BidaskClub Lowers Office Depot (ODP) to Hold

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BidaskClub downgraded shares of Office Depot (NASDAQ:ODP) from a buy rating to a hold rating in a research report report published on Thursday.

Other research analysts have also issued research reports about the stock. Zacks Investment Research raised shares of Office Depot from a hold rating to a buy rating and set a $3.25 price objective for the company in a research note on Tuesday, July 10th. Bank of America reissued a buy rating and issued a $3.00 price objective on shares of Office Depot in a research note on Thursday, May 17th. ValuEngine raised shares of Office Depot from a sell rating to a hold rating in a research note on Thursday, August 2nd. Finally, Telsey Advisory Group reissued a market perform rating on shares of Office Depot in a research note on Wednesday, May 16th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $3.88.

Shares of ODP stock opened at $3.28 on Thursday. The company has a quick ratio of 0.85, a current ratio of 1.38 and a debt-to-equity ratio of 0.77. The stock has a market cap of $1.76 billion, a price-to-earnings ratio of 9.09, a P/E/G ratio of 0.53 and a beta of 2.73. Office Depot has a 1-year low of $2.00 and a 1-year high of $4.65.

Office Depot (NASDAQ:ODP) last posted its quarterly earnings data on Tuesday, August 7th. The specialty retailer reported $0.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.01. Office Depot had a net margin of 0.91% and a return on equity of 9.20%. The business had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.61 billion. During the same quarter last year, the firm posted $0.06 earnings per share. equities research analysts anticipate that Office Depot will post 0.35 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 14th. Stockholders of record on Friday, August 24th were paid a $0.025 dividend. This represents a $0.10 annualized dividend and a dividend yield of 3.05%. The ex-dividend date was Thursday, August 23rd. Office Depot’s payout ratio is 22.22%.

Hedge funds and other institutional investors have recently bought and sold shares of the company. OppenheimerFunds Inc. boosted its stake in shares of Office Depot by 47.0% in the first quarter. OppenheimerFunds Inc. now owns 1,284,071 shares of the specialty retailer’s stock valued at $2,761,000 after purchasing an additional 410,566 shares during the period. Pinebridge Investments L.P. purchased a new position in Office Depot in the second quarter worth approximately $2,018,000. Comerica Bank lifted its stake in Office Depot by 35.8% in the second quarter. Comerica Bank now owns 553,480 shares of the specialty retailer’s stock worth $1,511,000 after acquiring an additional 145,944 shares during the last quarter. Allianz Asset Management GmbH lifted its stake in Office Depot by 161.2% in the first quarter. Allianz Asset Management GmbH now owns 690,172 shares of the specialty retailer’s stock worth $1,484,000 after acquiring an additional 425,945 shares during the last quarter. Finally, Laurion Capital Management LP lifted its stake in Office Depot by 38,083.7% in the second quarter. Laurion Capital Management LP now owns 4,849,336 shares of the specialty retailer’s stock worth $12,366,000 after acquiring an additional 4,836,636 shares during the last quarter. 90.59% of the stock is owned by institutional investors and hedge funds.

About Office Depot

Office Depot, Inc engages in the provision of office products, services, supplies, and technology solutions. It operates through the following segments: Retail, Business Solutions, and CompuCom. The Retail segment involves in selling merchandise through chain of office supply stores and offers products and services in the categories of supplies, technology, and furniture and other.

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