Seth Klarman (Trades, Portfolio), the value-driven founder of the Baupost Group, purchased 2,249,601 shares of Veritiv Corp. (NYSE:VRTV), according to GuruFocus Real Time Picks. His holding represents 14.06% of the company, a filing from July 31 showed.
Veritiv’s stock began trading on the New York Stock Exchange in June, and its price has declined by 2.35% since. The price closed at $39.92 the date Klarman reported buying the stock, which is off of its 52-week high of $51.
Veritiv’s stock price history:
Veritiv is a business-to-business distributor, aiding with packaging, printing and other aspects of business operations in North America. It was created through the merger of xpedx and Unisource on July 1 and has a market cap of $618.4 million.
The company has not yet reported combined earnings but expects 2014 revenue in the range of $9 billion to $10 billion.