Sunbelt Securities Inc. Makes New Investment in Office Depot Inc (NASDAQ:ODP)

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Sunbelt Securities Inc. purchased a new stake in Office Depot Inc (NASDAQ:ODP) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 56,300 shares of the specialty retailer’s stock, valued at approximately $99,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Canyon Capital Advisors LLC bought a new position in shares of Office Depot during the second quarter worth about $25,583,000. Invesco Ltd. lifted its stake in shares of Office Depot by 176.6% in the second quarter. Invesco Ltd. now owns 5,465,201 shares of the specialty retailer’s stock worth $11,258,000 after acquiring an additional 3,489,594 shares during the period. Nuveen Asset Management LLC acquired a new position in shares of Office Depot in the second quarter worth approximately $5,285,000. Bank of America Corp DE lifted its stake in shares of Office Depot by 191.7% in the second quarter. Bank of America Corp DE now owns 3,593,951 shares of the specialty retailer’s stock worth $7,403,000 after acquiring an additional 2,361,806 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in Office Depot by 610.3% in the second quarter. AQR Capital Management LLC now owns 2,681,270 shares of the specialty retailer’s stock valued at $5,523,000 after acquiring an additional 2,303,782 shares during the last quarter. Hedge funds and other institutional investors own 90.66% of the company’s stock.

ODP has been the subject of a number of recent analyst reports. Bank of America decreased their target price 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. BidaskClub downgraded shares of Office Depot from a “buy” rating to a “hold” rating in a research report on Wednesday, November 27th. ValuEngine raised shares of Office Depot from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. Finally, Zacks Investment Research upgraded shares of Office Depot from a “hold” rating to a “strong-buy” rating and set a $2.00 price objective for the company in a research report on Friday, August 9th.

Shares of ODP opened at $2.23 on Tuesday. The company has a current ratio of 1.10, a quick ratio of 0.77 and a debt-to-equity ratio of 0.83. The firm’s fifty day simple moving average is $2.19 and its two-hundred day simple moving average is $1.90. Office Depot Inc has a 12 month low of $1.23 and a 12 month high of $3.82. The stock has a market capitalization of $1.22 billion, a P/E ratio of 6.37, a price-to-earnings-growth ratio of 0.52 and a beta of 2.50.

Office Depot (NASDAQ:ODP) last posted its quarterly earnings data on Wednesday, November 6th. The specialty retailer reported $0.15 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.01. The firm had revenue of $2.78 billion during the quarter, compared to analyst estimates of $2.84 billion. Office Depot had a return on equity of 10.05% and a net margin of 0.28%. The business’s quarterly revenue was down 3.6% on a year-over-year basis. During the same period last year, the company posted $0.13 EPS. As a group, research analysts predict that Office Depot Inc will post 0.38 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 22nd will be given a dividend of $0.025 per share. The ex-dividend date is Thursday, November 21st. This represents a $0.10 annualized dividend and a dividend yield of 4.48%. Office Depot’s payout ratio is 28.57%.

Office Depot Profile

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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Institutional Ownership by Quarter for Office Depot (NASDAQ:ODP)

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