Municipal Employees Retirement System of Michigan reduced its stake in shares of Office Depot Inc (NASDAQ:ODP) by 18.6% during the second quarter, Holdings Channel reports. The firm owned 199,420 shares of the specialty retailer’s stock after selling 45,440 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Office Depot were worth $1,125,000 as of its most recent filing with the SEC.
Other hedge funds also recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Office Depot by 15,485.9% in the first quarter. BlackRock Inc. now owns 54,498,187 shares of the specialty retailer’s stock valued at $254,234,000 after buying an additional 54,148,524 shares during the period. Dimensional Fund Advisors LP increased its position in Office Depot by 28.7% in the first quarter. Dimensional Fund Advisors LP now owns 28,351,548 shares of the specialty retailer’s stock valued at $132,259,000 after buying an additional 6,324,791 shares in the last quarter. KAMES CAPITAL plc increased its position in Office Depot by 1,162.6% in the second quarter. KAMES CAPITAL plc now owns 3,300,088 shares of the specialty retailer’s stock valued at $18,579,000 after buying an additional 3,038,719 shares in the last quarter. LSV Asset Management increased its position in Office Depot by 405.7% in the first quarter. LSV Asset Management now owns 3,474,796 shares of the specialty retailer’s stock valued at $16,209,000 after buying an additional 2,787,696 shares in the last quarter. Finally, Prudential Financial Inc. increased its position in Office Depot by 66.4% in the first quarter. Prudential Financial Inc. now owns 5,806,620 shares of the specialty retailer’s stock valued at $27,088,000 after buying an additional 2,316,230 shares in the last quarter. Hedge funds and other institutional investors own 93.46% of the company’s stock.
Office Depot Inc (NASDAQ ODP) opened at 4.53 on Thursday. Office Depot Inc has a 52-week low of $3.01 and a 52-week high of $6.26. The firm has a 50-day moving average price of $5.74 and a 200 day moving average price of $5.04. The firm has a market capitalization of $2.34 billion, a P/E ratio of 4.09 and a beta of 2.98.
Office Depot (NASDAQ:ODP) last released its quarterly earnings data on Wednesday, August 9th. The specialty retailer reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by $0.02. The firm had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.44 billion. Office Depot had a return on equity of 15.60% and a net margin of 2.77%. The business’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.06 earnings per share. Analysts forecast that Office Depot Inc will post $0.53 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, August 25th will be issued a $0.025 dividend. The ex-dividend date is Wednesday, August 23rd. This represents a $0.10 dividend on an annualized basis and a dividend yield of 2.21%. Office Depot’s dividend payout ratio (DPR) is 12.05%.
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Several research firms have weighed in on ODP. Telsey Advisory Group lifted their target price on Office Depot from $4.40 to $5.25 and gave the company a “market perform” rating in a research report on Wednesday, May 10th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $5.00 target price (up from $4.50) on shares of Office Depot in a research report on Wednesday, May 10th. Zacks Investment Research downgraded Office Depot from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Loop Capital reaffirmed a “hold” rating and issued a $5.00 target price on shares of Office Depot in a research report on Wednesday, July 12th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Office Depot in a research report on Tuesday, May 9th. Eight research analysts have rated the stock with a hold rating, The stock currently has a consensus rating of “Hold” and a consensus price target of $5.12.
In other news, insider Michael R. Allison sold 66,217 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $5.08, for a total value of $336,382.36. Following the transaction, the insider now directly owns 763,691 shares in the company, valued at approximately $3,879,550.28. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.43% 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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