Ironwood Investment Management LLC Sells 2,390 Shares of Acco Brands Corporation (NYSE:ACCO)
Ironwood Investment Management LLC lowered its stake in Acco Brands Corporation (NYSE:ACCO) by 6.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 37,472 shares of the industrial products company’s stock after selling 2,390 shares during the period. Ironwood Investment Management LLC’s holdings in Acco Brands Corporation were worth $437,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its position in Acco Brands Corporation by 8.3% in the first quarter. Victory Capital Management Inc. now owns 8,125 shares of the industrial products company’s stock valued at $107,000 after buying an additional 625 shares during the period. Benjamin F. Edwards & Company Inc. raised its position in Acco Brands Corporation by 45.0% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 8,435 shares of the industrial products company’s stock valued at $111,000 after buying an additional 2,617 shares during the period. Ameritas Investment Partners Inc. acquired a new stake in Acco Brands Corporation during the first quarter valued at about $112,000. New York State Teachers Retirement System increased its stake in Acco Brands Corporation by 1.1% in the first quarter. New York State Teachers Retirement System now owns 9,400 shares of the industrial products company’s stock valued at $124,000 after buying an additional 100 shares in the last quarter. Finally, Virginia Retirement Systems ET AL acquired a new stake in Acco Brands Corporation during the first quarter valued at about $133,000. 91.43% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Acco Brands Corporation (NYSE:ACCO) opened at 10.90 on Friday. The stock has a market capitalization of $1.19 billion, a P/E ratio of 21.71 and a beta of 1.30. The firm’s 50-day moving average price is $11.69 and its 200 day moving average price is $12.57. Acco Brands Corporation has a 12-month low of $9.06 and a 12-month high of $14.75.
Acco Brands Corporation (NYSE:ACCO) last announced its earnings results on Tuesday, August 1st. The industrial products company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.04. Acco Brands Corporation had a return on equity of 15.03% and a net margin of 3.25%. The firm had revenue of $490 million during the quarter, compared to the consensus estimate of $497.17 million. During the same quarter in the prior year, the company earned $0.25 EPS. The firm’s revenue for the quarter was up 19.5% compared to the same quarter last year. Analysts predict that Acco Brands Corporation will post $1.10 EPS for the current fiscal year.
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Several research firms have issued reports on ACCO. Zacks Investment Research upgraded Acco Brands Corporation from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a report on Thursday. ValuEngine upgraded Acco Brands Corporation from a “hold” rating to a “buy” rating in a report on Wednesday. BidaskClub downgraded Acco Brands Corporation from a “sell” rating to a “strong sell” rating in a report on Wednesday, June 21st. Finally, BWS Financial restated a “buy” rating and set a $18.00 price objective on shares of Acco Brands Corporation in a report on Tuesday, July 4th.
In related news, SVP Kathy D. Schnaedter sold 68,653 shares of the stock in a transaction that occurred on Wednesday, June 7th. The stock was sold at an average price of $11.26, for a total transaction of $773,032.78. Following the completion of the sale, the senior vice president now owns 68,655 shares in the company, valued at approximately $773,055.30. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 4.50% of the stock is owned by corporate insiders.
Acco Brands Corporation Company Profile
ACCO Brands Corporation is engaged in designing, marketing and manufacturing of branded business, academic and selected consumer products. The Company operates through three segments: ACCO Brands North America, ACCO Brands International and Computer Products Group. The Company’s brands include Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Kensington, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra and Wilson Jones.
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