Office Depot (NASDAQ:ODP) Lowered to Sell at BidaskClub

Office Depot (NASDAQ:ODP) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a report released on Tuesday, April 16th, BidAskClub reports.

ODP has been the topic of several other research reports. ValuEngine lowered shares of Office Depot from a “hold” rating to a “sell” rating in a research report on Wednesday, March 6th. Bank of America reaffirmed a “buy” rating and issued a $4.50 price objective on shares of Office Depot in a research report on Thursday, February 28th. Finally, Zacks Investment Research downgraded shares of Office Depot from a “hold” rating to a “sell” rating in a research note on Wednesday, April 10th. Four research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. Office Depot has an average rating of “Sell” and an average price target of $3.08.

Shares of ODP traded up $0.07 during trading hours on Tuesday, reaching $2.16. 4,470,886 shares of the stock traded hands, compared to its average volume of 5,491,916. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.08 and a quick ratio of 0.74. Office Depot has a 52 week low of $1.98 and a 52 week high of $3.82. The firm has a market capitalization of $1.14 billion, a P/E ratio of 6.17, a PEG ratio of 0.44 and a beta of 2.50.

Office Depot (NASDAQ:ODP) last released its quarterly earnings results on Wednesday, May 8th. The specialty retailer reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. The company had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.76 billion. Office Depot had a net margin of 0.64% and a return on equity of 8.95%. The firm’s revenue was down 2.2% on a year-over-year basis. During the same period last year, the firm earned $0.08 earnings per share. On average, equities research analysts expect that Office Depot will post 0.34 earnings per share for the current year.

A number of large investors have recently modified their holdings of the stock. Bank of Montreal Can grew its stake in Office Depot by 12.9% during the fourth quarter. Bank of Montreal Can now owns 33,890 shares of the specialty retailer’s stock valued at $88,000 after acquiring an additional 3,862 shares in the last quarter. Macquarie Group Ltd. grew its stake in Office Depot by 2.3% during the fourth quarter. Macquarie Group Ltd. now owns 180,100 shares of the specialty retailer’s stock valued at $464,000 after acquiring an additional 4,100 shares in the last quarter. Shelton Capital Management grew its stake in Office Depot by 9.1% during the fourth quarter. Shelton Capital Management now owns 56,169 shares of the specialty retailer’s stock valued at $145,000 after acquiring an additional 4,670 shares in the last quarter. New York State Teachers Retirement System grew its stake in Office Depot by 0.4% during the first quarter. New York State Teachers Retirement System now owns 1,239,559 shares of the specialty retailer’s stock valued at $4,500,000 after acquiring an additional 4,987 shares in the last quarter. Finally, CIBC Asset Management Inc grew its stake in Office Depot by 8.5% during the fourth quarter. CIBC Asset Management Inc now owns 71,507 shares of the specialty retailer’s stock valued at $184,000 after acquiring an additional 5,632 shares in the last quarter. 90.42% of the stock is owned by institutional investors.

Office Depot Company Profile

Office Depot, Inc provides business services and supplies, products, and technology solutions. The company operates in three divisions: Business Solutions, Retail, and CompuCom. The Business Solutions division offers office supply products and services through sales forces, catalogs, and telesales, as well as through Internet Websites in the United States, Puerto Rico, U.S.

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