BidaskClub upgraded shares of Office Depot (NASDAQ:ODP) from a sell rating to a hold rating in a research report sent to investors on Wednesday morning.

Other equities research analysts have also issued research reports about the company. Zacks Investment Research raised Office Depot from a hold rating to a buy rating and set a $3.50 price objective for the company in a report on Thursday, August 9th. ValuEngine raised Office Depot from a strong sell rating to a sell rating in a report on Tuesday, July 24th. Finally, Bank of America reaffirmed a buy rating and set a $4.00 target price on shares of Office Depot in a report on Tuesday, August 7th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $4.17.

ODP traded down $0.12 during trading hours on Wednesday, hitting $3.25. The stock had a trading volume of 12,636,970 shares, compared to its average volume of 4,729,497. Office Depot has a 1 year low of $2.00 and a 1 year high of $3.66. The firm has a market cap of $1.89 billion, a P/E ratio of 7.22 and a beta of 2.65. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.85 and a current ratio of 1.35.

Office Depot (NASDAQ:ODP) last announced its quarterly earnings data on Wednesday, November 7th. The specialty retailer reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.01. Office Depot had a return on equity of 8.90% and a net margin of 0.59%. The company had revenue of $2.89 billion during the quarter, compared to analyst estimates of $2.83 billion. During the same quarter last year, the firm posted $0.14 EPS. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, research analysts predict that Office Depot will post 0.33 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 23rd will be issued a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date is Wednesday, November 21st. Office Depot’s payout ratio is presently 22.22%.

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. grew its holdings in Office Depot by 8.9% during the 3rd quarter. BlackRock Inc. now owns 79,174,161 shares of the specialty retailer’s stock valued at $254,151,000 after buying an additional 6,446,080 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Office Depot by 12.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 42,881,014 shares of the specialty retailer’s stock valued at $109,349,000 after buying an additional 4,618,163 shares in the last quarter. LSV Asset Management grew its holdings in Office Depot by 14.9% during the 3rd quarter. LSV Asset Management now owns 16,038,917 shares of the specialty retailer’s stock valued at $51,484,000 after buying an additional 2,080,765 shares in the last quarter. Towle & Co. grew its holdings in Office Depot by 2.3% during the 3rd quarter. Towle & Co. now owns 12,343,168 shares of the specialty retailer’s stock valued at $39,622,000 after buying an additional 275,590 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Office Depot by 6.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 10,967,308 shares of the specialty retailer’s stock valued at $35,206,000 after buying an additional 655,591 shares in the last quarter. 90.72% of the stock is owned by institutional investors and hedge funds.

About Office Depot

Office Depot, Inc, together with its subsidiaries, provides various products and services. It operates in three divisions: Retail, Business Solutions, and CompuCom. The Retail division operates retail stores, which offer office supplies; technology products and solutions; business machines and related supplies; print, cleaning, breakroom, and facilities products; and office furniture in the United States, Puerto Rico, and the U.S.

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