Balyasny Asset Management LLC Sells 142,400 Shares of Office Depot, Inc. (ODP)
Balyasny Asset Management LLC decreased its stake in shares of Office Depot, Inc. (NASDAQ:ODP) by 79.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,917 shares of the specialty retailer’s stock after selling 142,400 shares during the quarter. Balyasny Asset Management LLC’s holdings in Office Depot were worth $203,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Century Capital Management LLC increased its holdings in Office Depot by 38.1% during the 2nd quarter. Century Capital Management LLC now owns 359,546 shares of the specialty retailer’s stock worth $2,028,000 after purchasing an additional 99,120 shares during the period. Prudential Financial Inc. increased its holdings in Office Depot by 72.2% during the 2nd 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. Chicago Equity Partners LLC increased its holdings in Office Depot by 311.0% during the 2nd quarter. Chicago Equity Partners LLC now owns 980,055 shares of the specialty retailer’s stock worth $5,528,000 after purchasing an additional 741,570 shares during the period. Thrivent Financial For Lutherans increased its holdings in Office Depot by 7.0% during the 1st quarter. Thrivent Financial For Lutherans now owns 97,640 shares of the specialty retailer’s stock worth $455,000 after purchasing an additional 6,360 shares during the period. Finally, Cigna Investments Inc. New increased its holdings in Office Depot by 106.8% during the 2nd quarter. Cigna Investments Inc. New now owns 41,203 shares of the specialty retailer’s stock worth $232,000 after purchasing an additional 21,276 shares during the period. Institutional investors own 94.36% of the company’s stock.
In related news, insider Michael R. Allison sold 360,000 shares of the business’s stock in a transaction dated Friday, October 13th. The stock was sold at an average price of $3.83, for a total value of $1,378,800.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.43% of the company’s stock.
Several equities research analysts have weighed in on the company. BidaskClub downgraded Office Depot from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Zacks Investment Research downgraded Office Depot from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. Loop Capital restated a “hold” rating and set a $5.00 price target on shares of Office Depot in a report on Wednesday, July 12th. Deutsche Bank AG restated a “hold” rating and set a $5.00 price target (down previously from $5.75) on shares of Office Depot in a report on Thursday, August 10th. Finally, Bank of America Corporation restated a “buy” rating and set a $6.00 price target on shares of Office Depot in a report on Tuesday, September 5th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $5.08.
Office Depot, Inc. (NASDAQ:ODP) opened at 3.78 on Friday. The stock has a market cap of $1.96 billion, a P/E ratio of 4.90 and a beta of 2.89. Office Depot, Inc. has a 12-month low of $3.01 and a 12-month high of $6.26. The stock has a 50 day moving average price of $4.18 and a 200-day moving average price of $4.92.
Office Depot (NASDAQ:ODP) last released its quarterly earnings results on Wednesday, August 9th. The specialty retailer reported $0.06 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by ($0.03). Office Depot had a return on equity of 13.97% and a net margin of 2.49%. The business had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same quarter last year, the firm posted $0.06 EPS. The company’s revenue was down 8.5% compared to the same quarter last year. On average, equities analysts expect that Office Depot, Inc. will post $0.46 earnings per share for the current year.
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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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