Shares of Staples Inc. (NASDAQ:SPLS) dropped 6.8% during trading on Wednesday . The stock traded as low as $8.51 and last traded at $8.70, with a volume of 18,725,485 shares changing hands. The stock had previously closed at $9.33.

SPLS has been the topic of several research reports. Bank of America Corp. upgraded shares of Staples from an “underperform” rating to a “buy” rating and increased their price target for the company from $8.10 to $10.00 in a research report on Monday, May 23rd. They noted that the move was a valuation call. Vetr lowered shares of Staples from a “strong-buy” rating to a “buy” rating and set a $9.50 price target on the stock. in a research report on Wednesday, May 25th. Wells Fargo & Co. reiterated an “equal weight” rating on shares of Staples in a research report on Sunday, May 15th. Morgan Stanley reiterated a “hold” rating on shares of Staples in a research report on Wednesday, May 18th. Finally, Deutsche Bank AG reiterated a “hold” rating and issued a $9.00 price target (down from $10.00) on shares of Staples in a research report on Thursday, May 19th. Fifteen analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $11.31.

The company has a market capitalization of $5.48 billion and a P/E ratio of 15.14. The firm has a 50-day moving average of $9.02 and a 200 day moving average of $9.40.

Staples (NASDAQ:SPLS) last posted its earnings results on Wednesday, August 17th. The company reported $0.12 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.12. During the same period in the prior year, the firm earned $0.12 earnings per share. The business earned $4.80 billion during the quarter, compared to the consensus estimate of $4.78 billion. The business’s revenue was down 3.7% on a year-over-year basis. On average, equities research analysts predict that Staples Inc. will post $0.90 earnings per share for the current year.

In related news, General Counsel Michael Williams sold 12,458 shares of the company’s stock in a transaction on Thursday, June 30th. The shares were sold at an average price of $8.59, for a total transaction of $107,014.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Several institutional investors have made changes to their positions in the stock. I.G. Investment Management LTD. boosted its position in shares of Staples by 68.0% in the fourth quarter. I.G. Investment Management LTD. now owns 259,807 shares of the company’s stock worth $2,460,000 after buying an additional 105,200 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in shares of Staples by 8.0% in the fourth quarter. BNP Paribas Arbitrage SA now owns 348,424 shares of the company’s stock worth $3,300,000 after buying an additional 25,910 shares in the last quarter. Marshall Wace LLP boosted its position in shares of Staples by 151.0% in the fourth quarter. Marshall Wace LLP now owns 482,843 shares of the company’s stock worth $4,573,000 after buying an additional 290,501 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Staples by 6.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,497,048 shares of the company’s stock worth $52,060,000 after buying an additional 316,995 shares in the last quarter. Finally, American International Group Inc. boosted its position in shares of Staples by 8.2% in the fourth quarter. American International Group Inc. now owns 26,554,252 shares of the company’s stock worth $251,468,000 after buying an additional 2,018,462 shares in the last quarter.

Staples, Inc is a provider of products and services for business customers and consumers. The Company offers a selection of products, Websites and mobile platforms, and a range of copy, print and technology services. The Company operates through three business segments, which include North American Stores & Online, North American Commercial and International Operations.

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