Office Depot, Inc. (NASDAQ:ODP) saw a significant decline in short interest in the month of September. As of September 29th, there was short interest totalling 11,956,882 shares, a decline of 21.0% from the September 15th total of 15,126,435 shares. Approximately 2.4% of the shares of the company are sold short. Based on an average trading volume of 3,790,204 shares, the short-interest ratio is presently 3.2 days.
ODP has been the subject of several recent research reports. BidaskClub lowered Office Depot from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Bank of America Corporation reissued a “buy” rating and set a $6.00 price target on shares of Office Depot in a report on Tuesday, September 5th. Zacks Investment Research lowered Office Depot from a “hold” rating to a “sell” rating in a report on Monday, August 14th. Jefferies Group LLC reissued a “hold” rating and set a $4.15 price target (down previously from $5.00) on shares of Office Depot in a report on Friday, October 6th. Finally, Loop Capital reissued a “hold” rating and set a $5.00 price target on shares of Office Depot in a report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $5.08.
Office Depot (NASDAQ ODP) opened at 3.74 on Friday. The stock has a market capitalization of $1.94 billion, a P/E ratio of 4.84 and a beta of 2.89. Office Depot has a 12 month low of $3.01 and a 12 month high of $6.26. The stock has a 50 day moving average price of $4.26 and a 200 day moving average price of $4.95.
Office Depot (NASDAQ:ODP) last posted its earnings results on Wednesday, August 9th. The specialty retailer reported $0.06 EPS for the quarter, missing the Zacks’ consensus estimate of $0.09 by ($0.03). Office Depot had a net margin of 2.49% and a return on equity of 13.97%. The business had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same quarter last year, the business earned $0.06 earnings per share. Office Depot’s revenue was down 8.5% on a year-over-year basis. Equities analysts predict that Office Depot will post $0.46 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, August 25th were given a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date was Wednesday, August 23rd. Office Depot’s dividend payout ratio (DPR) is presently 20.00%.
Several large investors have recently bought and sold shares of ODP. BlackRock Inc. grew its position in shares of Office Depot by 15,485.9% during the 1st quarter. BlackRock Inc. now owns 54,498,187 shares of the specialty retailer’s stock valued at $254,234,000 after acquiring an additional 54,148,524 shares during the period. AJO LP grew its position in shares of Office Depot by 5,759.7% during the 2nd quarter. AJO LP now owns 11,554,182 shares of the specialty retailer’s stock valued at $65,166,000 after acquiring an additional 11,357,003 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Office Depot by 28.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 28,351,548 shares of the specialty retailer’s stock valued at $132,259,000 after acquiring an additional 6,324,791 shares during the period. LSV Asset Management grew its position in shares of Office Depot by 125.9% during the 2nd quarter. LSV Asset Management now owns 7,849,227 shares of the specialty retailer’s stock valued at $44,269,000 after acquiring an additional 4,374,431 shares during the period. Finally, Prudential Financial Inc. grew its position in shares of Office Depot by 72.2% during the 2nd quarter. Prudential Financial Inc. now owns 9,999,340 shares of the specialty retailer’s stock valued at $56,396,000 after acquiring an additional 4,192,720 shares during the period. Hedge funds and other institutional investors own 94.06% of the company’s stock.
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About Office Depot
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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