JPMorgan Chase & Co. trimmed its holdings in Office Depot, Inc. (NASDAQ:ODP) by 1.6% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 11,625,435 shares of the specialty retailer’s stock after selling 192,749 shares during the quarter. JPMorgan Chase & Co. owned 2.25% of Office Depot worth $65,567,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. increased 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 worth $254,234,000 after buying an additional 54,148,524 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of 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 worth $132,259,000 after buying an additional 6,324,791 shares during the period. Prudential Financial Inc. increased its stake in shares of Office Depot by 72.2% in the second quarter. Prudential Financial Inc. now owns 9,999,340 shares of the specialty retailer’s stock worth $56,396,000 after buying an additional 4,192,720 shares during the period. KAMES CAPITAL plc increased its stake in shares of 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 worth $18,579,000 after buying an additional 3,038,719 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of Office Depot by 4.9% in the first quarter. Vanguard Group Inc. now owns 43,054,694 shares of the specialty retailer’s stock worth $200,850,000 after buying an additional 1,995,980 shares during the period. Hedge funds and other institutional investors own 94.07% of the company’s stock.
Office Depot, Inc. (ODP) opened at 4.37 on Tuesday. The firm’s 50-day moving average is $4.82 and its 200-day moving average is $5.02. The stock has a market capitalization of $2.27 billion, a P/E ratio of 5.66 and a beta of 3.08. Office Depot, Inc. has a 12 month low of $3.01 and a 12 month high of $6.26.
Office Depot (NASDAQ:ODP) last issued its quarterly earnings results on Wednesday, August 9th. The specialty retailer reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by $0.03. Office Depot had a return on equity of 13.97% and a net margin of 2.49%. The company 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 business earned $0.06 earnings per share. The firm’s quarterly revenue was down 8.5% compared to the same quarter last year. On average, equities analysts expect that Office Depot, Inc. will post $0.51 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, August 25th will be paid a dividend of $0.025 per share. The ex-dividend date of this dividend is Wednesday, August 23rd. This represents a $0.10 annualized dividend and a dividend yield of 2.29%. Office Depot’s dividend payout ratio is currently 20.00%.
Several brokerages recently commented on ODP. Bank of America Corporation reaffirmed a “buy” rating on shares of Office Depot in a research note on Sunday, August 13th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $5.00 target price (down from $5.75) on shares of Office Depot in a research note on Thursday, August 10th. ValuEngine downgraded shares of Office Depot from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 1st. Loop Capital reaffirmed a “hold” rating and issued a $5.00 target price on shares of Office Depot in a research note on Wednesday, July 12th. Finally, BidaskClub raised shares of Office Depot from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. Office Depot has a consensus rating of “Hold” and an average target price of $5.38.
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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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