Office Depot, Inc. (ODP) Earns “Hold” Rating from Loop Capital
Loop Capital reiterated their hold rating on shares of Office Depot, Inc. (NASDAQ:ODP) in a research report sent to investors on Wednesday morning. The brokerage currently has a $5.00 target price on the specialty retailer’s stock.
ODP has been the topic of several other research reports. Telsey Advisory Group lifted their price target on shares of Office Depot from $4.40 to $5.25 and gave the company a market perform rating in a research report on Wednesday, May 10th. Jefferies Group LLC reissued a hold rating and issued a $5.00 target price (up previously from $4.50) on shares of Office Depot in a research report on Wednesday, May 10th. BidaskClub raised Office Depot from a hold rating to a buy rating in a research report on Saturday, June 10th. Zacks Investment Research lowered Office Depot from a buy rating to a hold rating in a research report on Tuesday, July 11th. Finally, Oppenheimer Holdings, Inc. reissued a hold rating on shares of Office Depot in a research report on Tuesday, May 9th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $4.78.
Office Depot (NASDAQ ODP) traded up 1.57% on Wednesday, hitting $5.83. The stock had a trading volume of 4,746,465 shares. Office Depot has a 12 month low of $3.01 and a 12 month high of $5.86. The stock has a market cap of $3.01 billion, a PE ratio of 5.26 and a beta of 2.97. The firm’s 50 day moving average price is $5.30 and its 200-day moving average price is $4.82.
Office Depot (NASDAQ:ODP) last released its quarterly earnings results on Tuesday, May 9th. The specialty retailer reported $0.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.04. The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.71 billion. Office Depot had a net margin of 3.93% and a return on equity of 13.39%. The business’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.10 EPS. On average, analysts forecast that Office Depot will post $0.52 EPS for the current year.
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In other Office Depot news, insider Michael R. Allison sold 66,217 shares of the business’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $5.08, for a total value of $336,382.36. Following the completion of the transaction, the insider now owns 763,691 shares in the company, valued at $3,879,550.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.43% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in Office Depot by 15,485.9% in the first quarter. BlackRock Inc. now owns 54,498,187 shares of the specialty retailer’s stock valued at $254,234,000 after buying an additional 54,148,524 shares during the period. Norges Bank acquired a new position in Office Depot during the fourth quarter valued at approximately $43,558,000. Dimensional Fund Advisors LP increased its position in Office Depot by 28.7% in the first quarter. Dimensional Fund Advisors LP now owns 28,351,548 shares of the specialty retailer’s stock valued at $132,259,000 after buying an additional 6,324,791 shares during the period. KAMES CAPITAL plc increased its position in Office Depot by 1,162.6% in the second quarter. KAMES CAPITAL plc now owns 3,300,088 shares of the specialty retailer’s stock valued at $18,579,000 after buying an additional 3,038,719 shares during the period. Finally, LSV Asset Management increased its position in Office Depot by 405.7% in the first quarter. LSV Asset Management now owns 3,474,796 shares of the specialty retailer’s stock valued at $16,209,000 after buying an additional 2,787,696 shares during the period. Institutional investors and hedge funds own 92.66% of the company’s stock.
About Office Depot
Office Depot, Inc provides a selection of products and services to consumers and businesses of various sizes. The Company’s segments include North American Retail Division and North American Business Solutions Division. The North American Retail Division includes retail stores in the United States, including Puerto Rico and the United States Virgin Islands, which offer office supplies, technology products and solutions, business machines and related supplies, facilities products and office furniture.
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