Capstone Asset Management Co. Lowers Position in Office Depot Inc. (ODP)
Capstone Asset Management Co. reduced its stake in shares of Office Depot Inc. (NASDAQ:ODP) by 2.3% during the third quarter, Holdings Channel reports. The firm owned 50,547 shares of the company’s stock after selling 1,200 shares during the period. Capstone Asset Management Co.’s holdings in Office Depot were worth $180,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. NN Investment Partners Holdings N.V. bought a new stake in shares of Office Depot during the first quarter valued at about $121,000. M&T Bank Corp increased its stake in shares of Office Depot by 11.8% in the first quarter. M&T Bank Corp now owns 18,844 shares of the company’s stock valued at $134,000 after buying an additional 1,982 shares in the last quarter. Opera Trading Capital bought a new stake in shares of Office Depot during the first quarter valued at about $177,000. Alpine Partners VI LLC bought a new stake in shares of Office Depot during the first quarter valued at about $209,000. Finally, LS Investment Advisors LLC increased 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 valued at $102,000 after buying an additional 12,357 shares in the last quarter. 92.72% of the stock is currently owned by institutional investors.
Shares of Office Depot Inc. (NASDAQ:ODP) opened at 3.26 on Friday. The firm has a market cap of $1.77 billion, a price-to-earnings ratio of 6.69 and a beta of 2.78. The stock has a 50 day moving average price of $3.60 and a 200-day moving average price of $4.26. Office Depot Inc. has a 1-year low of $3.11 and a 1-year high of $7.99.
Office Depot (NASDAQ:ODP) last issued its earnings results on Wednesday, August 3rd. The company reported $0.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.06 by $0.03. The company earned $3.20 billion during the quarter, compared to analyst estimates of $3.20 billion. Office Depot had a return on equity of 12.05% and a net margin of 1.99%. The business’s revenue was down 6.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.06 earnings per share. On average, equities research analysts expect that Office Depot Inc. will post $0.39 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, August 25th were issued a dividend of $0.025 per share. The ex-dividend date was Tuesday, August 23rd. This represents a $0.10 dividend on an annualized basis and a dividend yield of 3.07%. Office Depot’s dividend payout ratio is 20.00%.
Several equities analysts recently weighed in on the company. Zacks Investment Research upgraded Office Depot from a “hold” rating to a “buy” rating and set a $3.75 target price on the stock in a research report on Tuesday, July 19th. Morgan Stanley restated a “hold” rating and issued a $4.35 price objective on shares of Office Depot in a report on Tuesday, August 16th. Finally, TheStreet upgraded Office Depot from a “sell” rating to a “hold” rating in a report on Wednesday, August 10th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $5.69.
In other news, EVP Michael R. Allison sold 23,434 shares of Office Depot stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $3.64, for a total transaction of $85,299.76. Following the transaction, the executive vice president now owns 625,883 shares in the company, valued at $2,278,214.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.47% of the company’s stock.
About Office Depot
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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