ValuEngine Lowers Office Depot (ODP) to Strong Sell

ValuEngine cut shares of Office Depot (NASDAQ:ODP) from a sell rating to a strong sell rating in a research report released on Thursday morning.

Other equities research analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of Office Depot from a buy rating to a hold rating in a report on Tuesday, July 17th. BidaskClub upgraded shares of Office Depot from a hold rating to a buy rating in a report on Tuesday, July 10th. Finally, Bank of America restated a buy rating and issued a $4.00 price objective on shares of Office Depot in a report on Tuesday, August 7th. Three analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. Office Depot currently has an average rating of Hold and a consensus price target of $3.75.

Shares of NASDAQ ODP traded up $0.05 during midday trading on Thursday, hitting $2.68. 3,719,620 shares of the company traded hands, compared to its average volume of 5,758,283. Office Depot has a 12-month low of $2.00 and a 12-month high of $3.66. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.38 and a quick ratio of 0.85. The stock has a market capitalization of $1.43 billion, a P/E ratio of 5.96, a P/E/G ratio of 0.45 and a beta of 2.69.

Office Depot (NASDAQ:ODP) last announced its quarterly earnings results on Tuesday, August 7th. The specialty retailer reported $0.05 earnings per share (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 company had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.61 billion. During the same quarter in the previous year, the company earned $0.06 earnings per share. Research analysts anticipate that Office Depot will post 0.33 earnings per share for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of ODP. Zeke Capital Advisors LLC bought a new position in shares of Office Depot in the second quarter worth approximately $106,000. Acadian Asset Management LLC lifted its stake in shares of Office Depot by 2,383.8% in the third quarter. Acadian Asset Management LLC now owns 35,817 shares of the specialty retailer’s stock worth $115,000 after buying an additional 34,375 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Office Depot in the second quarter worth approximately $121,000. Nisa Investment Advisors LLC lifted its stake in shares of Office Depot by 74.7% in the second quarter. Nisa Investment Advisors LLC now owns 52,160 shares of the specialty retailer’s stock worth $133,000 after buying an additional 22,300 shares in the last quarter. Finally, Greenwich Wealth Management LLC lifted its stake in shares of Office Depot by 233.9% in the second quarter. Greenwich Wealth Management LLC now owns 54,027 shares of the specialty retailer’s stock worth $138,000 after buying an additional 37,845 shares in the last quarter. Hedge funds and other institutional investors own 90.70% of the company’s stock.

Office Depot Company Profile

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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