Office Depot (NASDAQ:ODP) Shares Down 5.6%

Office Depot Inc (NASDAQ:ODP)’s stock price fell 5.6% on Thursday . The stock traded as low as $1.40 and last traded at $1.36, 201,499 shares traded hands during mid-day trading. A decline of 96% from the average session volume of 4,702,182 shares. The stock had previously closed at $1.44.

Several brokerages recently weighed in on ODP. Zacks Investment Research upgraded shares of Office Depot from a “hold” rating to a “strong-buy” rating and set a $2.00 price target on the stock in a report on Friday, August 9th. BidaskClub downgraded shares of Office Depot from a “sell” rating to a “strong sell” rating in a report on Tuesday. Bank of America downgraded shares of Office Depot from a “buy” rating to an “underperform” rating and cut their price target for the stock from $4.00 to $2.00 in a report on Thursday, May 9th. Finally, ValuEngine downgraded shares of Office Depot from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 8th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $2.67.

The company’s fifty day moving average is $1.94 and its two-hundred day moving average is $2.51. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.72 and a current ratio of 1.07. The company has a market cap of $819.57 million, a price-to-earnings ratio of 3.86, a P/E/G ratio of 0.37 and a beta of 2.32.

Office Depot (NASDAQ:ODP) last issued its quarterly earnings results on Wednesday, August 7th. The specialty retailer reported $0.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.02. Office Depot had a net margin of 0.27% and a return on equity of 9.35%. The company had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.59 billion. During the same quarter in the prior year, the company earned $0.05 EPS. Office Depot’s quarterly revenue was down 1.5% on a year-over-year basis. On average, sell-side analysts anticipate that Office Depot Inc will post 0.37 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 23rd will be issued a $0.025 dividend. The ex-dividend date of this dividend is Thursday, August 22nd. This represents a $0.10 annualized dividend and a yield of 7.41%. Office Depot’s dividend payout ratio (DPR) is presently 28.57%.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. grew its stake in shares of Office Depot by 1.3% during the 2nd quarter. BlackRock Inc. now owns 80,814,085 shares of the specialty retailer’s stock worth $166,476,000 after purchasing an additional 1,031,492 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Office Depot by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 46,732,156 shares of the specialty retailer’s stock worth $120,568,000 after purchasing an additional 217,833 shares during the period. LSV Asset Management grew its stake in shares of Office Depot by 18.0% during the 1st quarter. LSV Asset Management now owns 26,530,842 shares of the specialty retailer’s stock worth $96,306,000 after purchasing an additional 4,049,450 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Office Depot by 29.6% during the 1st quarter. JPMorgan Chase & Co. now owns 13,121,589 shares of the specialty retailer’s stock worth $47,632,000 after purchasing an additional 2,995,389 shares during the period. Finally, Canyon Capital Advisors LLC acquired a new stake in shares of Office Depot during the 2nd quarter worth approximately $25,583,000. 89.60% of the stock is currently owned by institutional investors and hedge funds.

Office Depot Company Profile (NASDAQ:ODP)

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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