Office Depot (NASDAQ:ODP) announced that its board has authorized a share repurchase program, which permits the company to buyback $100.00 million in outstanding shares on Tuesday, November 20th. This buyback authorization permits the specialty retailer to repurchase up to 6.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
ODP has been the topic of a number of recent research reports. BidaskClub downgraded Office Depot from a “hold” rating to a “sell” rating in a research report on Friday, October 19th. Zacks Investment Research downgraded Office Depot from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 9th. Bank of America reissued a “buy” rating and set a $4.00 target price on shares of Office Depot in a research report on Tuesday, August 7th. Finally, ValuEngine downgraded Office Depot from a “hold” rating to a “sell” rating in a research report on Friday, August 10th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. Office Depot has a consensus rating of “Hold” and a consensus price target of $4.17.
Shares of ODP opened at $3.16 on Friday. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of 7.02 and a beta of 2.65. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.35 and a quick ratio of 0.89. Office Depot has a 12 month low of $2.00 and a 12 month high of $3.66.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 23rd will be paid a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date is Wednesday, November 21st. Office Depot’s dividend payout ratio is 22.22%.
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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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