Staples, Inc. (SPLS) Bonds Trading 2.3% Lower

An issue of Staples, Inc. (NASDAQ:SPLS) debt fell 2.3% against its face value during trading on Friday. The high-yield issue of debt has a 8.5% coupon and is set to mature on September 15, 2025. The bonds in the issue are now trading at $88.50 and were trading at $94.75 last week. Price changes in a company’s debt in credit markets often anticipate parallel changes in its share price.

A number of brokerages have recently issued reports on SPLS. Telsey Advisory Group lifted their price target on Staples from $9.00 to $10.25 and gave the stock a “market perform” rating in a research note on Thursday, June 29th. BidaskClub lowered Staples from a “sell” rating to a “strong sell” rating in a research note on Friday, July 28th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $9.00 price target on shares of Staples in a research note on Wednesday, August 9th. Finally, Zacks Investment Research lowered Staples from a “hold” rating to a “sell” rating in a research note on Wednesday, August 16th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $8.85.

Shares of Staples, Inc. (SPLS) traded up 0.10% during trading on Friday, reaching $10.25. The company had a trading volume of 9,785,997 shares. Staples, Inc. has a 12 month low of $7.24 and a 12 month high of $10.26. The firm’s 50 day moving average price is $10.21 and its 200 day moving average price is $9.58. The firm’s market capitalization is $6.73 billion.

Staples (NASDAQ:SPLS) last posted its quarterly earnings data on Thursday, August 24th. The specialty retailer reported $0.12 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.12. Staples had a return on equity of 7.49% and a net margin of 1.61%. The business had revenue of $3.91 billion for the quarter, compared to analysts’ expectations of $3.87 billion. During the same quarter last year, the firm earned $0.12 earnings per share. The business’s revenue was down 3.1% on a year-over-year basis. Equities analysts predict that Staples, Inc. will post $0.86 EPS for the current year.

Several hedge funds have recently bought and sold shares of the company. Shell Asset Management Co. boosted its holdings in shares of Staples by 196.3% during the third quarter. Shell Asset Management Co. now owns 109,908 shares of the specialty retailer’s stock worth $1,330,000 after purchasing an additional 72,818 shares during the last quarter. W. E. Donoghue & Co. LLC acquired a new stake in shares of Staples during the second quarter worth $17,464,000. Sentry Investment Management LLC acquired a new stake in shares of Staples during the second quarter worth $509,000. Toronto Dominion Bank boosted its holdings in shares of Staples by 26.0% during the second quarter. Toronto Dominion Bank now owns 221,236 shares of the specialty retailer’s stock worth $2,227,000 after purchasing an additional 45,623 shares during the last quarter. Finally, Banco BTG Pactual S.A. acquired a new stake in shares of Staples during the second quarter worth $10,050,000. Institutional investors and hedge funds own 85.56% of the company’s stock.

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About Staples

Staples, Inc (Staples) is a provider of products and services that serve the needs of business customers and consumers. The Company offers a range of print and marketing and technology services. The Company’s segments include North American Delivery, North American Retail and Other. The North American Delivery segment consists of the United States and Canadian businesses, including Staples Business Advantage, staples.com, staples.ca, and quill.com, that sell and deliver products and services primarily to businesses.

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