BidaskClub upgraded shares of Office Depot, Inc. (NASDAQ:ODP) from a sell rating to a hold rating in a research note published on Saturday, October 7th.
A number of other brokerages also recently issued reports on ODP. Zacks Investment Research downgraded shares of Office Depot from a buy rating to a hold rating in a report on Tuesday, July 11th. Loop Capital reissued a hold rating and issued a $5.00 price objective on shares of Office Depot in a report on Wednesday, July 12th. Deutsche Bank AG reissued a hold rating and issued a $5.00 price objective (down previously from $5.75) on shares of Office Depot in a report on Thursday, August 10th. Bank of America Corporation reissued a buy rating and issued a $6.00 price objective on shares of Office Depot in a report on Tuesday, September 5th. Finally, ValuEngine downgraded shares of Office Depot from a strong-buy rating to a buy rating in a report on Friday, September 1st. One analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $5.08.
Shares of Office Depot (NASDAQ ODP) opened at 3.67 on Friday. The firm has a market capitalization of $1.90 billion, a P/E ratio of 4.75 and a beta of 2.89. Office Depot has a 52-week low of $3.01 and a 52-week high of $6.26. The company’s 50-day moving average price is $4.20 and its 200-day moving average price is $4.93.
Office Depot (NASDAQ:ODP) last announced its quarterly earnings data on Wednesday, August 9th. The specialty retailer reported $0.06 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by ($0.03). The firm had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.44 billion. Office Depot had a net margin of 2.49% and a return on equity of 13.97%. The business’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same period last year, the company posted $0.06 earnings per share. On average, equities research analysts expect that Office Depot will post $0.46 EPS for the current fiscal year.
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In related news, insider Michael R. Allison sold 360,000 shares of the firm’s stock in a transaction on Friday, October 13th. The shares were sold at an average price of $3.83, for a total value of $1,378,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.43% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Los Angeles Capital Management & Equity Research Inc. boosted its stake in Office Depot by 0.6% during the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 31,136 shares of the specialty retailer’s stock worth $145,000 after buying an additional 175 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Office Depot by 0.3% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 75,400 shares of the specialty retailer’s stock worth $425,000 after buying an additional 197 shares during the period. Advantus Capital Management Inc boosted its stake in Office Depot by 0.4% during the first quarter. Advantus Capital Management Inc now owns 65,917 shares of the specialty retailer’s stock worth $308,000 after buying an additional 247 shares during the period. Ronald Blue & Co. LLC boosted its stake in shares of Office Depot by 1.0% during the second 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 period. Finally, Oakbrook Investments LLC boosted its stake in shares of Office Depot by 2.7% during the second 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 period. 94.36% of the stock is owned by institutional investors.
About Office Depot
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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