Office Depot (NASDAQ:ODP) Trading Down 5.6%

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Office Depot Inc (NASDAQ:ODP) was down 5.6% during trading on Thursday . The company traded as low as $1.40 and last traded at $1.36, approximately 201,499 shares were traded during mid-day trading. A decline of 96% from the average daily volume of 4,702,182 shares. The stock had previously closed at $1.44.

A number of research analysts have recently commented on ODP shares. Zacks Investment Research upgraded shares of Office Depot from a “hold” rating to a “strong-buy” rating and set a $2.00 price target on the stock in a report on Friday, August 9th. ValuEngine cut shares of Office Depot from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 8th. Bank of America cut shares of Office Depot from a “buy” rating to an “underperform” rating and cut their price target for the stock from $4.00 to $2.00 in a report on Thursday, May 9th. Finally, BidaskClub cut shares of Office Depot from a “sell” rating to a “strong sell” rating in a report on Tuesday. Three analysts have rated the stock with a sell rating, one has given a hold rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $2.67.

The stock’s fifty day moving average price is $1.94 and its 200 day moving average price is $2.51. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.07 and a quick ratio of 0.72. The stock has a market capitalization of $819.57 million, a P/E ratio of 3.86, a PEG ratio of 0.37 and a beta of 2.32.

Office Depot (NASDAQ:ODP) last posted its quarterly earnings results on Wednesday, August 7th. The specialty retailer reported $0.07 EPS for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.02. The firm had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.59 billion. Office Depot had a net margin of 0.27% and a return on equity of 9.35%. The business’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.05 earnings per share. On average, sell-side analysts expect that Office Depot Inc will post 0.37 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 23rd will be paid a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a yield of 7.41%. The ex-dividend date is Thursday, August 22nd. Office Depot’s dividend payout ratio (DPR) is presently 28.57%.

A number of large investors have recently added to or reduced their stakes in ODP. Canyon Capital Advisors LLC purchased a new stake in Office Depot in the second quarter worth about $25,583,000. Norges Bank purchased a new stake in Office Depot in the fourth quarter worth about $28,205,000. LSV Asset Management lifted its stake in Office Depot by 18.0% in the first quarter. LSV Asset Management now owns 26,530,842 shares of the specialty retailer’s stock worth $96,306,000 after acquiring an additional 4,049,450 shares during the period. Invesco Ltd. lifted its stake in Office Depot by 176.6% in the second quarter. Invesco Ltd. now owns 5,465,201 shares of the specialty retailer’s stock worth $11,258,000 after acquiring an additional 3,489,594 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in Office Depot by 29.6% in the first quarter. JPMorgan Chase & Co. now owns 13,121,589 shares of the specialty retailer’s stock worth $47,632,000 after acquiring an additional 2,995,389 shares during the period. 89.60% of the stock is owned by institutional investors.

About Office Depot (NASDAQ:ODP)

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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