Office Depot, Inc. (ODP) Receives Average Recommendation of “Hold” from Analysts
Office Depot, Inc. (NASDAQ:ODP) has been given an average rating of “Hold” by the ten research firms that are currently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and two have given a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $5.08.
ODP has been the subject of several recent analyst reports. BidaskClub lowered shares of Office Depot from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Loop Capital reissued a “hold” rating and set a $5.00 price target on shares of Office Depot in a research note on Wednesday, July 12th. Zacks Investment Research cut shares of Office Depot from a “hold” rating to a “sell” rating in a research note on Monday, August 14th. Bank of America Corporation reaffirmed a “buy” rating on shares of Office Depot in a research note on Sunday, August 13th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and issued a $5.00 price objective (down from $5.75) on shares of Office Depot in a research note on Thursday, August 10th.
In other news, insider Michael R. Allison sold 360,000 shares of the business’s stock in a transaction that occurred on Friday, October 13th. The shares were sold at an average price of $3.83, for a total value of $1,378,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.43% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Office Depot by 15,485.9% during the 1st 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 in the last quarter. Vanguard Group Inc. boosted its stake in shares of Office Depot by 3.0% in the 2nd quarter. Vanguard Group Inc. now owns 44,341,527 shares of the specialty retailer’s stock valued at $250,086,000 after purchasing an additional 1,286,833 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Office Depot by 20.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 34,029,233 shares of the specialty retailer’s stock valued at $191,925,000 after purchasing an additional 5,677,685 shares during the last quarter. State Street Corp boosted its stake in shares of Office Depot by 2.1% in the 2nd quarter. State Street Corp now owns 18,758,006 shares of the specialty retailer’s stock valued at $105,796,000 after purchasing an additional 384,531 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Office Depot by 7.5% in the 2nd quarter. Northern Trust Corp now owns 13,355,039 shares of the specialty retailer’s stock valued at $75,322,000 after purchasing an additional 932,852 shares during the last quarter. Institutional investors and hedge funds own 94.89% of the company’s stock.
Shares of Office Depot (NASDAQ:ODP) opened at 3.10 on Wednesday. The stock’s 50 day moving average price is $4.03 and its 200-day moving average price is $4.86. Office Depot has a 12 month low of $2.97 and a 12 month high of $6.26. The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of 4.02 and a beta of 2.89.
Office Depot (NASDAQ:ODP) last posted its quarterly earnings results on Wednesday, August 9th. The specialty retailer reported $0.06 earnings per share (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 period last year, the company earned $0.06 EPS. The business’s revenue for the quarter was down 8.5% on a year-over-year basis. Equities analysts forecast that Office Depot will post $0.46 earnings per share for the current fiscal year.
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Office Depot Company Profile
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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