J P Morgan Chase & Co downgraded shares of Office Depot, Inc. (NASDAQ:ODP) from a neutral rating to an underweight rating in a report released on Monday, October 30th, Marketbeat Ratings reports.
A number of other brokerages have also commented on ODP. Jefferies Group LLC reaffirmed a hold rating and set a $4.15 target price (down from $5.00) on shares of Office Depot in a research report on Friday, October 6th. BidaskClub upgraded shares of Office Depot from a sell rating to a hold rating in a research note on Saturday, October 7th. Zacks Investment Research downgraded shares of Office Depot from a hold rating to a sell rating in a research note on Monday, August 14th. ValuEngine downgraded shares of Office Depot from a strong-buy rating to a buy rating in a research note on Friday, September 1st. Finally, Deutsche Bank AG reiterated a hold rating and set a $5.00 price objective (down from $5.75) on shares of Office Depot in a research note on Thursday, August 10th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $5.08.
Office Depot (ODP) opened at $3.27 on Monday. The company has a current ratio of 1.52, a quick ratio of 0.92 and a debt-to-equity ratio of 0.51. The company has a market cap of $1,687.71, a PE ratio of 6.96, a price-to-earnings-growth ratio of 1.02 and a beta of 2.82. Office Depot has a 1-year low of $2.97 and a 1-year high of $6.26.
Office Depot (NASDAQ:ODP) last announced its earnings results on Thursday, November 9th. The specialty retailer reported $0.14 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.14. Office Depot had a net margin of 3.00% and a return on equity of 12.86%. The firm had revenue of $2.62 billion for the quarter, compared to analysts’ expectations of $2.61 billion. During the same period in the prior year, the company earned $0.16 EPS. The business’s revenue was down 7.6% compared to the same quarter last year. equities research analysts forecast that Office Depot will post 0.44 earnings per share for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, November 24th will be issued a $0.025 dividend. The ex-dividend date of this dividend is Wednesday, November 22nd. This represents a $0.10 dividend on an annualized basis and a yield of 3.06%. Office Depot’s payout ratio is 16.95%.
In other news, insider Michael R. Allison sold 360,000 shares of Office Depot stock in a transaction dated Friday, October 13th. The shares were sold at an average price of $3.83, for a total value of $1,378,800.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.43% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Office Depot by 0.3% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 75,400 shares of the specialty retailer’s stock valued at $425,000 after purchasing an additional 197 shares during the last quarter. Ronald Blue & Co. LLC boosted its holdings in Office Depot by 1.0% in the 2nd quarter. Ronald Blue & Co. LLC now owns 25,905 shares of the specialty retailer’s stock valued at $146,000 after purchasing an additional 266 shares during the last quarter. Oakbrook Investments LLC boosted its holdings in Office Depot by 2.7% in the 2nd quarter. Oakbrook Investments LLC now owns 38,200 shares of the specialty retailer’s stock valued at $215,000 after purchasing an additional 1,000 shares during the last quarter. American Century Companies Inc. boosted its holdings in Office Depot by 0.5% in the 2nd quarter. American Century Companies Inc. now owns 258,967 shares of the specialty retailer’s stock valued at $1,461,000 after purchasing an additional 1,193 shares during the last quarter. Finally, Teacher Retirement System of Texas boosted its holdings in Office Depot by 3.4% in the 2nd quarter. Teacher Retirement System of Texas now owns 42,471 shares of the specialty retailer’s stock valued at $240,000 after purchasing an additional 1,412 shares during the last quarter. Hedge funds and other institutional investors own 94.95% of the company’s stock.
Office Depot Company Profile
Office Depot, Inc provides a selection of products and services to consumers and businesses of various sizes. The Company’s segments include North American Retail Division and North American Business Solutions Division. The North American Retail Division includes retail stores in the United States, including Puerto Rico and the United States Virgin Islands, which offer office supplies, technology products and solutions, business machines and related supplies, facilities products and office furniture.
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