ProShare Advisors LLC Decreases Holdings in Office Depot, Inc. (ODP)
ProShare Advisors LLC lessened its holdings in Office Depot, Inc. (NASDAQ:ODP) by 24.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 85,440 shares of the specialty retailer’s stock after selling 27,116 shares during the quarter. ProShare Advisors LLC’s holdings in Office Depot were worth $482,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in ODP. BlackRock Inc. boosted its holdings in Office Depot by 15,485.9% in the first quarter. BlackRock Inc. now owns 54,498,187 shares of the specialty retailer’s stock worth $254,234,000 after purchasing an additional 54,148,524 shares during the period. AJO LP boosted its holdings in Office Depot by 5,759.7% in the second quarter. AJO LP now owns 11,554,182 shares of the specialty retailer’s stock worth $65,166,000 after purchasing an additional 11,357,003 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Office Depot by 28.7% in the first quarter. Dimensional Fund Advisors LP now owns 28,351,548 shares of the specialty retailer’s stock worth $132,259,000 after purchasing an additional 6,324,791 shares during the period. LSV Asset Management boosted its holdings in Office Depot by 125.9% in the second quarter. LSV Asset Management now owns 7,849,227 shares of the specialty retailer’s stock worth $44,269,000 after purchasing an additional 4,374,431 shares during the period. Finally, Prudential Financial Inc. boosted its holdings in Office Depot by 72.2% in the second quarter. Prudential Financial Inc. now owns 9,999,340 shares of the specialty retailer’s stock worth $56,396,000 after purchasing an additional 4,192,720 shares during the period. 94.06% of the stock is owned by hedge funds and other institutional investors.
Office Depot, Inc. (NASDAQ:ODP) opened at 3.94 on Friday. Office Depot, Inc. has a one year low of $3.01 and a one year high of $6.26. The firm has a market cap of $2.04 billion, a P/E ratio of 5.10 and a beta of 2.89. The stock’s 50 day moving average is $4.29 and its 200 day moving average is $4.98.
Office Depot (NASDAQ:ODP) last announced its quarterly earnings results on Wednesday, August 9th. The specialty retailer reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). Office Depot had a net margin of 2.49% and a return on equity of 13.97%. The company had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.44 billion. During the same quarter last year, the company earned $0.06 earnings per share. The business’s revenue was down 8.5% on a year-over-year basis. On average, equities research analysts expect that Office Depot, Inc. will post $0.47 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, August 25th were given a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date of this dividend was Wednesday, August 23rd. Office Depot’s dividend payout ratio (DPR) is 20.00%.
A number of equities analysts have commented on the stock. BidaskClub raised shares of Office Depot from a “sell” rating to a “hold” rating in a report on Saturday. Jefferies Group LLC reaffirmed a “hold” rating and issued a $4.15 price objective (down previously from $5.00) on shares of Office Depot in a report on Friday. Bank of America Corporation reaffirmed a “buy” rating and issued a $6.00 price objective on shares of Office Depot in a report on Tuesday, September 5th. ValuEngine downgraded shares of Office Depot from a “strong-buy” rating to a “buy” rating in a report on Friday, September 1st. Finally, Zacks Investment Research downgraded shares of Office Depot from a “hold” rating to a “sell” rating in a report on Monday, August 14th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $5.08.
About Office Depot
Office Depot, Inc provides a selection of products and services to consumers and businesses of various sizes. The Company’s segments include North American Retail Division and North American Business Solutions Division. The North American Retail Division includes retail stores in the United States, including Puerto Rico and the United States Virgin Islands, which offer office supplies, technology products and solutions, business machines and related supplies, facilities products and office furniture.
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