Zacks Investment Research upgraded shares of Verso (NYSE:VRS) from a hold rating to a strong-buy rating in a report published on Wednesday. The firm currently has $20.00 price target on the basic materials company’s stock.
According to Zacks, “Verso Corporation is engaged in the paper industry. The Company produces coated freesheet, coated ground wood and uncoated super calendered papers and pulp. It serves to magazine and catalog publishers, commercial printers, specialty retail merchandisers and paper merchants. The company operates primarily in Kentucky, Maine, Maryland, Michigan, Minnesota and Wisconsin. Verso Corporation is based in Memphis, United States. “
Several other brokerages also recently weighed in on VRS. ValuEngine upgraded shares of Verso from a sell rating to a hold rating in a report on Sunday, December 31st. B. Riley increased their price target on shares of Verso from $11.25 to $20.00 and gave the stock a buy rating in a report on Wednesday, December 20th. Finally, BWS Financial set a $20.00 price target on shares of Verso and gave the stock a buy rating in a report on Thursday, January 18th.
In other news, major shareholder Mudrick Capital Management, L. sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, January 12th. The shares were sold at an average price of $16.43, for a total transaction of $821,500.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 1,894,168 shares of company stock worth $32,029,340 in the last ninety days. Corporate insiders own 4.20% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Teachers Advisors LLC grew its stake in shares of Verso by 6.2% during the 4th quarter. Teachers Advisors LLC now owns 71,734 shares of the basic materials company’s stock worth $1,260,000 after purchasing an additional 4,165 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Verso by 20.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 26,092 shares of the basic materials company’s stock worth $458,000 after purchasing an additional 4,493 shares during the period. Schwab Charles Investment Management Inc. grew its stake in shares of Verso by 15.5% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 67,591 shares of the basic materials company’s stock worth $1,188,000 after purchasing an additional 9,091 shares during the period. Metropolitan Life Insurance Co. NY acquired a new stake in shares of Verso during the 4th quarter worth approximately $171,000. Finally, Rhumbline Advisers grew its stake in shares of Verso by 33.2% during the 3rd quarter. Rhumbline Advisers now owns 47,259 shares of the basic materials company’s stock worth $241,000 after purchasing an additional 11,790 shares during the period. 82.22% of the stock is currently owned by institutional investors and hedge funds.
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Verso Corporation is a producer of coated papers, which are used in magazines, catalogs, advertising brochures and annual reports, among other media and marketing publications. The Company operates through two segments: paper and pulp. The Paper segment includes paper products, which are used in media and marketing applications, including catalogs, magazines, and commercial printing applications, such as advertising brochures, annual reports and direct-mail advertising.
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