Office Depot (ODP) Lifted to Hold at BidaskClub

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BidaskClub upgraded shares of Office Depot (NASDAQ:ODP) from a sell rating to a hold rating in a research note published on Wednesday morning.

A number of other equities analysts have also recently issued reports on ODP. Zacks Investment Research upgraded Office Depot from a hold rating to a buy rating and set a $3.25 target price on the stock in a report on Tuesday, July 10th. ValuEngine upgraded Office Depot from a strong sell rating to a sell rating in a report on Tuesday, July 24th. Finally, Bank of America reiterated a buy rating and issued a $4.00 target price on shares of Office Depot in a report on Tuesday, August 7th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. Office Depot presently has a consensus rating of Hold and an average target price of $4.17.

Shares of ODP stock traded down $0.12 during trading hours on Wednesday, hitting $3.25. 12,636,970 shares of the company were exchanged, compared to its average volume of 4,729,497. The company has a market cap of $1.89 billion, a price-to-earnings ratio of 7.22 and a beta of 2.65. Office Depot has a fifty-two week low of $2.00 and a fifty-two week high of $3.66. The company has a quick ratio of 0.85, a current ratio of 1.35 and a debt-to-equity ratio of 0.75.

Office Depot (NASDAQ:ODP) last issued its earnings results on Wednesday, November 7th. The specialty retailer reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. Office Depot had a return on equity of 8.90% and a net margin of 0.59%. The company had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.83 billion. During the same period last year, the business earned $0.14 EPS. Office Depot’s quarterly revenue was up 10.2% compared to the same quarter last year. Analysts anticipate that Office Depot will post 0.33 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 23rd will be paid a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend is Wednesday, November 21st. Office Depot’s dividend payout ratio (DPR) is presently 22.22%.

A number of large investors have recently modified their holdings of ODP. Russell Investments Group Ltd. lifted its stake in Office Depot by 85.4% during the 1st quarter. Russell Investments Group Ltd. now owns 614,438 shares of the specialty retailer’s stock valued at $1,321,000 after acquiring an additional 282,937 shares in the last quarter. Royal Bank of Canada lifted its stake in Office Depot by 442.5% during the 1st quarter. Royal Bank of Canada now owns 105,703 shares of the specialty retailer’s stock valued at $226,000 after acquiring an additional 86,220 shares in the last quarter. Xact Kapitalforvaltning AB lifted its stake in Office Depot by 51.9% during the 1st quarter. Xact Kapitalforvaltning AB now owns 82,848 shares of the specialty retailer’s stock valued at $178,000 after acquiring an additional 28,300 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Office Depot by 1.5% during the 1st quarter. Principal Financial Group Inc. now owns 2,233,548 shares of the specialty retailer’s stock valued at $4,802,000 after acquiring an additional 31,971 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in Office Depot by 161.2% during the 1st quarter. Allianz Asset Management GmbH now owns 690,172 shares of the specialty retailer’s stock valued at $1,484,000 after acquiring an additional 425,945 shares in the last quarter. Institutional investors and hedge funds own 90.72% of the company’s stock.

Office Depot Company Profile

Office Depot, Inc, together with its subsidiaries, provides various products and services. It operates in three divisions: Retail, Business Solutions, and CompuCom. The Retail division operates retail stores, which offer office supplies; technology products and solutions; business machines and related supplies; print, cleaning, breakroom, and facilities products; and office furniture in the United States, Puerto Rico, and the U.S.

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