Office Depot Inc. (NASDAQ:ODP) Receives Average Rating of “Hold” from Brokerages
Office Depot Inc. (NASDAQ:ODP) has received an average rating of “Hold” from the ten ratings firms that are presently covering the company. Eight analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $5.65.
A number of research analysts have weighed in on the company. Zacks Investment Research upgraded Office Depot from a “sell” rating to a “hold” rating in a report on Tuesday, June 28th. TheStreet lowered Office Depot from a “hold” rating to a “sell” rating in a report on Wednesday, June 22nd. Finally, Morgan Stanley reiterated a “hold” rating and set a $4.35 price target on shares of Office Depot in a report on Tuesday, August 16th.
Office Depot (NASDAQ:ODP) traded up 0.420% on Monday, hitting $3.585. 4,488,284 shares of the stock were exchanged. The firm has a market cap of $1.95 billion, a PE ratio of 7.361 and a beta of 2.78. The stock’s 50 day moving average price is $3.64 and its 200 day moving average price is $4.40. Office Depot has a 52-week low of $3.11 and a 52-week high of $7.99.
Office Depot (NASDAQ:ODP) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by $0.03. The firm earned $3.20 billion during the quarter, compared to analysts’ expectations of $3.20 billion. Office Depot had a net margin of 1.99% and a return on equity of 12.05%. The company’s revenue for the quarter was down 6.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.06 EPS. Equities research analysts forecast that Office Depot will post $0.39 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, August 25th were given a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend was Tuesday, August 23rd. Office Depot’s payout ratio is 20.00%.
In related news, EVP Michael R. Allison sold 23,434 shares of the firm’s stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $3.64, for a total transaction of $85,299.76. Following the completion of the sale, the executive vice president now directly owns 625,883 shares of the company’s stock, valued at approximately $2,278,214.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.47% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in ODP. York Capital Management Global Advisors LLC increased its position in Office Depot by 176.2% in the first quarter. York Capital Management Global Advisors LLC now owns 6,844,315 shares of the company’s stock valued at $48,595,000 after buying an additional 4,366,063 shares in the last quarter. Geode Capital Management LLC increased its position in Office Depot by 9.2% in the first quarter. Geode Capital Management LLC now owns 3,673,356 shares of the company’s stock valued at $26,080,000 after buying an additional 308,222 shares in the last quarter. Whitebox Advisors LLC increased its position in Office Depot by 304.8% in the second quarter. Whitebox Advisors LLC now owns 3,683,893 shares of the company’s stock valued at $12,194,000 after buying an additional 2,773,839 shares in the last quarter. Renaissance Technologies LLC increased its position in Office Depot by 93.9% in the first quarter. Renaissance Technologies LLC now owns 3,043,296 shares of the company’s stock valued at $21,607,000 after buying an additional 1,473,696 shares in the last quarter. Finally, Opera Trading Capital purchased a new position in Office Depot during the first quarter valued at $177,000. 92.72% of the stock is owned by institutional investors.
About Office Depot
Office Depot, Inc (Office Depot) is a provider of office products and services. The Company sells products and services to consumers through three segments: North American Retail Division, North American Business Solutions Division and International Division. It operates under the Office Depot and OfficeMax brands.
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