Renaissance Technologies LLC lowered its position in Verso Corp (NYSE:VRS) by 22.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 265,100 shares of the basic materials company’s stock after selling 75,500 shares during the quarter. Renaissance Technologies LLC owned about 0.77% of Verso worth $8,926,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Sei Investments Co. raised its position in Verso by 131.9% in the second quarter. Sei Investments Co. now owns 25,525 shares of the basic materials company’s stock worth $556,000 after acquiring an additional 14,520 shares in the last quarter. SG Americas Securities LLC purchased a new position in Verso in the second quarter worth $125,000. Schwab Charles Investment Management Inc. raised its position in Verso by 174.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 185,639 shares of the basic materials company’s stock worth $4,040,000 after acquiring an additional 118,048 shares in the last quarter. Swiss National Bank purchased a new position in Verso in the second quarter worth $1,297,000. Finally, BlackRock Inc. raised its position in Verso by 16.6% in the second quarter. BlackRock Inc. now owns 2,383,493 shares of the basic materials company’s stock worth $51,866,000 after acquiring an additional 339,301 shares in the last quarter. Hedge funds and other institutional investors own 85.70% of the company’s stock.
Verso stock traded down $0.03 during trading hours on Monday, hitting $25.20. The stock had a trading volume of 398,372 shares, compared to its average volume of 258,232. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.82 and a current ratio of 1.96. The firm has a market capitalization of $870.74 million, a price-to-earnings ratio of -33.60 and a beta of 1.97. Verso Corp has a 1-year low of $13.84 and a 1-year high of $34.60.
Verso (NYSE:VRS) last posted its earnings results on Wednesday, November 7th. The basic materials company reported $1.63 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.73 by ($0.10). The firm had revenue of $704.00 million during the quarter, compared to analyst estimates of $714.15 million. Verso had a net margin of 4.61% and a return on equity of 17.33%. As a group, sell-side analysts forecast that Verso Corp will post 3.53 EPS for the current fiscal year.
Several research firms have issued reports on VRS. Zacks Investment Research cut Verso from a “strong-buy” rating to a “hold” rating in a research report on Saturday, January 12th. ValuEngine upgraded Verso from a “sell” rating to a “hold” rating in a research report on Wednesday, January 2nd. BWS Financial increased their price objective on Verso to $50.00 and gave the stock a “buy” rating in a research report on Thursday, November 8th. Finally, B. Riley upped their target price on Verso from $45.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, November 8th.
In other news, CFO Allen James Campbell bought 1,000 shares of the stock in a transaction on Tuesday, November 13th. The shares were bought at an average price of $27.00 per share, with a total value of $27,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.45% of the stock is currently owned by corporate insiders.
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Verso Company Profile
Verso Corporation produces and sells coated papers in North America. It operates through two segments, Paper and Pulp. The company offers coated freesheet and coated groundwood, specialty, inkjet and digital, supercalendered, and uncoated freesheet papers; and northern bleached hardwood Kraft pulp to manufacture printing, writing, and specialty paper grades, as well as to manufacture tissue products.
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