Tudor Investment Corp ET AL Increases Stake in Office Depot, Inc. (ODP)
Tudor Investment Corp ET AL grew its stake in shares of Office Depot, Inc. (NASDAQ:ODP) by 100.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 98,369 shares of the specialty retailer’s stock after purchasing an additional 49,369 shares during the period. Tudor Investment Corp ET AL’s holdings in Office Depot were worth $555,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Pacad Investment Ltd. boosted its stake in Office Depot by 1,292.3% during the second quarter. Pacad Investment Ltd. now owns 18,100 shares of the specialty retailer’s stock worth $102,000 after acquiring an additional 16,800 shares in the last quarter. Eagle Global Advisors LLC bought a new stake in Office Depot during the second quarter worth about $103,000. PNC Financial Services Group Inc. boosted its stake in Office Depot by 13.4% during the second quarter. PNC Financial Services Group Inc. now owns 18,514 shares of the specialty retailer’s stock worth $104,000 after acquiring an additional 2,187 shares in the last quarter. Bayesian Capital Management LP bought a new stake in Office Depot during the second quarter worth about $105,000. Finally, Stratos Wealth Partners LTD. bought a new stake in Office Depot during the second quarter worth about $109,000. 94.06% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms recently commented on ODP. Jefferies Group LLC reissued a “hold” rating and set a $4.15 price objective (down previously from $5.00) on shares of Office Depot in a research note on Friday. BidaskClub raised shares of Office Depot from a “sell” rating to a “hold” rating in a research note on Saturday. Zacks Investment Research lowered shares of Office Depot from a “hold” rating to a “sell” rating in a research note on Monday, August 14th. Loop Capital reissued a “hold” rating and set a $5.00 price objective on shares of Office Depot in a research note on Wednesday, July 12th. Finally, Bank of America Corporation reissued a “buy” rating on shares of Office Depot in a research note on Sunday, August 13th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $5.08.
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Shares of Office Depot, Inc. (ODP) opened at 3.84 on Tuesday. The company has a market cap of $1.99 billion, a price-to-earnings ratio of 4.97 and a beta of 2.89. The company’s 50-day moving average is $4.28 and its 200 day moving average is $4.98. Office Depot, Inc. has a 1-year low of $3.01 and a 1-year high of $6.26.
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 firm had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.44 billion. During the same quarter in the prior year, the business posted $0.06 earnings per share. The firm’s quarterly revenue was down 8.5% on a year-over-year basis. Equities analysts anticipate that Office Depot, Inc. will post $0.46 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, August 25th were issued a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date was Wednesday, August 23rd. Office Depot’s dividend payout ratio is currently 20.00%.
Office Depot 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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