Acco Brands Corp. (ACCO) Downgraded by Zacks Investment Research to Hold
Acco Brands Corp. (NYSE:ACCO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “ACCO Brands Corporation is a world leader in branded office products. Its industry-leading brands include Swingline, Kensington, Wilson Jones, Quartet, GBC, and Day-Timer, among others. Under the GBC brand, the Company is also a leader in the professional printing market. “
Acco Brands Corp. (NYSE:ACCO) traded up 1.262% during trading on Tuesday, reaching $9.225. 288,317 shares of the company’s stock traded hands. The company has a market cap of $988.86 million, a PE ratio of 7.643 and a beta of 1.96. The company has a 50 day moving average price of $9.71 and a 200-day moving average price of $9.93. Acco Brands Corp. has a 12-month low of $5.47 and a 12-month high of $11.75.
Acco Brands Corp. (NYSE:ACCO) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.02. Acco Brands Corp. had a net margin of 8.63% and a return on equity of 14.64%. The business earned $410.10 million during the quarter, compared to analysts’ expectations of $390.75 million. During the same quarter in the prior year, the company posted $0.24 EPS. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. On average, equities research analysts forecast that Acco Brands Corp. will post $0.83 EPS for the current fiscal year.
Several hedge funds have recently bought and sold shares of ACCO. Societe Generale bought a new position in Acco Brands Corp. during the second quarter worth $110,000. SG Americas Securities LLC bought a new position in Acco Brands Corp. during the second quarter worth $110,000. BNP Paribas Arbitrage SA boosted its position in Acco Brands Corp. by 68.0% in the third quarter. BNP Paribas Arbitrage SA now owns 11,558 shares of the company’s stock worth $111,000 after buying an additional 4,680 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in Acco Brands Corp. by 331.0% in the second quarter. Tower Research Capital LLC TRC now owns 11,774 shares of the company’s stock worth $121,000 after buying an additional 9,042 shares during the last quarter. Finally, Springbok Capital Management LLC boosted its position in Acco Brands Corp. by 55.7% in the first quarter. Springbok Capital Management LLC now owns 15,722 shares of the company’s stock worth $141,000 after buying an additional 5,622 shares during the last quarter. 94.21% of the stock is owned by institutional investors and hedge funds.
Acco Brands Corp. Company Profile
ACCO Brands Corporation is a manufacturer and marketer of office, school and calendar products, and also computer and electronic accessories. It sells its products to consumers and commercial end users through resellers, including traditional office supply resellers, wholesalers and retailers, including online retailers.
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