Office Depot Inc (ODP) Short Interest Up 13.7% in February

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Office Depot Inc (NASDAQ:ODP) was the target of a large growth in short interest during the month of February. As of February 28th, there was short interest totalling 13,408,705 shares, a growth of 13.7% from the February 15th total of 11,792,613 shares. Approximately 2.5% of the shares of the company are sold short. Based on an average daily trading volume, of 6,087,540 shares, the days-to-cover ratio is presently 2.2 days.

NASDAQ ODP opened at $3.29 on Friday. The company has a current ratio of 1.23, a quick ratio of 0.74 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $1.92 billion, a price-to-earnings ratio of 9.40, a P/E/G ratio of 0.48 and a beta of 2.71. Office Depot has a 52-week low of $2.00 and a 52-week high of $3.82.

Office Depot (NASDAQ:ODP) last posted its quarterly earnings results on Wednesday, February 27th. The specialty retailer reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.01. The company had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.68 billion. Office Depot had a net margin of 0.94% and a return on equity of 9.22%. The business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same period last year, the business posted $0.08 EPS. Research analysts forecast that Office Depot will post 0.41 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, March 15th. Shareholders of record on Friday, March 1st will be given a $0.025 dividend. The ex-dividend date of this dividend is Thursday, February 28th. This represents a $0.10 annualized dividend and a yield of 3.04%. Office Depot’s dividend payout ratio is 28.57%.

Office Depot announced that its board has initiated a stock repurchase program on Tuesday, November 20th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the specialty retailer to purchase up to 6.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

ODP has been the topic of a number of research analyst reports. BidaskClub upgraded shares of Office Depot from a “strong sell” rating to a “sell” rating in a research note on Friday, January 4th. Bank of America reiterated a “buy” rating and issued a $4.50 target price on shares of Office Depot in a research note on Thursday, February 28th. Zacks Investment Research upgraded shares of Office Depot from a “hold” rating to a “buy” rating and set a $3.25 target price on the stock in a research note on Tuesday, December 11th. Finally, ValuEngine upgraded shares of Office Depot from a “sell” rating to a “hold” rating in a research report on Monday, February 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $3.92.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of Montreal Can grew its position in Office Depot by 12.9% in the 4th quarter. Bank of Montreal Can now owns 33,890 shares of the specialty retailer’s stock worth $88,000 after purchasing an additional 3,862 shares during the last quarter. Macquarie Group Ltd. boosted its position in shares of Office Depot by 2.3% during the 4th quarter. Macquarie Group Ltd. now owns 180,100 shares of the specialty retailer’s stock valued at $464,000 after acquiring an additional 4,100 shares in the last quarter. Shelton Capital Management boosted its position in shares of Office Depot by 9.1% during the 4th quarter. Shelton Capital Management now owns 56,169 shares of the specialty retailer’s stock valued at $145,000 after acquiring an additional 4,670 shares in the last quarter. New York State Teachers Retirement System boosted its position in shares of Office Depot by 0.4% during the 4th quarter. New York State Teachers Retirement System now owns 1,234,572 shares of the specialty retailer’s stock valued at $3,185,000 after acquiring an additional 5,367 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its position in shares of Office Depot by 8.5% during the 4th quarter. CIBC Asset Management Inc now owns 71,507 shares of the specialty retailer’s stock valued at $184,000 after acquiring an additional 5,632 shares in the last quarter. Institutional investors own 87.68% of the company’s stock.

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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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