Acadian Asset Management LLC lessened its stake in Verso Co. (NYSE:VRS) by 10.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 664,394 shares of the basic materials company’s stock after selling 74,013 shares during the period. Acadian Asset Management LLC owned about 1.97% of Verso worth $5,242,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Bank of Montreal Can increased its stake in shares of Verso by 278.7% in the second quarter. Bank of Montreal Can now owns 3,787 shares of the basic materials company’s stock worth $42,000 after buying an additional 2,787 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in Verso by 465.1% during the third quarter. BNP Paribas Arbitrage SA now owns 7,103 shares of the basic materials company’s stock valued at $56,000 after purchasing an additional 5,846 shares during the last quarter. US Bancorp DE increased its stake in Verso by 196.8% during the second quarter. US Bancorp DE now owns 5,292 shares of the basic materials company’s stock valued at $63,000 after purchasing an additional 3,509 shares during the last quarter. Trexquant Investment LP bought a new stake in Verso during the second quarter valued at $193,000. Finally, Stone Ridge Asset Management LLC increased its stake in Verso by 24.7% during the second quarter. Stone Ridge Asset Management LLC now owns 21,194 shares of the basic materials company’s stock valued at $253,000 after purchasing an additional 4,200 shares during the last quarter. Institutional investors and hedge funds own 81.38% of the company’s stock.
Several research firms have weighed in on VRS. Zacks Investment Research lowered shares of Verso from a “hold” rating to a “sell” rating in a research note on Friday, October 9th. BWS Financial upgraded shares of Verso from a “buy” rating to a “strong-buy” rating and set a $26.50 target price for the company in a research note on Thursday, October 29th.
In other news, Director Jeffrey E. Kirt purchased 10,000 shares of the stock in a transaction dated Monday, November 16th. The stock was acquired at an average price of $9.71 per share, for a total transaction of $97,100.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Randy J. Nebel purchased 15,000 shares of the stock in a transaction dated Monday, November 16th. The shares were purchased at an average price of $9.68 per share, with a total value of $145,200.00. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by corporate insiders.
Verso stock opened at $10.70 on Friday. The company has a 50-day simple moving average of $8.46 and a 200-day simple moving average of $11.65. The firm has a market capitalization of $360.27 million, a P/E ratio of 1.97 and a beta of 1.89. Verso Co. has a one year low of $7.36 and a one year high of $19.34.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 29th. Stockholders of record on Friday, December 18th will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, December 17th. This represents a $0.40 annualized dividend and a dividend yield of 3.74%. Verso’s dividend payout ratio is currently -210.53%.
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, packaging, inkjet and digital, supercalendered, and uncoated freesheet papers; and bleached and unbleached market kraft pulp to manufacture printing, writing, and tissue products.
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