Zacks: Brokerages Anticipate Office Depot Inc (ODP) to Announce $0.05 Earnings Per Share

Analysts expect that Office Depot Inc (NASDAQ:ODP) will announce earnings of $0.05 per share for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Office Depot’s earnings, with the lowest EPS estimate coming in at $0.04 and the highest estimate coming in at $0.05. Office Depot also reported earnings of $0.05 per share during the same quarter last year. The company is expected to issue its next quarterly earnings report on Tuesday, August 6th.

According to Zacks, analysts expect that Office Depot will report full year earnings of $0.35 per share for the current fiscal year, with EPS estimates ranging from $0.32 to $0.37. For the next fiscal year, analysts forecast that the business will report earnings of $0.38 per share, with EPS estimates ranging from $0.32 to $0.43. Zacks’ EPS averages are an average based on a survey of research firms that follow Office Depot.

Office Depot (NASDAQ:ODP) last released its quarterly earnings results on Wednesday, May 8th. The specialty retailer reported $0.07 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.01. Office Depot had a return on equity of 8.95% and a net margin of 0.64%. The firm had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter last year, the business posted $0.08 EPS. The company’s revenue for the quarter was down 2.2% on a year-over-year basis.

A number of research firms recently issued reports on ODP. BidaskClub downgraded Office Depot from a “sell” rating to a “strong sell” rating in a research report on Thursday, May 9th. Bank of America cut Office Depot from a “buy” rating to an “underperform” rating and reduced their price target for the stock from $4.00 to $2.00 in a report on Thursday, May 9th. ValuEngine cut Office Depot from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 8th. Finally, Zacks Investment Research cut Office Depot from a “hold” rating to a “sell” rating in a report on Wednesday, April 10th. Four equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the company. Office Depot presently has a consensus rating of “Sell” and a consensus target price of $3.08.

Shares of NASDAQ:ODP traded up $0.03 during midday trading on Thursday, reaching $2.08. The company had a trading volume of 3,154,266 shares, compared to its average volume of 5,996,967. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.74 and a current ratio of 1.08. The company has a market cap of $1.11 billion, a P/E ratio of 5.93, a P/E/G ratio of 0.44 and a beta of 2.50. Office Depot has a 1-year low of $1.98 and a 1-year high of $3.82.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 24th will be issued a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a dividend yield of 4.82%. The ex-dividend date is Thursday, May 23rd. Office Depot’s dividend payout ratio is presently 28.57%.

Several large investors have recently modified their holdings of ODP. Bank of Montreal Can boosted its stake in shares of Office Depot by 12.9% in the fourth quarter. Bank of Montreal Can now owns 33,890 shares of the specialty retailer’s stock valued at $88,000 after buying an additional 3,862 shares during the period. Macquarie Group Ltd. boosted its stake in shares of Office Depot by 2.3% in the fourth quarter. Macquarie Group Ltd. now owns 180,100 shares of the specialty retailer’s stock valued at $464,000 after buying an additional 4,100 shares during the period. Shelton Capital Management boosted its stake in shares of Office Depot by 9.1% in the fourth quarter. Shelton Capital Management now owns 56,169 shares of the specialty retailer’s stock valued at $145,000 after buying an additional 4,670 shares during the period. New York State Teachers Retirement System boosted its stake in shares of Office Depot by 0.4% in 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 buying an additional 4,987 shares during the period. Finally, CIBC Asset Management Inc boosted its stake in shares of Office Depot by 8.5% in the fourth quarter. CIBC Asset Management Inc now owns 71,507 shares of the specialty retailer’s stock valued at $184,000 after buying an additional 5,632 shares during the period. Institutional investors own 90.42% of the company’s stock.

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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