Zacks Investment Research upgraded shares of ACCO Brands (NYSE:ACCO) from a hold rating to a buy rating in a report released on Wednesday morning. Zacks Investment Research currently has $15.00 price target on the industrial products company’s stock.
According to Zacks, “ACCO Brands Corporation is a world leader in branded office products. Its industry-leading brands include Swingline, Kensington, Wilson Jones, Quartet, GBC, and Day-Timer, among others. Under the GBC brand, the Company is also a leader in the professional printing market. “
Separately, ValuEngine upgraded ACCO Brands from a hold rating to a buy rating in a report on Saturday, March 17th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. ACCO Brands presently has an average rating of Buy and an average target price of $15.33.
ACCO Brands (NYSE:ACCO) last released its quarterly earnings data on Wednesday, February 14th. The industrial products company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.04. The company had revenue of $566.80 million for the quarter, compared to the consensus estimate of $563.27 million. ACCO Brands had a return on equity of 17.97% and a net margin of 6.76%. The company’s quarterly revenue was up 29.5% compared to the same quarter last year. During the same period last year, the business posted $0.32 EPS. equities research analysts anticipate that ACCO Brands will post 1.35 earnings per share for the current year.
ACCO Brands announced that its board has initiated a share repurchase plan on Wednesday, February 14th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The business also recently announced a Not Available dividend, which was paid on Wednesday, March 21st. Stockholders of record on Thursday, March 1st were paid a $0.06 dividend. The ex-dividend date was Wednesday, February 28th. ACCO Brands’s dividend payout ratio (DPR) is currently 20.00%.
In other news, CAO Kathy D. Schnaedter sold 8,178 shares of the stock in a transaction dated Thursday, March 8th. The stock was sold at an average price of $13.05, for a total value of $106,722.90. Following the completion of the sale, the chief accounting officer now owns 72,299 shares in the company, valued at $943,501.95. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Thomas W. Tedford sold 241,266 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $13.36, for a total value of $3,223,313.76. Following the completion of the sale, the vice president now owns 190,500 shares of the company’s stock, valued at approximately $2,545,080. The disclosure for this sale can be found here. In the last quarter, insiders sold 451,058 shares of company stock valued at $6,058,908. Insiders own 4.50% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. DekaBank Deutsche Girozentrale grew its stake in shares of ACCO Brands by 78.3% in the third quarter. DekaBank Deutsche Girozentrale now owns 9,112 shares of the industrial products company’s stock valued at $100,000 after buying an additional 4,002 shares in the last quarter. Dynamic Technology Lab Private Ltd grew its stake in ACCO Brands by 32.5% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 16,774 shares of the industrial products company’s stock valued at $200,000 after purchasing an additional 4,116 shares in the last quarter. Victory Capital Management Inc. grew its stake in ACCO Brands by 53.9% during the 3rd quarter. Victory Capital Management Inc. now owns 14,714 shares of the industrial products company’s stock valued at $175,000 after purchasing an additional 5,156 shares in the last quarter. American International Group Inc. grew its stake in ACCO Brands by 8.1% during the 3rd quarter. American International Group Inc. now owns 72,534 shares of the industrial products company’s stock valued at $863,000 after purchasing an additional 5,424 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. grew its stake in ACCO Brands by 92.0% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 12,390 shares of the industrial products company’s stock valued at $147,000 after purchasing an additional 5,938 shares in the last quarter. Institutional investors and hedge funds own 94.93% of the company’s stock.
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About ACCO Brands
ACCO Brands Corporation is engaged in designing, marketing and manufacturing of branded business, academic and selected consumer products. The Company operates through three segments: ACCO Brands North America, ACCO Brands International and Computer Products Group. The Company’s brands include Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Kensington, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra and Wilson Jones.
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