Bank of America Reiterates “$5.00” Price Target for Office Depot (ODP)

Office Depot (NASDAQ:ODP) has been assigned a $5.00 price target by equities researchers at Bank of America in a report issued on Wednesday. The brokerage currently has a “buy” rating on the specialty retailer’s stock. Bank of America’s price target suggests a potential upside of 51.52% from the company’s previous close.

Several other research firms have also weighed in on ODP. BidaskClub raised Office Depot from a “sell” rating to a “hold” rating in a research note on Wednesday. Zacks Investment Research lowered Office Depot from a “buy” rating to a “hold” rating in a research note on Tuesday, July 17th. Finally, ValuEngine lowered Office Depot from a “sell” rating to a “strong sell” rating in a research note on Thursday, November 1st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $4.17.

ODP traded down $0.07 during midday trading on Wednesday, hitting $3.30. The company’s stock had a trading volume of 413,789 shares, compared to its average volume of 4,262,797. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.38 and a quick ratio of 0.85. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 7.47 and a beta of 2.65. Office Depot has a 52-week low of $2.00 and a 52-week high of $3.66.

Office Depot (NASDAQ:ODP) last posted its quarterly earnings results on Wednesday, November 7th. The specialty retailer reported $0.13 EPS for the quarter, beating the consensus estimate of $0.12 by $0.01. The company had revenue of $2.89 billion during the quarter, compared to analysts’ expectations of $2.83 billion. Office Depot had a return on equity of 9.20% and a net margin of 0.91%. The firm’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.14 EPS. Equities research analysts anticipate that Office Depot will post 0.33 earnings per share for the current year.

A number of institutional investors have recently added to or reduced their stakes in ODP. BlackRock Inc. lifted its position in Office Depot by 34.0% during the 2nd quarter. BlackRock Inc. now owns 72,728,081 shares of the specialty retailer’s stock worth $185,458,000 after acquiring an additional 18,466,409 shares in the last quarter. SG Americas Securities LLC lifted its position in Office Depot by 557.0% during the 2nd quarter. SG Americas Securities LLC now owns 10,316,418 shares of the specialty retailer’s stock worth $26,307,000 after acquiring an additional 8,746,140 shares in the last quarter. Laurion Capital Management LP lifted its position in Office Depot by 38,083.7% during the 2nd quarter. Laurion Capital Management LP now owns 4,849,336 shares of the specialty retailer’s stock worth $12,366,000 after acquiring an additional 4,836,636 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Office Depot by 12.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 42,881,014 shares of the specialty retailer’s stock worth $109,349,000 after acquiring an additional 4,618,163 shares in the last quarter. Finally, LSV Asset Management lifted its position in Office Depot by 14.9% during the 3rd quarter. LSV Asset Management now owns 16,038,917 shares of the specialty retailer’s stock worth $51,484,000 after acquiring an additional 2,080,765 shares in the last quarter. 90.72% of the stock is currently owned by hedge funds and other institutional investors.

About Office Depot

Office Depot, Inc, together with its subsidiaries, provides various products and services. It operates in three divisions: Retail, Business Solutions, and CompuCom. The Retail division operates retail stores, which offer office supplies; technology products and solutions; business machines and related supplies; print, cleaning, breakroom, and facilities products; and office furniture in the United States, Puerto Rico, and the U.S.

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