Adirondack Research & Management Inc. decreased its position in Office Depot Inc (NASDAQ:ODP) by 10.4% during the 1st quarter, Holdings Channel reports. The firm owned 1,289,395 shares of the specialty retailer’s stock after selling 149,964 shares during the period. Office Depot comprises about 2.9% of Adirondack Research & Management Inc.’s holdings, making the stock its 2nd biggest holding. Adirondack Research & Management Inc.’s holdings in Office Depot were worth $4,681,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently modified their holdings of the company. Bank of Montreal Can boosted its holdings in Office Depot by 12.9% in the fourth quarter. Bank of Montreal Can now owns 33,890 shares of the specialty retailer’s stock valued at $88,000 after acquiring an additional 3,862 shares in the last quarter. Rhumbline Advisers boosted its holdings in Office Depot by 20.3% in the fourth quarter. Rhumbline Advisers now owns 1,610,424 shares of the specialty retailer’s stock valued at $4,155,000 after acquiring an additional 272,056 shares in the last quarter. SG Americas Securities LLC boosted its holdings in Office Depot by 734.7% in the fourth quarter. SG Americas Securities LLC now owns 192,101 shares of the specialty retailer’s stock valued at $496,000 after acquiring an additional 169,086 shares in the last quarter. Alps Advisors Inc. boosted its holdings in Office Depot by 37.5% in the fourth quarter. Alps Advisors Inc. now owns 35,529 shares of the specialty retailer’s stock valued at $92,000 after acquiring an additional 9,682 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund bought a new stake in Office Depot in the fourth quarter valued at $537,000. Hedge funds and other institutional investors own 89.79% of the company’s stock.
Several analysts recently weighed in on the stock. BidaskClub cut shares of Office Depot from a “sell” rating to a “strong sell” rating in a report on Thursday, May 9th. Bank of America cut shares of Office Depot from a “buy” rating to an “underperform” rating and cut their price target for the company from $4.00 to $2.00 in a report on Thursday, May 9th. ValuEngine cut shares of Office Depot from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 8th. Finally, Zacks Investment Research cut shares of Office Depot from a “hold” rating to a “sell” rating in a report on Wednesday, April 10th. Four investment analysts have rated the stock with a sell rating and one has issued a hold rating to the stock. Office Depot presently has an average rating of “Sell” and an average price target of $3.08.
Shares of ODP stock opened at $1.90 on Monday. Office Depot Inc has a 12 month low of $1.88 and a 12 month high of $3.82. The firm has a market cap of $1.04 billion, a PE ratio of 5.43, a price-to-earnings-growth ratio of 0.46 and a beta of 2.45. The company has a current ratio of 1.08, a quick ratio of 0.76 and a debt-to-equity ratio of 0.87.
Office Depot (NASDAQ:ODP) last announced its earnings results on Wednesday, May 8th. The specialty retailer reported $0.07 EPS for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.01. Office Depot had a net margin of 0.64% and a return on equity of 8.95%. The firm had revenue of $2.77 billion for the quarter, compared to analysts’ expectations of $2.76 billion. During the same quarter in the previous year, the business posted $0.08 EPS. The company’s quarterly revenue was down 2.2% on a year-over-year basis. As a group, analysts expect that Office Depot Inc will post 0.35 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 24th were issued a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a dividend yield of 5.26%. The ex-dividend date was Thursday, May 23rd. Office Depot’s dividend payout ratio (DPR) is presently 28.57%.
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Office Depot Company Profile
Office Depot, Inc provides business services and supplies, products, and technology solutions. The company operates in three divisions: Business Solutions, Retail, and CompuCom. The Business Solutions division offers office supply products and services through sales forces, catalogs, and telesales, as well as through Internet Websites in the United States, Puerto Rico, U.S.
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