Office Depot Inc. (ODP) Short Interest Down 13.1% in August
Office Depot Inc. (NASDAQ:ODP) was the recipient of a large decline in short interest during the month of August. As of August 31st, there was short interest totalling 19,140,467 shares, a decline of 13.1% from the August 15th total of 22,014,327 shares. Currently, 3.6% of the shares of the company are short sold. Based on an average trading volume of 5,638,087 shares, the short-interest ratio is currently 3.4 days.
Shares of Office Depot (NASDAQ:ODP) opened at 3.60 on Thursday. The company has a market capitalization of $1.96 billion, a PE ratio of 7.39 and a beta of 2.78. The firm’s 50-day moving average is $3.63 and its 200 day moving average is $4.48. Office Depot has a 52 week low of $3.11 and a 52 week high of $7.99.
Office Depot (NASDAQ:ODP) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by $0.03. The firm earned $3.20 billion during the quarter, compared to analyst estimates of $3.20 billion. Office Depot had a net margin of 1.99% and a return on equity of 12.05%. The business’s revenue was down 6.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.06 EPS. On average, analysts anticipate that Office Depot will post $0.39 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, August 25th were paid a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend was Tuesday, August 23rd. Office Depot’s dividend payout ratio is currently 20.00%.
In other Office Depot news, EVP Michael R. Allison sold 23,434 shares of the business’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of $3.64, for a total transaction of $85,299.76. Following the completion of the transaction, the executive vice president now owns 625,883 shares of the company’s stock, valued at approximately $2,278,214.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.47% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. LS Investment Advisors LLC boosted its stake in shares of Office Depot by 67.3% in the second quarter. LS Investment Advisors LLC now owns 30,705 shares of the company’s stock worth $102,000 after buying an additional 12,357 shares in the last quarter. Bank of Montreal Can bought a new stake in Office Depot during the second quarter worth about $106,000. Frontier Wealth Management LLC bought a new stake in Office Depot during the second quarter worth about $113,000. NN Investment Partners Holdings N.V. bought a new stake in Office Depot during the first quarter worth about $121,000. Finally, Nisa Investment Advisors LLC boosted its stake in Office Depot by 12.2% in the second quarter. Nisa Investment Advisors LLC now owns 36,700 shares of the company’s stock worth $121,000 after buying an additional 4,000 shares in the last quarter. Hedge funds and other institutional investors own 92.72% of the company’s stock.
ODP has been the topic of several research reports. TheStreet upgraded shares of Office Depot from a “sell” rating to a “hold” rating in a report on Wednesday, August 10th. Zacks Investment Research upgraded shares of Office Depot from a “hold” rating to a “buy” rating and set a $3.75 price objective on the stock in a report on Tuesday, July 19th. Morgan Stanley restated a “hold” rating and set a $4.35 price objective on shares of Office Depot in a report on Tuesday, August 16th. Finally, Jefferies Group downgraded shares of Office Depot from a “buy” rating to a “hold” rating and set a $5.25 price objective on the stock. in a report on Thursday, May 26th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Office Depot currently has a consensus rating of “Hold” and an average target price of $5.69.
Office Depot Company Profile
Office Depot, Inc (Office Depot) is a provider of office products and services. The Company sells products and services to consumers through three segments: North American Retail Division, North American Business Solutions Division and International Division. It operates under the Office Depot and OfficeMax brands.
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