Zacks Investment Research upgraded shares of ACCO Brands (NYSE:ACCO) from a hold rating to a buy rating in a research note released on Monday, Zacks.com reports. Zacks Investment Research currently has $10.00 price target on the industrial products company’s stock.
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. “
Separately, TheStreet lowered ACCO Brands from a b rating to a c rating in a research report on Wednesday, February 17th.
ACCO Brands (NYSE:ACCO) last released its quarterly earnings results on Monday, April 26th. The industrial products company reported $0.10 EPS for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.06. The company had revenue of $410.50 million for the quarter, compared to analyst estimates of $391.66 million. ACCO Brands had a return on equity of 9.75% and a net margin of 2.00%. As a group, analysts anticipate that ACCO Brands will post 1.23 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, June 21st. Investors of record on Thursday, May 27th will be given a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend is Wednesday, May 26th. ACCO Brands’s dividend payout ratio is presently 37.14%.
Institutional investors have recently made changes to their positions in the stock. Captrust Financial Advisors acquired a new stake in ACCO Brands in the 1st quarter valued at approximately $30,000. Eaton Vance Management acquired a new stake in ACCO Brands in the 1st quarter valued at approximately $42,000. Point72 Hong Kong Ltd raised its position in ACCO Brands by 872.5% in the 1st quarter. Point72 Hong Kong Ltd now owns 5,728 shares of the industrial products company’s stock valued at $48,000 after buying an additional 5,139 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in ACCO Brands in the 1st quarter valued at approximately $86,000. Finally, C M Bidwell & Associates Ltd. acquired a new position in shares of ACCO Brands during the 1st quarter worth approximately $92,000. 86.61% of the stock is currently owned by institutional investors and hedge funds.
About ACCO Brands
ACCO Brands Corporation designs, manufactures, and markets consumer, school, technology, and office products. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The company provides computer and gaming accessories, calendars, planners, dry erase boards, school notebooks, and janitorial supplies; storage and organization products, such as three-ring and lever-arch binders, sheet protectors, and indexes; laminating, binding, and shredding machines; writing instruments and art products; stapling and punching products; and do-it-yourself tools.
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