Vanguard Group Inc. reduced its holdings in shares of ACCO Brands Co. (NYSE:ACCO) by 9.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,946,048 shares of the industrial products company’s stock after selling 902,099 shares during the quarter. Vanguard Group Inc. owned approximately 9.14% of ACCO Brands worth $70,406,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also bought and sold shares of the business. Nordea Investment Management AB boosted its stake in shares of ACCO Brands by 2.7% during the 1st quarter. Nordea Investment Management AB now owns 813,488 shares of the industrial products company’s stock worth $6,964,000 after purchasing an additional 21,370 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of ACCO Brands by 32.2% during the 1st quarter. First Trust Advisors LP now owns 315,635 shares of the industrial products company’s stock worth $2,702,000 after purchasing an additional 76,829 shares during the last quarter. Denali Advisors LLC boosted its stake in shares of ACCO Brands by 324.2% during the 2nd quarter. Denali Advisors LLC now owns 78,251 shares of the industrial products company’s stock worth $616,000 after purchasing an additional 59,806 shares during the last quarter. Raymond James Trust N.A. acquired a new stake in shares of ACCO Brands during the 2nd quarter worth about $83,000. Finally, James Investment Research Inc. boosted its stake in shares of ACCO Brands by 2.1% during the 2nd quarter. James Investment Research Inc. now owns 128,888 shares of the industrial products company’s stock worth $1,014,000 after purchasing an additional 2,663 shares during the last quarter. Hedge funds and other institutional investors own 91.27% of the company’s stock.
Several research firms have issued reports on ACCO. TheStreet raised shares of ACCO Brands from a “c+” rating to a “b-” rating in a research note on Wednesday, August 21st. Noble Financial reissued a “buy” rating and issued a $14.00 target price on shares of ACCO Brands in a research report on Thursday, August 8th. Zacks Investment Research cut shares of ACCO Brands from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, ValuEngine raised shares of ACCO Brands from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $12.00.
ACCO Brands (NYSE:ACCO) last released its earnings results on Tuesday, July 30th. The industrial products company reported $0.36 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.04. ACCO Brands had a net margin of 5.43% and a return on equity of 16.06%. The business had revenue of $518.70 million for the quarter, compared to analysts’ expectations of $493.89 million. During the same period last year, the company earned $0.32 earnings per share. The company’s quarterly revenue was up 4.0% on a year-over-year basis. As a group, sell-side analysts expect that ACCO Brands Co. will post 1.19 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Shareholders of record on Friday, August 23rd were given a dividend of $0.06 per share. The ex-dividend date was Thursday, August 22nd. This represents a $0.24 dividend on an annualized basis and a yield of 2.46%. ACCO Brands’s dividend payout ratio (DPR) is 21.05%.
In other ACCO Brands news, SVP Ralph Paul Hargrow sold 19,977 shares of ACCO Brands stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $9.50, for a total transaction of $189,781.50. Following the transaction, the senior vice president now directly owns 139,441 shares of the company’s stock, valued at $1,324,689.50. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Patrick Buchenroth sold 21,520 shares of ACCO Brands stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $9.86, for a total transaction of $212,187.20. Following the transaction, the vice president now directly owns 93,957 shares in the company, valued at $926,416.02. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 304,539 shares of company stock worth $2,876,810. 4.90% of the stock is currently owned by corporate insiders.
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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