Office Depot Inc (ODP) Receives Consensus Recommendation of “Hold” from Analysts

Shares of Office Depot Inc (NASDAQ:ODP) have been assigned a consensus recommendation of “Hold” from the six ratings firms that are presently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and one has given a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $4.25.

Several research analysts recently issued reports on ODP shares. Bank of America reaffirmed a “buy” rating and set a $4.50 target price on shares of Office Depot in a research report on Thursday, February 28th. ValuEngine lowered Office Depot from a “hold” rating to a “sell” rating in a research report on Wednesday, March 6th. BidaskClub raised Office Depot from a “sell” rating to a “hold” rating in a research report on Thursday, February 7th. Finally, Zacks Investment Research lowered Office Depot from a “hold” rating to a “sell” rating in a research report on Wednesday, April 10th.

Shares of NASDAQ ODP traded down $0.04 during mid-day trading on Wednesday, reaching $2.49. 6,128,797 shares of the company were exchanged, compared to its average volume of 6,065,029. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.23 and a quick ratio of 0.74. The stock has a market capitalization of $1.37 billion, a P/E ratio of 7.11, a price-to-earnings-growth ratio of 0.42 and a beta of 2.71. Office Depot has a 1 year low of $2.00 and a 1 year high of $3.82.

Office Depot (NASDAQ:ODP) last issued its quarterly earnings data on Wednesday, February 27th. The specialty retailer reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.01. Office Depot had a return on equity of 9.22% and a net margin of 0.94%. The firm had revenue of $2.67 billion during the quarter, compared to analysts’ expectations of $2.68 billion. During the same period in the prior year, the business posted $0.08 EPS. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. As a group, equities research analysts anticipate that Office Depot will post 0.31 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in ODP. Norges Bank purchased a new position in Office Depot during the fourth quarter worth approximately $28,205,000. BlackRock Inc. increased its stake in Office Depot by 8.9% during the third quarter. BlackRock Inc. now owns 79,174,161 shares of the specialty retailer’s stock worth $254,151,000 after acquiring an additional 6,446,080 shares during the last quarter. LSV Asset Management increased its stake in Office Depot by 40.2% during the fourth quarter. LSV Asset Management now owns 22,481,392 shares of the specialty retailer’s stock worth $58,001,000 after acquiring an additional 6,442,475 shares during the last quarter. Marshall Wace LLP acquired a new stake in Office Depot during the third quarter worth $13,575,000. Finally, WINTON GROUP Ltd acquired a new stake in Office Depot during the fourth quarter worth $9,400,000. 90.33% of the stock is currently 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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