IndexIQ Advisors LLC Invests $1.61 Million in Verso Corp (VRS)
IndexIQ Advisors LLC purchased a new stake in shares of Verso Corp (NYSE:VRS) during the 1st quarter, Holdings Channel reports. The institutional investor purchased 75,019 shares of the basic materials company’s stock, valued at approximately $1,607,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Verso by 53.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,106 shares of the basic materials company’s stock valued at $47,000 after buying an additional 737 shares during the period. Legal & General Group Plc grew its holdings in Verso by 24.3% in the fourth quarter. Legal & General Group Plc now owns 6,504 shares of the basic materials company’s stock worth $145,000 after purchasing an additional 1,272 shares during the period. Meeder Asset Management Inc. grew its holdings in Verso by 191.8% in the fourth quarter. Meeder Asset Management Inc. now owns 2,197 shares of the basic materials company’s stock worth $49,000 after purchasing an additional 1,444 shares during the period. Squarepoint Ops LLC grew its holdings in Verso by 3.8% in the fourth quarter. Squarepoint Ops LLC now owns 57,720 shares of the basic materials company’s stock worth $1,293,000 after purchasing an additional 2,094 shares during the period. Finally, California Public Employees Retirement System grew its holdings in shares of Verso by 2.7% during the fourth quarter. California Public Employees Retirement System now owns 82,815 shares of the basic materials company’s stock valued at $1,855,000 after buying an additional 2,181 shares during the last quarter. Institutional investors own 93.77% of the company’s stock.
NYSE:VRS opened at $21.80 on Friday. Verso Corp has a 52 week low of $18.43 and a 52 week high of $34.60. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.69 and a current ratio of 2.21. The company has a market cap of $743.47 million, a PE ratio of 5.89 and a beta of 1.52.
A number of equities research analysts have recently commented on the stock. Zacks Investment Research cut shares of Verso from a “strong-buy” rating to a “hold” rating in a report on Thursday. B. Riley cut shares of Verso from a “buy” rating to a “neutral” rating and cut their price target for the company from $32.00 to $26.00 in a report on Friday, April 12th. Finally, TheStreet cut shares of Verso from a “b-” rating to a “c” rating in a report on Tuesday, January 22nd. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Verso currently has an average rating of “Hold” and an average target price of $34.00.
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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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