Office Depot Inc. (ODP) Receives $5.22 Consensus Price Target from Analysts
Office Depot Inc. (NASDAQ:ODP) has received an average recommendation of “Hold” from the ten brokerages that are currently covering the company. Eight research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $5.53.
A number of brokerages have weighed in on ODP. Zacks Investment Research downgraded shares of Office Depot from a “buy” rating to a “hold” rating in a research report on Thursday. Telsey Advisory Group decreased their price objective on shares of Office Depot from $5.00 to $4.50 and set a “market perform” rating for the company in a research report on Friday, October 28th. Morgan Stanley reiterated a “hold” rating and issued a $4.35 price objective on shares of Office Depot in a research report on Tuesday, August 16th. Finally, TheStreet upgraded shares of Office Depot from a “sell” rating to a “hold” rating in a research report on Wednesday, August 10th.
In other Office Depot news, EVP Michael R. Allison sold 23,434 shares of the stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $3.64, for a total value of $85,299.76. Following the completion of the sale, the executive vice president now owns 625,883 shares in the company, valued at approximately $2,278,214.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.47% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Boothbay Fund Management LLC increased its stake in Office Depot by 89.3% in the first quarter. Boothbay Fund Management LLC now owns 45,681 shares of the company’s stock worth $324,000 after buying an additional 21,555 shares during the last quarter. Saba Capital Management L.P. purchased a new stake in Office Depot during the first quarter valued at $1,448,000. York Capital Management Global Advisors LLC boosted its stake 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 during the period. HRS Investment Holdings LLC purchased a new stake in Office Depot during the first quarter valued at $532,000. Finally, Metropolitan Life Insurance Co. NY boosted its stake in Office Depot by 2.9% in the first quarter. Metropolitan Life Insurance Co. NY now owns 453,789 shares of the company’s stock valued at $3,222,000 after buying an additional 12,863 shares during the period. Institutional investors own 92.52% of the company’s stock.
Office Depot (NASDAQ:ODP) opened at 4.15 on Monday. Office Depot has a 52-week low of $3.01 and a 52-week high of $7.91. The company has a 50-day moving average price of $3.47 and a 200 day moving average price of $3.69. The stock has a market cap of $2.19 billion, a price-to-earnings ratio of 7.36 and a beta of 3.15.
Office Depot (NASDAQ:ODP) last issued its quarterly earnings data on Wednesday, November 2nd. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.01. The business earned $2.84 billion during the quarter, compared to the consensus estimate of $3.49 billion. Office Depot had a net margin of 2.41% and a return on equity of 11.70%. The company’s revenue was down 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.16 earnings per share. On average, analysts expect that Office Depot will post $0.41 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Friday, November 25th will be issued a $0.025 dividend. The ex-dividend date of this dividend is Tuesday, November 22nd. This represents a $0.10 dividend on an annualized basis and a yield of 2.41%. Office Depot’s payout ratio is 17.54%.
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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