Zacks Investment Research upgraded shares of ACCO Brands (NYSE:ACCO) from a hold rating to a buy rating in a research note released on Friday morning, Zacks.com reports. The brokerage currently has $11.00 target price on the industrial products company’s stock.
According to Zacks, “ACCO Brands Corporation is a world leader in branded office products. Its industry-leading brands include Swingline, Kensington, Wilson Jones, Quartet, GBC, and Day-Timer, among others. Under the GBC brand, the Company is also a leader in the professional printing market. “
A number of other brokerages have also commented on ACCO. Barrington Research reiterated a buy rating and issued a $11.00 price objective on shares of ACCO Brands in a research report on Wednesday, May 8th. Noble Financial set a $14.00 price objective on ACCO Brands and gave the company a buy rating in a research report on Friday, May 3rd. Finally, ValuEngine upgraded ACCO Brands from a strong sell rating to a sell rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating and three have issued a buy rating to the company. ACCO Brands presently has a consensus rating of Buy and a consensus target price of $12.00.
ACCO Brands (NYSE:ACCO) last released its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $0.36 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.04. ACCO Brands had a return on equity of 16.11% and a net margin of 5.43%. The firm had revenue of $518.70 million during the quarter, compared to analysts’ expectations of $493.89 million. During the same period last year, the firm posted $0.32 EPS. The business’s revenue was up 4.0% on a year-over-year basis. Sell-side analysts expect that ACCO Brands will post 1.19 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Friday, August 23rd will be given a $0.06 dividend. The ex-dividend date is Thursday, August 22nd. This represents a $0.24 annualized dividend and a dividend yield of 2.49%. ACCO Brands’s dividend payout ratio is currently 21.05%.
Institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. raised its stake in ACCO Brands by 138.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,642 shares of the industrial products company’s stock worth $41,000 after buying an additional 2,697 shares during the period. Raymond James Trust N.A. acquired a new stake in ACCO Brands during the 2nd quarter worth $83,000. Great West Life Assurance Co. Can raised its stake in ACCO Brands by 23.1% during the 4th quarter. Great West Life Assurance Co. Can now owns 13,338 shares of the industrial products company’s stock worth $87,000 after buying an additional 2,507 shares during the period. Abacus Planning Group Inc. acquired a new stake in ACCO Brands during the 1st quarter worth $88,000. Finally, Oppenheimer Asset Management Inc. raised its stake in ACCO Brands by 24.8% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 17,359 shares of the industrial products company’s stock worth $149,000 after buying an additional 3,451 shares during the period. 91.17% of the stock is currently owned by institutional investors and hedge funds.
About ACCO Brands
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, janitorial supplies, and whiteboards; storage and organization products, such as three-ring and lever-arch binders, sheet protectors, and indexes; laminating, binding, and shredding machines, as well as related consumable supplies; writing instruments; stapling and punching products; do-it-yourself tools; and computer accessories and others used in schools, homes, and businesses.
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