Office Depot, Inc. (ODP) Given Consensus Rating of “Hold” by Analysts
Office Depot, Inc. (NASDAQ:ODP) has earned a consensus recommendation of “Hold” from the nine research firms that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $4.54.
Several equities analysts have weighed in on the stock. Loop Capital restated a “hold” rating and set a $5.00 target price on shares of Office Depot in a report on Wednesday, July 12th. Zacks Investment Research downgraded shares of Office Depot from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. BidaskClub upgraded shares of Office Depot from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Jefferies Group LLC reiterated a “hold” rating and set a $5.00 price target (up from $4.50) on shares of Office Depot in a report on Wednesday, May 10th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Office Depot in a report on Tuesday, May 9th.
In related news, insider Michael R. Allison sold 66,217 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now directly owns 763,691 shares of the company’s stock, valued at $3,879,550.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.43% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in the company. Nomura Asset Management Co. Ltd. boosted its position in shares of 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 worth $101,000 after buying an additional 5,400 shares during the period. Fox Run Management L.L.C. acquired a new position in shares of Office Depot during the second quarter worth $132,000. Horizon Investment Services LLC acquired a new position in shares of Office Depot during the first quarter worth $111,000. Envestnet Asset Management Inc. boosted its position in shares of Office Depot by 8.2% in the first quarter. Envestnet Asset Management Inc. now owns 25,558 shares of the specialty retailer’s stock worth $119,000 after buying an additional 1,927 shares during the period. Finally, Ronald Blue & Co. LLC acquired a new position in shares of Office Depot during the first quarter worth $120,000. 92.96% of the stock is currently owned by institutional investors and hedge funds.
Office Depot (NASDAQ:ODP) traded down 2.19% during mid-day trading on Monday, hitting $5.80. 585,701 shares of the stock were exchanged. Office Depot has a one year low of $3.01 and a one year high of $6.11. The company has a market cap of $3.00 billion, a P/E ratio of 5.23 and a beta of 2.97. The company has a 50-day moving average price of $5.57 and a 200-day moving average price of $4.92.
Office Depot (NASDAQ:ODP) last announced its quarterly earnings results on Tuesday, May 9th. The specialty retailer reported $0.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.12 by $0.04. Office Depot had a net margin of 3.93% and a return on equity of 13.39%. The business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.71 billion. During the same quarter last year, the firm posted $0.10 EPS. The business’s revenue was down 7.0% compared to the same quarter last year. Analysts forecast that Office Depot will post $0.52 earnings per share for the current fiscal year.
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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