Office Depot, Inc. (NASDAQ:ODP) Short Interest Update
Office Depot, Inc. (NASDAQ:ODP) was the target of a large drop in short interest in the month of June. As of June 30th, there was short interest totalling 14,467,204 shares, a drop of 27.4% from the June 15th total of 19,940,871 shares. Approximately 2.9% of the company’s stock are short sold. Based on an average daily volume of 6,462,346 shares, the short-interest ratio is currently 2.2 days.
In other Office Depot news, insider Michael R. Allison sold 66,217 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $5.08, for a total transaction of $336,382.36. Following the transaction, the insider now owns 763,691 shares of the company’s stock, valued at approximately $3,879,550.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.43% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Nomura Asset Management Co. Ltd. raised its position in Office Depot by 33.3% in the first quarter. Nomura Asset Management Co. Ltd. now owns 21,600 shares of the specialty retailer’s stock valued at $101,000 after buying an additional 5,400 shares in the last quarter. Fox Run Management L.L.C. purchased a new position in Office Depot during the second quarter valued at $132,000. Horizon Investment Services LLC purchased a new position in Office Depot during the first quarter valued at $111,000. Envestnet Asset Management Inc. raised its position in Office Depot by 8.2% in the first quarter. Envestnet Asset Management Inc. now owns 25,558 shares of the specialty retailer’s stock valued at $119,000 after buying an additional 1,927 shares in the last quarter. Finally, Ronald Blue & Co. LLC purchased a new position in Office Depot during the first quarter valued at $120,000. 92.66% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have recently issued reports on ODP shares. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Office Depot in a research report on Tuesday, May 9th. Zacks Investment Research raised shares of Office Depot from a “hold” rating to a “buy” rating and set a $6.00 price objective on the stock in a research report on Wednesday, May 10th. BidaskClub raised shares of Office Depot from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Loop Capital reaffirmed a “hold” rating and issued a $5.00 price objective on shares of Office Depot in a research report on Wednesday, July 12th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $5.00 price objective (up previously from $4.50) on shares of Office Depot in a research report on Wednesday, May 10th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $4.78.
Shares of Office Depot (NASDAQ ODP) opened at 6.02 on Thursday. The firm has a market capitalization of $3.11 billion, a PE ratio of 5.43 and a beta of 2.97. The company has a 50-day moving average of $5.54 and a 200-day moving average of $4.91. Office Depot has a 1-year low of $3.01 and a 1-year high of $6.05.
Office Depot (NASDAQ:ODP) last released its quarterly earnings data on Tuesday, May 9th. The specialty retailer reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.04. The business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.71 billion. Office Depot had a return on equity of 13.39% and a net margin of 3.93%. The company’s revenue was down 7.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.10 EPS. Equities research analysts predict that Office Depot will post $0.52 EPS for the current fiscal year.
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Office Depot Company Profile
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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