Office Depot (NASDAQ:ODP) Lifted to “Sell” at BidaskClub

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BidaskClub upgraded shares of Office Depot (NASDAQ:ODP) from a strong sell rating to a sell rating in a report released on Saturday, BidAskClub reports.

Other research analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of Office Depot from a hold rating to a strong-buy rating and set a $2.00 price target on the stock in a research report on Friday, August 9th. Bank of America lowered their price objective on shares of Office Depot from $2.00 to $1.20 and set an underperform rating for the company in a research report on Tuesday, August 20th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a strong buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $2.40.

Shares of NASDAQ ODP opened at $1.68 on Friday. The company has a quick ratio of 0.72, a current ratio of 1.07 and a debt-to-equity ratio of 0.87. The stock’s 50 day moving average price is $1.58 and its two-hundred day moving average price is $2.29. Office Depot has a 52-week low of $1.23 and a 52-week high of $3.82. The stock has a market capitalization of $917.92 million, a P/E ratio of 4.80, a PEG ratio of 0.38 and a beta of 2.46.

Office Depot (NASDAQ:ODP) last issued its earnings results on Wednesday, August 7th. The specialty retailer reported $0.07 EPS for the quarter, topping the consensus estimate of $0.05 by $0.02. The company had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.59 billion. Office Depot had a return on equity of 9.35% and a net margin of 0.27%. The business’s revenue was down 1.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.05 EPS. On average, analysts anticipate that Office Depot will post 0.37 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Friday, August 23rd will be given a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a dividend yield of 5.95%. The ex-dividend date of this dividend is Thursday, August 22nd. Office Depot’s payout ratio is 28.57%.

Institutional investors and hedge funds have recently modified their holdings of the stock. Janney Montgomery Scott LLC bought a new position in shares of Office Depot in the second quarter worth $400,000. Everence Capital Management Inc. lifted its stake in Office Depot by 88.5% during the first quarter. Everence Capital Management Inc. now owns 76,770 shares of the specialty retailer’s stock valued at $279,000 after buying an additional 36,040 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Office Depot by 107.7% in the first quarter. Acadian Asset Management LLC now owns 1,982,865 shares of the specialty retailer’s stock worth $7,198,000 after buying an additional 1,028,172 shares during the period. Piedmont Investment Advisors Inc. boosted its holdings in shares of Office Depot by 6.7% in the first quarter. Piedmont Investment Advisors Inc. now owns 138,884 shares of the specialty retailer’s stock worth $504,000 after buying an additional 8,711 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Office Depot by 31.8% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 766,787 shares of the specialty retailer’s stock worth $1,580,000 after acquiring an additional 185,103 shares in the last quarter. Hedge funds and other institutional investors own 92.39% of the company’s stock.

About Office Depot

Office Depot, Inc provides business services and supplies, products, and technology solutions. The company operates in three divisions: Business Solutions, Retail, and CompuCom. The Business Solutions division offers office supply products and services through sales forces, catalogs, and telesales, as well as through Internet Websites in the United States, Puerto Rico, U.S.

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