Zacks Investment Research Downgrades Acco Brands Corporation (NYSE:ACCO) to Hold

Acco Brands Corporation (NYSE:ACCO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday, October 17th.

According to Zacks, “ACCO Brands Corporation is a world leader in branded office products. Its industry-leading brands include Swingline, Kensington, Wilson Jones, Quartet, GBC, and Day-Timer, among others. Under the GBC brand, the Company is also a leader in the professional printing market. “



A number of other analysts have also recently weighed in on the company. BidaskClub raised Acco Brands Corporation from a “hold” rating to a “buy” rating in a research report on Friday, October 13th. ValuEngine raised Acco Brands Corporation from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. Finally, BWS Financial reissued a “buy” rating and issued a $18.00 price target on shares of Acco Brands Corporation in a report on Tuesday, July 4th.

Shares of Acco Brands Corporation (NYSE ACCO) traded up 0.39% on Tuesday, reaching $13.00. 424,313 shares of the company’s stock were exchanged. The stock has a market cap of $1.41 billion, a price-to-earnings ratio of 25.90 and a beta of 1.40. Acco Brands Corporation has a one year low of $10.35 and a one year high of $14.75. The company’s 50 day moving average is $12.11 and its 200-day moving average is $11.97.

Acco Brands Corporation (NYSE:ACCO) last posted its quarterly earnings data on Tuesday, August 1st. The industrial products company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.04. Acco Brands Corporation had a return on equity of 15.03% and a net margin of 3.25%. The company had revenue of $490.00 million during the quarter, compared to analysts’ expectations of $497.17 million. During the same period last year, the firm earned $0.25 EPS. The firm’s revenue for the quarter was up 19.5% on a year-over-year basis. On average, analysts anticipate that Acco Brands Corporation will post $1.10 EPS for the current year.

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In other Acco Brands Corporation news, VP Neal V. Fenwick purchased 12,313 shares of Acco Brands Corporation stock in a transaction dated Thursday, August 3rd. The stock was acquired at an average cost of $10.60 per share, with a total value of $130,517.80. Following the acquisition, the vice president now directly owns 423,311 shares of the company’s stock, valued at $4,487,096.60. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Gregory J. Mccormack sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $10.95, for a total value of $273,750.00. Following the completion of the transaction, the insider now directly owns 63,889 shares of the company’s stock, valued at $699,584.55. The disclosure for this sale can be found here. 4.50% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Acco Brands Corporation by 0.5% in the 2nd quarter. Vanguard Group Inc. now owns 9,716,711 shares of the industrial products company’s stock valued at $113,200,000 after purchasing an additional 50,566 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Acco Brands Corporation by 1.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,193,361 shares of the industrial products company’s stock valued at $107,102,000 after purchasing an additional 108,304 shares in the last quarter. BlackRock Inc. increased its stake in Acco Brands Corporation by 16,978.3% in the 1st quarter. BlackRock Inc. now owns 7,403,606 shares of the industrial products company’s stock valued at $97,358,000 after purchasing an additional 7,360,255 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Acco Brands Corporation by 1.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,126,210 shares of the industrial products company’s stock valued at $83,019,000 after purchasing an additional 89,746 shares in the last quarter. Finally, Royal Bank of Canada increased its stake in Acco Brands Corporation by 5.9% in the 2nd quarter. Royal Bank of Canada now owns 6,122,124 shares of the industrial products company’s stock valued at $71,323,000 after purchasing an additional 339,057 shares in the last quarter. 90.73% of the stock is owned by hedge funds and other institutional investors.

About Acco Brands Corporation

ACCO Brands Corporation is engaged in designing, marketing and manufacturing of branded business, academic and selected consumer products. The Company operates through three segments: ACCO Brands North America, ACCO Brands International and Computer Products Group. The Company’s brands include Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Kensington, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra and Wilson Jones.

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