Oppenheimer Asset Management Inc. Sells 5,233 Shares of ACCO Brands Co. (ACCO)
Oppenheimer Asset Management Inc. lessened its position in shares of ACCO Brands Co. (NYSE:ACCO) by 27.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,176 shares of the industrial products company’s stock after selling 5,233 shares during the period. Oppenheimer Asset Management Inc.’s holdings in ACCO Brands were worth $160,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sun Life Financial INC bought a new stake in shares of ACCO Brands during the 2nd quarter valued at $140,000. Hartford Investment Management Co. bought a new stake in shares of ACCO Brands during the 2nd quarter valued at $183,000. Cambridge Investment Research Advisors Inc. raised its stake in shares of ACCO Brands by 27.5% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 24,958 shares of the industrial products company’s stock valued at $346,000 after purchasing an additional 5,380 shares during the period. SG Americas Securities LLC raised its stake in shares of ACCO Brands by 90.3% during the 2nd quarter. SG Americas Securities LLC now owns 39,844 shares of the industrial products company’s stock valued at $552,000 after purchasing an additional 18,907 shares during the period. Finally, MetLife Investment Advisors LLC raised its stake in shares of ACCO Brands by 11.9% during the 2nd quarter. MetLife Investment Advisors LLC now owns 48,975 shares of the industrial products company’s stock valued at $678,000 after purchasing an additional 5,210 shares during the period. 90.82% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts recently issued reports on ACCO shares. Noble Financial reiterated a “buy” rating and set a $15.00 price objective on shares of ACCO Brands in a research note on Monday, August 6th. Barrington Research set a $13.00 price objective on ACCO Brands and gave the company a “buy” rating in a research note on Monday, November 5th. Zacks Investment Research upgraded ACCO Brands from a “sell” rating to a “hold” rating in a research note on Monday, October 8th. Finally, ValuEngine upgraded ACCO Brands from a “sell” rating to a “hold” rating in a research note on Tuesday, September 4th. Two investment analysts have rated the stock with a sell rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $15.25.
ACCO Brands (NYSE:ACCO) last announced its earnings results on Tuesday, October 30th. The industrial products company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.01). The business had revenue of $507.30 million during the quarter, compared to the consensus estimate of $533.26 million. ACCO Brands had a return on equity of 17.38% and a net margin of 7.36%. ACCO Brands’s revenue was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.35 earnings per share. Research analysts forecast that ACCO Brands Co. will post 1.17 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 19th. Shareholders of record on Friday, November 30th will be paid a $0.06 dividend. The ex-dividend date is Thursday, November 29th. This represents a $0.24 dividend on an annualized basis and a yield of 2.88%. ACCO Brands’s dividend payout ratio is currently 20.17%.
In other ACCO Brands news, Chairman Boris Elisman bought 6,547 shares of the firm’s stock in a transaction on Wednesday, October 31st. The shares were acquired at an average cost of $7.72 per share, for a total transaction of $50,542.84. Following the purchase, the chairman now directly owns 798,917 shares of the company’s stock, valued at $6,167,639.24. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Neal V. Fenwick bought 10,000 shares of the firm’s stock in a transaction on Wednesday, October 31st. The stock was acquired at an average price of $8.06 per share, for a total transaction of $80,600.00. Following the completion of the purchase, the vice president now directly owns 520,225 shares in the company, valued at $4,193,013.50. The disclosure for this purchase can be found here. Insiders acquired a total of 19,647 shares of company stock worth $156,253 over the last 90 days. Corporate insiders own 4.50% of the company’s stock.
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ACCO Brands Profile
ACCO Brands Corporation designs, manufactures, and markets, consumer and business products. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The company offers school notebooks, calendars, and whiteboards; storage and organization products, such as lever-arch binders, sheet protectors, and indexes; stapling, punching, laminating, binding, and shredding products; do-it-yourself tools; and computer accessories and others, which are primarily used in schools, homes, and businesses.
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