Zacks Investment Research upgraded shares of ACCO Brands (NYSE:ACCO) from a sell rating to a hold rating in a research report released on Monday.
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. “
Several other equities research analysts have also issued reports on the stock. ValuEngine lowered shares of ACCO Brands from a sell rating to a strong sell rating in a report on Tuesday, October 2nd. Noble Financial restated a buy rating and issued a $15.00 target price on shares of ACCO Brands in a report on Monday, August 6th. Finally, Barrington Research restated a buy rating and issued a $16.00 target price on shares of ACCO Brands in a report on Thursday, June 14th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $15.40.
ACCO Brands (NYSE:ACCO) last released its earnings results on Tuesday, July 31st. The industrial products company reported $0.32 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.02). The firm had revenue of $498.80 million during the quarter, compared to the consensus estimate of $493.85 million. ACCO Brands had a return on equity of 17.95% and a net margin of 7.02%. ACCO Brands’s revenue was up 1.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.31 EPS. Research analysts forecast that ACCO Brands will post 1.34 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 19th. Stockholders of record on Friday, August 31st were issued a $0.06 dividend. The ex-dividend date of this dividend was Thursday, August 30th. This represents a $0.24 annualized dividend and a dividend yield of 2.20%. ACCO Brands’s dividend payout ratio (DPR) is presently 20.17%.
In other news, SVP Gregory J. Mccormack sold 15,678 shares of the firm’s stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $12.42, for a total value of $194,720.76. Following the completion of the sale, the senior vice president now owns 81,079 shares in the company, valued at approximately $1,007,001.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 4.10% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in ACCO Brands by 0.7% in the 2nd quarter. BlackRock Inc. now owns 7,408,285 shares of the industrial products company’s stock worth $102,604,000 after buying an additional 48,551 shares during the period. Royal Bank of Canada increased its stake in ACCO Brands by 1.8% in the 1st quarter. Royal Bank of Canada now owns 6,324,456 shares of the industrial products company’s stock worth $79,371,000 after buying an additional 111,230 shares during the period. Boston Partners increased its stake in ACCO Brands by 2.3% in the 2nd quarter. Boston Partners now owns 3,145,140 shares of the industrial products company’s stock worth $43,560,000 after buying an additional 71,661 shares during the period. Northern Trust Corp increased its stake in ACCO Brands by 5.5% in the 2nd quarter. Northern Trust Corp now owns 2,510,775 shares of the industrial products company’s stock worth $34,775,000 after buying an additional 131,036 shares during the period. Finally, Millennium Management LLC increased its stake in ACCO Brands by 16.6% in the 1st quarter. Millennium Management LLC now owns 2,454,991 shares of the industrial products company’s stock worth $30,810,000 after buying an additional 350,240 shares during the period. 89.54% of the stock is currently owned by institutional investors.
ACCO Brands Company Profile
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, and whiteboards; storage and organization products, such as lever-arch binders, sheet protectors, and indexes; stapling, punching, laminating, binding, and shredding products; do-it-yourself tools; and computer accessories and others, which are primarily used in schools, homes, and businesses.
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