Texas Permanent School Fund Increases Position in Office Depot, Inc. (NASDAQ:ODP)
Texas Permanent School Fund boosted its stake in shares of Office Depot, Inc. (NASDAQ:ODP) by 1.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 377,202 shares of the specialty retailer’s stock after buying an additional 4,468 shares during the period. Texas Permanent School Fund’s holdings in Office Depot were worth $2,127,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Los Angeles Capital Management & Equity Research Inc. raised its position in shares of Office Depot by 0.6% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 31,136 shares of the specialty retailer’s stock valued at $145,000 after buying an additional 175 shares in the last quarter. Advantus Capital Management Inc raised its position in shares of Office Depot by 0.4% in the first quarter. Advantus Capital Management Inc now owns 65,917 shares of the specialty retailer’s stock valued at $308,000 after buying an additional 247 shares in the last quarter. Ronald Blue & Co. LLC raised its position in shares of Office Depot by 1.0% in the second quarter. Ronald Blue & Co. LLC now owns 25,905 shares of the specialty retailer’s stock valued at $146,000 after buying an additional 266 shares in the last quarter. Oakbrook Investments LLC raised its position in shares of Office Depot by 2.7% in the second quarter. Oakbrook Investments LLC now owns 38,200 shares of the specialty retailer’s stock valued at $215,000 after buying an additional 1,000 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised 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 valued at $119,000 after buying an additional 1,927 shares in the last quarter. Hedge funds and other institutional investors own 93.46% of the company’s stock.
Shares of Office Depot, Inc. (ODP) opened at 4.45 on Friday. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of 4.02 and a beta of 2.98. Office Depot, Inc. has a 1-year low of $3.01 and a 1-year high of $6.26. The stock has a 50 day moving average price of $5.71 and a 200 day moving average price of $5.04.
Office Depot (NASDAQ:ODP) last released its quarterly earnings results on Wednesday, August 9th. The specialty retailer reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by $0.03. Office Depot had a net margin of 2.49% and a return on equity of 13.97%. The business had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same quarter in the previous year, the firm posted $0.06 earnings per share. The firm’s quarterly revenue was down 8.5% on a year-over-year basis. Analysts forecast that Office Depot, Inc. will post $0.52 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, August 25th will be given a $0.025 dividend. The ex-dividend date is Wednesday, August 23rd. This represents a $0.10 dividend on an annualized basis and a dividend yield of 2.25%. Office Depot’s payout ratio is 20.00%.
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Several equities research analysts have recently weighed in on the company. Deutsche Bank AG reiterated a “hold” rating and issued a $5.00 price objective (down from $5.75) on shares of Office Depot in a research note on Thursday. Zacks Investment Research lowered Office Depot from a “buy” rating to a “hold” rating in a research note on Tuesday, July 11th. Telsey Advisory Group upped their price objective on Office Depot from $4.40 to $5.25 and gave the company a “market perform” rating in a research note on Wednesday, May 10th. Jefferies Group LLC reiterated a “hold” rating and issued a $5.00 price objective (up from $4.50) on shares of Office Depot in a research note on Wednesday, May 10th. Finally, Loop Capital reiterated a “hold” rating and issued a $5.00 price objective on shares of Office Depot in a research note on Wednesday, July 12th. Eight research analysts have rated the stock with a hold rating, Office Depot has an average rating of “Hold” and an average price target of $5.10.
In other news, insider Michael R. Allison sold 66,217 shares of Office Depot 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 completion of the sale, the insider now directly owns 763,691 shares in the company, valued at $3,879,550.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 2.43% of the stock is currently owned by insiders.
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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