BNP Paribas Arbitrage SA increased its position in shares of Office Depot, Inc. (NASDAQ:ODP) by 320.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 758,013 shares of the specialty retailer’s stock after buying an additional 577,912 shares during the period. BNP Paribas Arbitrage SA owned about 0.15% of Office Depot worth $4,275,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Nomura Asset Management Co. Ltd. increased its position in shares of Office Depot by 33.3% in the first quarter. Nomura Asset Management Co. Ltd. now owns 21,600 shares of the specialty retailer’s stock worth $101,000 after buying an additional 5,400 shares during the period. Eagle Global Advisors LLC bought a new position in shares of Office Depot during the second quarter worth about $103,000. Stratos Wealth Partners LTD. bought a new position in shares of Office Depot during the second quarter worth about $109,000. Horizon Investment Services LLC bought a new position in shares of Office Depot during the first quarter worth about $111,000. Finally, Envestnet Asset Management Inc. increased its position in shares of Office Depot by 8.2% in the first quarter. Envestnet Asset Management Inc. now owns 25,558 shares of the specialty retailer’s stock worth $119,000 after buying an additional 1,927 shares during the period. Institutional investors own 93.33% of the company’s stock.
Office Depot, Inc. (NASDAQ ODP) opened at 4.14 on Friday. The company has a 50-day moving average price of $5.26 and a 200-day moving average price of $5.02. The stock has a market capitalization of $2.15 billion, a PE ratio of 5.36 and a beta of 2.98. Office Depot, Inc. has a 12-month low of $3.01 and a 12-month high of $6.26.
Office Depot (NASDAQ:ODP) last issued its earnings results on Wednesday, August 9th. The specialty retailer reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by $0.03. The business had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.44 billion. Office Depot had a return on equity of 13.97% and a net margin of 2.49%. The business’s quarterly revenue was down 8.5% on a year-over-year basis. During the same period last year, the company posted $0.06 earnings per share. Analysts expect that Office Depot, Inc. will post $0.51 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, August 25th will be paid a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend is Wednesday, August 23rd. Office Depot’s dividend payout ratio (DPR) is 20.00%.
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ODP has been the subject of a number of recent research reports. Zacks Investment Research upgraded Office Depot from a “hold” rating to a “buy” rating and set a $6.00 price objective for the company in a research note on Wednesday, May 10th. BidaskClub raised Office Depot from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Bank of America Corporation reissued a “buy” rating on shares of Office Depot in a report on Sunday, August 13th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Office Depot in a report on Tuesday, May 9th. Finally, Deutsche Bank AG reissued a “hold” rating and issued a $5.00 price target (down from $5.75) on shares of Office Depot in a report on Thursday, August 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $5.25.
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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