Office Depot Inc. (ODP) Short Interest Down 14.1% in November
Office Depot Inc. (NASDAQ:ODP) was the recipient of a significant decrease in short interest in November. As of November 15th, there was short interest totalling 17,084,618 shares, a decrease of 14.1% from the October 31st total of 19,895,238 shares. Based on an average trading volume of 11,593,406 shares, the short-interest ratio is currently 1.5 days. Approximately 3.2% of the shares of the company are short sold.
Several hedge funds and other institutional investors have recently modified their holdings of ODP. Hotchkis & Wiley Capital Management LLC boosted its position in shares of Office Depot by 77.1% in the second quarter. Hotchkis & Wiley Capital Management LLC now owns 46,549,207 shares of the company’s stock valued at $154,078,000 after buying an additional 20,269,877 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of Office Depot by 86.8% in the second quarter. Alliancebernstein L.P. now owns 35,753,734 shares of the company’s stock valued at $118,345,000 after buying an additional 16,614,118 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Office Depot by 127.9% in the third quarter. Bank of New York Mellon Corp now owns 27,967,852 shares of the company’s stock valued at $99,846,000 after buying an additional 15,695,817 shares in the last quarter. TIAA CREF Investment Management LLC boosted its position in shares of Office Depot by 211.0% in the second quarter. TIAA CREF Investment Management LLC now owns 16,599,542 shares of the company’s stock valued at $54,944,000 after buying an additional 11,261,906 shares in the last quarter. Finally, Fairpointe Capital LLC boosted its position in shares of Office Depot by 53.4% in the second quarter. Fairpointe Capital LLC now owns 28,751,416 shares of the company’s stock valued at $95,168,000 after buying an additional 10,012,587 shares in the last quarter. Institutional investors and hedge funds own 92.97% of the company’s stock.
Several research firms have recently weighed in on ODP. Zacks Investment Research raised shares of Office Depot from a “hold” rating to a “buy” rating and set a $5.50 price target on the stock in a report on Monday. Morgan Stanley reaffirmed a “hold” rating and issued a $4.35 price target on shares of Office Depot in a report on Tuesday, August 16th. TheStreet raised shares of Office Depot from a “sell” rating to a “hold” rating in a report on Wednesday, August 10th. Finally, Telsey Advisory Group decreased their price target on shares of Office Depot from $5.00 to $4.50 and set a “market perform” rating on the stock in a report on Friday, October 28th. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $5.87.
Office Depot (NASDAQ:ODP) opened at 4.87 on Thursday. The company has a market cap of $2.57 billion, a PE ratio of 8.63 and a beta of 3.15. Office Depot has a 1-year low of $3.01 and a 1-year high of $7.91. The company has a 50-day moving average price of $3.77 and a 200-day moving average price of $3.58.
Office Depot (NASDAQ:ODP) last issued its quarterly earnings results on Wednesday, November 2nd. The company reported $0.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.01. The business had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $3.49 billion. Office Depot had a net margin of 2.41% and a return on equity of 11.70%. The company’s revenue was down 6.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.16 EPS. On average, analysts expect that Office Depot will post $0.41 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Friday, November 25th will be paid a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a dividend yield of 2.05%. The ex-dividend date is Tuesday, November 22nd. Office Depot’s dividend payout ratio is presently 17.54%.
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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