Office Depot (NASDAQ:ODP) Trading 6.7% Higher

Office Depot Inc (NASDAQ:ODP)’s stock price traded up 6.7% on Friday . The stock traded as high as $1.46 and last traded at $1.44, 5,092,700 shares changed hands during mid-day trading. A decline of 10% from the average session volume of 5,654,284 shares. The stock had previously closed at $1.35.

Several equities analysts have recently weighed in on the stock. BidaskClub downgraded shares of Office Depot from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 13th. Zacks Investment Research upgraded shares of Office Depot from a “hold” rating to a “strong-buy” rating and set a $2.00 price objective for the company in a research report on Friday, August 9th. ValuEngine cut shares of Office Depot from a “sell” rating to a “strong sell” rating in a research report on Wednesday, May 8th. Finally, Bank of America cut shares of Office Depot from a “buy” rating to an “underperform” rating and cut their price objective for the stock from $4.00 to $2.00 in a research report on Thursday, May 9th. Three analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a strong buy rating to the company’s stock. Office Depot currently has a consensus rating of “Hold” and an average price target of $2.67.

The stock has a market capitalization of $737.61 million, a price-to-earnings ratio of 3.75, a PEG ratio of 0.33 and a beta of 2.32. The company’s 50-day moving average is $1.93 and its 200-day moving average is $2.50. The company has a quick ratio of 0.72, a current ratio of 1.07 and a debt-to-equity ratio of 0.87.

Office Depot (NASDAQ:ODP) last released its quarterly earnings data on Wednesday, August 7th. The specialty retailer reported $0.07 earnings per share (EPS) 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 firm had revenue of $2.59 billion during the quarter, compared to analysts’ expectations of $2.59 billion. During the same period last year, the business earned $0.05 earnings per share. Office Depot’s revenue was down 1.5% compared to the same quarter last year. Sell-side analysts anticipate that Office Depot Inc will post 0.37 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 23rd will be given a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a yield of 6.94%. The ex-dividend date is Thursday, August 22nd. Office Depot’s payout ratio is currently 28.57%.

Several institutional investors and hedge funds have recently made changes to their positions in the business. New York State Teachers Retirement System increased its position in shares of Office Depot by 0.4% during the first quarter. New York State Teachers Retirement System now owns 1,239,559 shares of the specialty retailer’s stock valued at $4,500,000 after acquiring an additional 4,987 shares during the last quarter. Comerica Bank increased its position in shares of Office Depot by 1.2% during the first quarter. Comerica Bank now owns 551,649 shares of the specialty retailer’s stock valued at $1,489,000 after acquiring an additional 6,600 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of Office Depot by 16.1% during the second quarter. Envestnet Asset Management Inc. now owns 47,689 shares of the specialty retailer’s stock valued at $98,000 after acquiring an additional 6,629 shares during the last quarter. Magnus Financial Group LLC boosted its stake in shares of Office Depot by 20.2% in the first quarter. Magnus Financial Group LLC now owns 51,137 shares of the specialty retailer’s stock valued at $186,000 after purchasing an additional 8,608 shares during the period. Finally, Piedmont Investment Advisors Inc. boosted its stake in shares of Office Depot by 6.7% in the first quarter. Piedmont Investment Advisors Inc. now owns 138,884 shares of the specialty retailer’s stock valued at $504,000 after purchasing an additional 8,711 shares during the period. Institutional investors and hedge funds own 89.60% of the company’s stock.

About Office Depot (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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