BidaskClub downgraded shares of Office Depot, Inc. (NASDAQ:ODP) from a buy rating to a hold rating in a research note issued to investors on Thursday, July 27th.
A number of other research firms also recently issued reports on ODP. Oppenheimer Holdings, Inc. reissued a hold rating on shares of Office Depot in a research note on Tuesday, May 9th. Zacks Investment Research raised shares of Office Depot from a hold rating to a buy rating and set a $6.00 target price for the company in a research note on Wednesday, May 10th. Loop Capital reaffirmed a hold rating and set a $5.00 target price on shares of Office Depot in a research note on Wednesday, July 12th. Jefferies Group LLC reaffirmed a hold rating and set a $5.00 target price (up previously from $4.50) on shares of Office Depot in a research note on Wednesday, May 10th. Finally, Telsey Advisory Group raised their target price on shares of Office Depot from $4.40 to $5.25 and gave the company a market perform rating in a research note on Wednesday, May 10th. Eight analysts have rated the stock with a hold rating, The company has an average rating of Hold and a consensus price target of $5.12.
Office Depot (NASDAQ ODP) traded down 0.97% during trading on Thursday, reaching $6.11. The company’s stock had a trading volume of 8,282,988 shares. Office Depot has a one year low of $3.01 and a one year high of $6.26. The company has a 50-day moving average of $5.72 and a 200 day moving average of $5.02. The firm has a market cap of $3.16 billion, a PE ratio of 5.51 and a beta of 2.98.
Office Depot (NASDAQ:ODP) last released its quarterly earnings results on Tuesday, May 9th. The specialty retailer reported $0.16 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.04. Office Depot had a net margin of 3.93% and a return on equity of 13.39%. The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.71 billion. During the same period in the prior year, the firm earned $0.10 earnings per share. Office Depot’s revenue was down 7.0% on a year-over-year basis. Analysts expect that Office Depot will post $0.53 EPS for the current fiscal year.
In other news, insider Michael R. Allison sold 66,217 shares of Office Depot stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $5.08, for a total transaction of $336,382.36. Following the transaction, the insider now owns 763,691 shares in the company, valued at approximately $3,879,550.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.43% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. GSA Capital Partners LLP acquired a new stake in Office Depot during the fourth quarter worth $145,000. Thrivent Financial for Lutherans boosted its position in Office Depot by 6.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 91,280 shares of the specialty retailer’s stock worth $413,000 after buying an additional 5,890 shares in the last quarter. UBS Asset Management Americas Inc. boosted its stake in Office Depot by 21.1% in the fourth quarter. UBS Asset Management Americas Inc. now owns 687,801 shares of the specialty retailer’s stock valued at $3,109,000 after buying an additional 119,656 shares during the period. ANTIPODES PARTNERS Ltd boosted its stake in Office Depot by 23.5% in the first quarter. ANTIPODES PARTNERS Ltd now owns 10,126,124 shares of the specialty retailer’s stock valued at $46,586,000 after buying an additional 1,927,796 shares during the period. Finally, Bank of Montreal Can boosted its stake in Office Depot by 49.6% in the first quarter. Bank of Montreal Can now owns 51,617 shares of the specialty retailer’s stock valued at $241,000 after buying an additional 17,114 shares during the period. Institutional investors own 93.46% of the company’s stock.
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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