Zacks Investment Research upgraded shares of ACCO Brands (NYSE:ACCO) from a hold rating to a buy rating in a research report released on Friday, Zacks.com reports. They currently have $11.00 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. “
Several other brokerages have also issued reports on ACCO. ValuEngine raised ACCO Brands from a strong sell rating to a sell rating in a research note on Thursday, August 1st. Noble Financial set a $14.00 target price on ACCO Brands and gave the stock a buy rating in a research note on Friday, May 3rd. Finally, Barrington Research reaffirmed a buy rating and issued a $11.00 target price on shares of ACCO Brands in a research note on Wednesday, May 8th. One analyst has rated the stock with a sell rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $12.00.
ACCO Brands (NYSE:ACCO) last issued its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $0.36 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.04. The company had revenue of $518.70 million during the quarter, compared to analyst estimates of $493.89 million. ACCO Brands had a return on equity of 16.06% and a net margin of 5.43%. ACCO Brands’s revenue was up 4.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.32 earnings per share. As a group, analysts anticipate that ACCO Brands will post 1.19 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Friday, August 23rd will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 2.52%. The ex-dividend date is Thursday, August 22nd. ACCO Brands’s dividend payout ratio is currently 21.05%.
A number of institutional investors and hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. lifted its position in ACCO Brands by 138.7% in the first quarter. PNC Financial Services Group Inc. now owns 4,642 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 2,697 shares during the last quarter. Raymond James Trust N.A. bought a new stake in ACCO Brands in the second quarter valued at approximately $83,000. Great West Life Assurance Co. Can lifted its position in ACCO Brands by 23.1% in the fourth quarter. Great West Life Assurance Co. Can now owns 13,338 shares of the industrial products company’s stock valued at $87,000 after purchasing an additional 2,507 shares during the last quarter. Abacus Planning Group Inc. bought a new stake in ACCO Brands in the first quarter valued at approximately $88,000. Finally, Oppenheimer Asset Management Inc. lifted its position in ACCO Brands by 24.8% in the first quarter. Oppenheimer Asset Management Inc. now owns 17,359 shares of the industrial products company’s stock valued at $149,000 after purchasing an additional 3,451 shares during the last quarter. 91.05% of the stock is owned by institutional investors and hedge funds.
ACCO Brands Company Profile
ACCO Brands Corporation designs, manufactures, and markets consumer and business products. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The company offers school notebooks, calendars, janitorial supplies, and whiteboards; storage and organization products, such as three-ring and lever-arch binders, sheet protectors, and indexes; laminating, binding, and shredding machines, as well as related consumable supplies; writing instruments; stapling and punching products; do-it-yourself tools; and computer accessories and others used in schools, homes, and businesses.
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