Mason Street Advisors LLC bought a new stake in shares of Office Depot Inc. (NASDAQ:ODP) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 225,783 shares of the company’s stock, valued at approximately $747,000.
A number of other institutional investors also recently bought and sold shares of the stock. State Treasurer State of Michigan raised its position in Office Depot by 0.8% in the second quarter. State Treasurer State of Michigan now owns 198,700 shares of the company’s stock worth $658,000 after buying an additional 1,500 shares during the last quarter. Amalgamated Bank raised its position in shares of Office Depot by 2.5% in the second quarter. Amalgamated Bank now owns 67,812 shares of the company’s stock valued at $246,000 after buying an additional 1,647 shares in the last quarter. M&T Bank Corp raised its position in shares of Office Depot by 11.8% in the first quarter. M&T Bank Corp now owns 18,844 shares of the company’s stock valued at $134,000 after buying an additional 1,982 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of Office Depot by 12.2% in the second quarter. Nisa Investment Advisors LLC now owns 36,700 shares of the company’s stock valued at $121,000 after buying an additional 4,000 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its position in shares of Office Depot by 3.2% in the first quarter. Nuveen Asset Management LLC now owns 204,300 shares of the company’s stock valued at $1,451,000 after buying an additional 6,300 shares in the last quarter. Institutional investors own 92.72% of the company’s stock.
Shares of Office Depot Inc. (NASDAQ:ODP) opened at 3.52 on Friday. Office Depot Inc. has a 12-month low of $3.11 and a 12-month high of $7.99. The firm has a market capitalization of $1.91 billion, a P/E ratio of 7.23 and a beta of 2.78. The firm’s 50-day moving average price is $3.64 and its 200-day moving average price is $4.41.
Office Depot (NASDAQ:ODP) last issued its earnings results on Wednesday, August 3rd. The company reported $0.03 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by $0.03. Office Depot had a net margin of 1.99% and a return on equity of 12.05%. The firm earned $3.20 billion during the quarter, compared to analyst estimates of $3.20 billion. During the same quarter last year, the business posted $0.06 earnings per share. The company’s revenue for the quarter was down 6.5% on a year-over-year basis. Equities analysts predict that Office Depot Inc. will post $0.39 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, August 25th were paid a $0.025 dividend. The ex-dividend date of this dividend was Tuesday, August 23rd. This represents a $0.10 annualized dividend and a yield of 2.84%. Office Depot’s dividend payout ratio (DPR) is currently 20.00%.
ODP has been the topic of several research reports. TheStreet upgraded Office Depot from a “sell” rating to a “hold” rating in a research note on Wednesday, August 10th. Zacks Investment Research upgraded Office Depot from a “hold” rating to a “buy” rating and set a $3.75 price target on the stock in a research note on Tuesday, July 19th. Finally, Morgan Stanley restated a “hold” rating and set a $4.35 price target on shares of Office Depot in a research note on Tuesday, August 16th. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $5.69.
In related news, EVP Michael R. Allison sold 23,434 shares of the firm’s stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $3.64, for a total value of $85,299.76. Following the completion of the sale, the executive vice president now directly owns 625,883 shares in the company, valued at approximately $2,278,214.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.47% of the stock is currently owned by corporate insiders.
About Office Depot
Office Depot, Inc (Office Depot) is a provider of office products and services. The Company sells products and services to consumers through three segments: North American Retail Division, North American Business Solutions Division and International Division. It operates under the Office Depot and OfficeMax brands.
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