Office Depot (ODP) Stock Rating Lowered by BidaskClub

Office Depot (NASDAQ:ODP) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Friday.

Several other brokerages have also recently commented on ODP. ValuEngine upgraded shares of Office Depot from a “sell” rating to a “hold” rating in a research note on Thursday, August 2nd. Zacks Investment Research upgraded shares of Office Depot from a “hold” rating to a “buy” rating and set a $3.50 price objective for the company in a research note on Thursday, August 9th. Finally, Bank of America restated a “buy” rating and set a $4.00 price objective on shares of Office Depot in a research note on Tuesday, August 7th. Four analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $3.75.

Shares of NASDAQ ODP opened at $2.65 on Friday. The company has a quick ratio of 0.85, a current ratio of 1.38 and a debt-to-equity ratio of 0.77. Office Depot has a 12 month low of $2.00 and a 12 month high of $3.85. The company has a market cap of $1.54 billion, a price-to-earnings ratio of 5.89, a price-to-earnings-growth ratio of 0.49 and a beta of 2.69.

Office Depot (NASDAQ:ODP) last announced its quarterly earnings data on Tuesday, August 7th. The specialty retailer reported $0.05 EPS for the quarter, beating the consensus estimate of $0.04 by $0.01. Office Depot had a net margin of 0.91% and a return on equity of 9.20%. The business had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.61 billion. During the same period in the previous year, the business posted $0.06 EPS. As a group, equities research analysts forecast that Office Depot will post 0.33 earnings per share for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. State of Alaska Department of Revenue lifted its stake in shares of Office Depot by 10.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 184,465 shares of the specialty retailer’s stock valued at $592,000 after purchasing an additional 17,265 shares during the period. Aperio Group LLC lifted its stake in shares of Office Depot by 6.0% in the 3rd quarter. Aperio Group LLC now owns 368,107 shares of the specialty retailer’s stock valued at $1,182,000 after purchasing an additional 20,769 shares during the period. Nisa Investment Advisors LLC lifted its stake in shares of Office Depot by 74.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 52,160 shares of the specialty retailer’s stock valued at $133,000 after purchasing an additional 22,300 shares during the period. AMG Funds LLC lifted its stake in shares of Office Depot by 6.2% in the 2nd quarter. AMG Funds LLC now owns 454,043 shares of the specialty retailer’s stock valued at $1,158,000 after purchasing an additional 26,514 shares during the period. Finally, Xact Kapitalforvaltning AB lifted its stake in shares of Office Depot by 51.9% in the 1st quarter. Xact Kapitalforvaltning AB now owns 82,848 shares of the specialty retailer’s stock valued at $178,000 after purchasing an additional 28,300 shares during the period. Hedge funds and other institutional investors own 90.69% of the company’s stock.

About Office Depot

Office Depot, Inc, together with its subsidiaries, provides various products and services. It operates in three divisions: Retail, Business Solutions, and CompuCom. The Retail division operates retail stores, which offer office supplies; technology products and solutions; business machines and related supplies; print, cleaning, breakroom, and facilities products; and office furniture in the United States, Puerto Rico, and the U.S.

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