Adirondack Research & Management Inc. lessened its holdings in Office Depot, Inc. (NASDAQ:ODP) by 20.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 772,414 shares of the specialty retailer’s stock after selling 194,078 shares during the quarter. Adirondack Research & Management Inc. owned approximately 0.15% of Office Depot worth $3,507,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in ODP. Vanguard Group Inc. lifted its holdings in Office Depot by 3.0% in the second quarter. Vanguard Group Inc. now owns 44,341,527 shares of the specialty retailer’s stock worth $250,086,000 after purchasing an additional 1,286,833 shares during the period. Dimensional Fund Advisors LP raised its position in Office Depot by 20.0% in the second quarter. Dimensional Fund Advisors LP now owns 34,029,233 shares of the specialty retailer’s stock worth $191,925,000 after acquiring an additional 5,677,685 shares in the last quarter. State Street Corp raised its position in Office Depot by 2.1% in the second quarter. State Street Corp now owns 18,758,006 shares of the specialty retailer’s stock worth $105,796,000 after acquiring an additional 384,531 shares in the last quarter. Northern Trust Corp raised its position in Office Depot by 7.5% in the second quarter. Northern Trust Corp now owns 13,355,039 shares of the specialty retailer’s stock worth $75,322,000 after acquiring an additional 932,852 shares in the last quarter. Finally, AJO LP raised its position in Office Depot by 5,759.7% in the second quarter. AJO LP now owns 11,554,182 shares of the specialty retailer’s stock worth $65,166,000 after acquiring an additional 11,357,003 shares in the last quarter. 93.29% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have issued reports on ODP shares. J P Morgan Chase & Co cut Office Depot from a “neutral” rating to an “underweight” rating in a research report on Monday, October 30th. BidaskClub upgraded Office Depot from a “sell” rating to a “hold” rating in a report on Saturday, October 7th. Jefferies Group restated a “hold” rating and issued a $4.15 target price (down from $5.00) on shares of Office Depot in a research note on Friday, October 6th. Bank of America restated a “buy” rating and issued a $6.00 target price on shares of Office Depot in a research note on Tuesday, September 5th. Finally, ValuEngine lowered Office Depot from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 1st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. Office Depot presently has a consensus rating of “Hold” and a consensus price target of $5.08.
Shares of Office Depot, Inc. (NASDAQ:ODP) traded up $0.16 during mid-day trading on Monday, hitting $3.37. The stock had a trading volume of 6,112,650 shares, compared to its average volume of 5,815,387. The company has a market capitalization of $1,656.74, a PE ratio of 6.83, a PEG ratio of 1.00 and a beta of 2.87. Office Depot, Inc. has a 12 month low of $2.97 and a 12 month high of $6.26. The company has a quick ratio of 0.93, a current ratio of 1.52 and a debt-to-equity ratio of 0.51.
Office Depot (NASDAQ:ODP) last posted its quarterly earnings results on Thursday, November 9th. The specialty retailer reported $0.14 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.14. The business had revenue of $2.62 billion for the quarter, compared to analysts’ expectations of $2.61 billion. Office Depot had a return on equity of 12.86% and a net margin of 3.00%. The firm’s quarterly revenue was down 7.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.16 earnings per share. equities research analysts forecast that Office Depot, Inc. will post 0.44 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, November 24th will be paid a $0.025 dividend. This represents a $0.10 annualized dividend and a yield of 2.97%. The ex-dividend date of this dividend is Wednesday, November 22nd. Office Depot’s payout ratio is 16.95%.
In other Office Depot news, insider Michael R. Allison sold 360,000 shares of the stock in a transaction dated Friday, October 13th. The stock was sold at an average price of $3.83, for a total value of $1,378,800.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.43% 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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