Summit Securities Group LLC Takes Position in Staples, Inc. (SPLS)
Summit Securities Group LLC acquired a new stake in Staples, Inc. (NASDAQ:SPLS) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 11,500 shares of the specialty retailer’s stock, valued at approximately $116,000.
Other hedge funds have also recently made changes to their positions in the company. James Investment Research Inc. purchased a new stake in shares of Staples during the first quarter valued at $139,000. Concert Wealth Management Inc. raised its stake in shares of Staples by 0.7% in the first quarter. Concert Wealth Management Inc. now owns 12,065 shares of the specialty retailer’s stock valued at $109,000 after buying an additional 82 shares during the last quarter. Boston Private Wealth LLC raised its stake in shares of Staples by 8.0% in the first quarter. Boston Private Wealth LLC now owns 121,855 shares of the specialty retailer’s stock valued at $1,069,000 after buying an additional 8,993 shares during the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of Staples by 0.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 2,070,639 shares of the specialty retailer’s stock valued at $18,739,000 after buying an additional 10,418 shares during the last quarter. Finally, Westside Investment Management Inc. raised its stake in shares of Staples by 120.4% in the first quarter. Westside Investment Management Inc. now owns 55,650 shares of the specialty retailer’s stock valued at $543,000 after buying an additional 30,400 shares during the last quarter. 92.02% of the stock is currently owned by institutional investors.
Shares of Staples, Inc. (SPLS) opened at 10.14 on Friday. The company has a 50-day moving average price of $10.04 and a 200 day moving average price of $9.38. The firm’s market cap is $6.62 billion. Staples, Inc. has a 52 week low of $7.24 and a 52 week high of $10.25.
Staples (NASDAQ:SPLS) last issued its quarterly earnings results on Tuesday, May 16th. The specialty retailer reported $0.17 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.17. The business had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $4.50 billion. Staples had a positive return on equity of 14.07% and a negative net margin of 12.51%. The firm’s quarterly revenue was down 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.17 earnings per share. Analysts expect that Staples, Inc. will post $0.88 EPS for the current fiscal year.
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SPLS has been the topic of several recent research reports. Zacks Investment Research lowered Staples from a “hold” rating to a “sell” rating in a report on Tuesday, April 18th. BidaskClub raised Staples from a “strong sell” rating to a “sell” rating in a report on Saturday, August 5th. Jefferies Group LLC reissued a “hold” rating and set a $9.00 price objective on shares of Staples in a report on Wednesday. Deutsche Bank AG set a $8.00 price target on Staples and gave the company a “hold” rating in a research note on Thursday, June 22nd. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Staples in a research note on Tuesday, June 20th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $9.18.
Staples Company Profile
Staples, Inc (Staples) is a provider of products and services that serve the needs of business customers and consumers. The Company offers a range of print and marketing and technology services. The Company’s segments include North American Delivery, North American Retail and Other. The North American Delivery segment consists of the United States and Canadian businesses, including Staples Business Advantage, staples.com, staples.ca, and quill.com, that sell and deliver products and services primarily to businesses.
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