Office Depot (ODP) Rating Increased to Sell at ValuEngine

ValuEngine upgraded shares of Office Depot (NASDAQ:ODP) from a strong sell rating to a sell rating in a research note published on Wednesday.

Several other research analysts have also commented on ODP. BidaskClub upgraded Office Depot from a hold rating to a buy rating in a report on Tuesday, July 10th. Zacks Investment Research upgraded Office Depot from a hold rating to a buy rating and set a $3.25 price target on the stock in a report on Tuesday, July 10th. Finally, Bank of America reiterated a buy rating and set a $4.00 price target on shares of Office Depot in a report on Tuesday, August 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. Office Depot has a consensus rating of Hold and a consensus price target of $4.17.

ODP stock traded down $0.12 during midday trading on Wednesday, reaching $3.25. The stock had a trading volume of 12,636,970 shares, compared to its average volume of 4,729,497. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.85 and a current ratio of 1.35. The firm has a market capitalization of $1.89 billion, a P/E ratio of 7.22 and a beta of 2.65. Office Depot has a 52-week low of $2.00 and a 52-week high of $3.66.

Office Depot (NASDAQ:ODP) last announced its quarterly earnings data on Wednesday, November 7th. The specialty retailer reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. Office Depot had a return on equity of 8.90% and a net margin of 0.59%. The company had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.83 billion. During the same quarter last year, the firm posted $0.14 EPS. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, equities analysts forecast that Office Depot will post 0.33 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 23rd will be issued a dividend of $0.025 per share. The ex-dividend date is Wednesday, November 21st. This represents a $0.10 annualized dividend and a dividend yield of 3.08%. Office Depot’s dividend payout ratio is presently 22.22%.

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in shares of Office Depot by 34.0% during the 2nd quarter. BlackRock Inc. now owns 72,728,081 shares of the specialty retailer’s stock worth $185,458,000 after purchasing an additional 18,466,409 shares during the last quarter. SG Americas Securities LLC increased its position in shares of Office Depot by 557.0% during the 2nd quarter. SG Americas Securities LLC now owns 10,316,418 shares of the specialty retailer’s stock worth $26,307,000 after purchasing an additional 8,746,140 shares during the last quarter. Laurion Capital Management LP increased its position in shares of Office Depot by 38,083.7% during the 2nd quarter. Laurion Capital Management LP now owns 4,849,336 shares of the specialty retailer’s stock worth $12,366,000 after purchasing an additional 4,836,636 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Office Depot by 12.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 42,881,014 shares of the specialty retailer’s stock worth $109,349,000 after purchasing an additional 4,618,163 shares during the last quarter. Finally, LSV Asset Management increased its position in shares of Office Depot by 14.9% during the 3rd quarter. LSV Asset Management now owns 16,038,917 shares of the specialty retailer’s stock worth $51,484,000 after purchasing an additional 2,080,765 shares during the last quarter. Institutional investors and hedge funds own 90.72% 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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