ACCO Brands (NYSE:ACCO) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

ACCO Brands (NYSE:ACCO) announced its earnings results on Thursday. The industrial products company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01, Briefing.com reports. ACCO Brands had a negative net margin of 1.36% and a positive return on equity of 12.19%. The firm had revenue of $358.90 million for the quarter, compared to analyst estimates of $371.80 million. During the same quarter in the previous year, the firm posted $0.09 EPS. The company’s revenue for the quarter was down 10.9% compared to the same quarter last year. ACCO Brands updated its Q2 guidance to $0.30 to $0.33 EPS and its FY24 guidance to $1.02 to $1.07 EPS.

ACCO Brands Stock Down 0.8 %

ACCO Brands stock traded down $0.04 during midday trading on Friday, reaching $4.88. 825,208 shares of the company traded hands, compared to its average volume of 571,267. The company has a quick ratio of 0.97, a current ratio of 1.58 and a debt-to-equity ratio of 1.12. ACCO Brands has a 12 month low of $4.30 and a 12 month high of $6.62. The business has a 50 day moving average of $5.27 and a two-hundred day moving average of $5.55.

ACCO Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 12th. Stockholders of record on Friday, May 17th will be issued a dividend of $0.075 per share. The ex-dividend date is Thursday, May 16th. This represents a $0.30 annualized dividend and a dividend yield of 6.15%. ACCO Brands’s payout ratio is -111.11%.

Wall Street Analyst Weigh In

ACCO has been the topic of a number of research analyst reports. Barrington Research reiterated an “outperform” rating and set a $7.50 target price on shares of ACCO Brands in a report on Thursday, February 29th. StockNews.com cut shares of ACCO Brands from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 28th.

About ACCO Brands

ACCO Brands Corporation designs, manufactures, and markets consumer, school, technology, and office products. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The company provides computer and gaming accessories, planners, dry erase boards, school notebooks, and janitorial supplies; storage and organization products, such as lever-arch binders, sheet protectors, and indexes; sheet protectors and indexes; laminating, binding, and shredding machines; writing instruments and art products; stapling and punching products; and do-it-yourself tools.