owns 75,377 shares of the basic materials company’s stock worth $1,983,000 after acquiring an additional 12,277 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of Veritiv by 50.4% in the 4th quarter. Bank of America Corp DE now owns 17,079 shares of the basic materials company’s stock worth $426,000 after acquiring an additional 5,727 shares in the last quarter. Hedge funds and other institutional investors own 92.85% of the company’s stock.

Shares of NYSE:VRTV traded up $0.76 during trading on Friday, hitting $19.23. 114,781 shares of the company’s stock traded hands, compared to its average volume of 92,626. Veritiv has a 52 week low of $13.66 and a 52 week high of $49.28. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 1.57. The company has a market cap of $285.12 million, a price-to-earnings ratio of 8.11 and a beta of 1.42. The company has a 50-day moving average price of $16.74 and a 200-day moving average price of $21.69.

Veritiv (NYSE:VRTV) last announced its quarterly earnings results on Tuesday, August 6th. The basic materials company reported $0.01 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.11). The company had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2.04 billion. Veritiv had a negative net margin of 0.33% and a negative return on equity of 0.45%. The business’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.67) EPS. On average, analysts predict that Veritiv will post -1.1 earnings per share for the current fiscal year.

A number of research firms have recently issued reports on VRTV. ValuEngine lowered shares of Veritiv from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 2nd. Zacks Investment Research restated a “hold” rating on shares of Veritiv in a report on Saturday, September 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $33.33.

Veritiv Company Profile

Veritiv Corporation operates as a business-to-business distributor of packaging, facility solutions, print, and publishing products and services in the United States, Canada, Mexico, and internationally. It operates through four segments: Packaging, Facility Solutions, Print, and Publishing. The Packaging segment offers standard, custom, and comprehensive packaging solutions.

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