Suntrust Banks Inc. raised its stake in shares of Staples, Inc. (NASDAQ:SPLS) by 25.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,328 shares of the specialty retailer’s stock after acquiring an additional 2,675 shares during the period. Suntrust Banks Inc.’s holdings in Staples were worth $133,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Ballentine Partners LLC raised its stake in Staples by 0.5% during the 2nd quarter. Ballentine Partners LLC now owns 10,304 shares of the specialty retailer’s stock valued at $104,000 after acquiring an additional 50 shares during the last quarter. CIBC Asset Management Inc raised its stake in Staples by 0.3% during the 2nd quarter. CIBC Asset Management Inc now owns 73,643 shares of the specialty retailer’s stock valued at $742,000 after acquiring an additional 203 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in Staples by 1.3% during the 2nd quarter. Louisiana State Employees Retirement System now owns 40,500 shares of the specialty retailer’s stock valued at $408,000 after acquiring an additional 500 shares during the last quarter. Conning Inc. raised its stake in Staples by 4.8% during the 2nd quarter. Conning Inc. now owns 13,429 shares of the specialty retailer’s stock valued at $135,000 after acquiring an additional 610 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. raised its stake in Staples by 0.7% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 104,833 shares of the specialty retailer’s stock valued at $919,000 after acquiring an additional 725 shares during the last quarter. 85.56% of the stock is owned by hedge funds and other institutional investors.

Staples, Inc. (SPLS) opened at 10.25 on Friday. Staples, Inc. has a 52-week low of $7.24 and a 52-week high of $10.26. The firm’s market cap is $6.73 billion. The firm’s 50-day moving average price is $10.21 and its 200 day moving average price is $9.58.

Staples (NASDAQ:SPLS) last released its quarterly earnings results on Thursday, August 24th. The specialty retailer reported $0.12 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.12. The company had revenue of $3.91 billion for the quarter, compared to analysts’ expectations of $3.87 billion. Staples had a return on equity of 7.49% and a net margin of 1.61%. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.12 earnings per share. On average, equities analysts anticipate that Staples, Inc. will post $0.86 earnings per share for the current year.

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Several research firms have commented on SPLS. Zacks Investment Research raised Staples from a “sell” rating to a “hold” rating in a research note on Friday, August 25th. BidaskClub raised Staples from a “strong sell” rating to a “sell” rating in a research note on Wednesday, August 23rd. Jefferies Group LLC reaffirmed a “hold” rating and set a $9.00 price objective on shares of Staples in a research note on Wednesday, August 9th. Telsey Advisory Group upped their price objective on Staples from $9.00 to $10.25 and gave the company a “market perform” rating in a research note on Thursday, June 29th. Finally, Deutsche Bank AG set a $8.00 price objective on Staples and gave the company a “hold” rating in a research note on Thursday, June 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $8.85.

About Staples

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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Institutional Ownership by Quarter for Staples (NASDAQ:SPLS)

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