Deutsche Bank AG Reiterates “Hold” Rating for Office Depot Inc (ODP)

Office Depot Inc (NASDAQ:ODP)‘s stock had its “hold” rating reiterated by analysts at Deutsche Bank AG in a research note issued on Thursday. They currently have a $5.00 price target on the specialty retailer’s stock, down from their prior price target of $5.75. Deutsche Bank AG’s price target would indicate a potential upside of 12.36% from the company’s previous close.

A number of other brokerages also recently issued reports on ODP. BidaskClub downgraded shares of Office Depot from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Zacks Investment Research downgraded shares of 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 price objective on shares of Office Depot in a research report on Wednesday, July 12th. Telsey Advisory Group lifted their price objective on shares of Office Depot from $4.40 to $5.25 and gave the stock a “market perform” rating in a research report on Wednesday, May 10th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $5.00 price objective (up previously from $4.50) on shares of Office Depot in a research report on Wednesday, May 10th. Nine investment analysts have rated the stock with a hold rating, Office Depot currently has a consensus rating of “Hold” and an average target price of $5.10.

Shares of Office Depot (NASDAQ:ODP) traded down 1.77% during midday trading on Thursday, reaching $4.45. 11,609,809 shares of the company’s stock were exchanged. Office Depot has a 12-month low of $3.01 and a 12-month high of $6.26. The stock’s 50 day moving average price is $5.74 and its 200 day moving average price is $5.04. The company has a market cap of $2.30 billion, a price-to-earnings ratio of 4.02 and a beta of 2.98.

Office Depot (NASDAQ:ODP) last posted its quarterly earnings results on Wednesday, August 9th. The specialty retailer reported $0.06 EPS for the quarter, missing the consensus estimate of $0.09 by $0.03. Office Depot had a net margin of 2.77% and a return on equity of 15.60%. The business had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.44 billion. During the same quarter in the prior year, the firm posted $0.06 EPS. The company’s revenue for the quarter was down 8.5% compared to the same quarter last year. Equities analysts anticipate that Office Depot will post $0.52 earnings per share for the current fiscal year.

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In other Office Depot news, insider Michael R. Allison sold 66,217 shares of the business’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $5.08, for a total transaction of $336,382.36. Following the sale, the insider now owns 763,691 shares of the company’s stock, valued at approximately $3,879,550.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.43% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in ODP. BlackRock Inc. increased its stake in 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 in the last quarter. Vanguard Group Inc. increased its stake in Office Depot by 4.9% in the first quarter. Vanguard Group Inc. now owns 43,054,694 shares of the specialty retailer’s stock valued at $200,850,000 after buying an additional 1,995,980 shares in the last quarter. Fairpointe Capital LLC increased its stake in Office Depot by 4.4% in the first quarter. Fairpointe Capital LLC now owns 33,020,004 shares of the specialty retailer’s stock valued at $154,039,000 after buying an additional 1,383,233 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Office Depot by 6.8% in the first quarter. Bank of New York Mellon Corp now owns 32,171,818 shares of the specialty retailer’s stock valued at $150,082,000 after buying an additional 2,057,459 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake 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. 93.46% of the stock is currently 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.

Analyst Recommendations for Office Depot (NASDAQ:ODP)

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