Acco Brands (NYSE:ACCO) Reaches New 52-Week High After Strong Earnings

Shares of Acco Brands Corporation (NYSE:ACCO) reached a new 52-week high during mid-day trading on Friday following a stronger than expected earnings report. The stock traded as high as $5.46 and last traded at $5.4750, with a volume of 4,503,586 shares. The stock had previously closed at $4.36.

The industrial products company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.09. The company had revenue of $380.30 million during the quarter, compared to the consensus estimate of $383.70 million. Acco Brands had a return on equity of 12.57% and a net margin of 3.74%.

Acco Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 9th. Shareholders of record on Friday, November 20th will be paid a dividend of $0.0750 per share. This represents a $0.30 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date of this dividend is Friday, November 20th. Acco Brands’s payout ratio is presently 48.39%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ACCO. Barrington Research set a $6.00 price target on Acco Brands in a report on Wednesday, August 5th. Weiss Ratings raised Acco Brands from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, September 24th. Finally, Wall Street Zen downgraded Acco Brands from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 1st. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $6.00.

Institutional Trading of Acco Brands

Hedge funds have recently modified their holdings of the company. Bank of America Corp DE bought a new stake in Acco Brands during the 2nd quarter worth approximately $4,291,000. Bank of New York Mellon Corp bought a new stake in Acco Brands during the 2nd quarter worth about $4,079,000. BlackRock Inc. bought a new position in Acco Brands in the second quarter valued at approximately $36,919,000. Empowered Funds LLC acquired a new stake in shares of Acco Brands in the 2nd quarter valued at approximately $2,290,000. Finally, Squarepoint Ops LLC acquired a new position in Acco Brands during the second quarter worth $1,177,000. 84.56% of the stock is currently owned by institutional investors and hedge funds.

Acco Brands Trading Up 25.7%

The business’s 50 day simple moving average is $4.36 and its 200 day simple moving average is $3.95. The stock has a market cap of $505.85 million, a price-to-earnings ratio of 8.84, a PEG ratio of 0.82 and a beta of 1.20. The company has a quick ratio of 1.22, a current ratio of 1.97 and a debt-to-equity ratio of 1.30.

Acco Brands Company Profile

ACCO Brands Corporation is a global manufacturer and marketer of consumer and office products. Its portfolio includes supplies and equipment used in workplaces, schools and homes, as well as products designed to support organization, productivity and personal technology.

The company’s brands include Swingline, Kensington, Mead, Five Star, GBC, Quartet and Esselte. Its products include staplers, punches, shredders, laminators, binding systems, presentation supplies, notebooks, planners, backpacks, computer accessories and other workspace and school supplies.

ACCO Brands traces its history to the American Clip Company, founded in 1903.