Office Depot (NASDAQ:ODP) Raised to “Hold” at BidaskClub

BidaskClub upgraded shares of Office Depot (NASDAQ:ODP) from a sell rating to a hold rating in a research report released on Tuesday, BidAskClub reports.

Several other equities research analysts have also recently issued reports on the company. Bank of America lowered their price objective on Office Depot from $2.00 to $1.20 and set an underperform rating on the stock in a report on Tuesday, August 20th. Zacks Investment Research upgraded Office Depot from a hold rating to a strong-buy rating and set a $2.00 price objective on the stock in a report on Friday, August 9th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a strong buy rating to the stock. The company has an average rating of Hold and a consensus price target of $2.40.

ODP stock opened at $1.48 on Tuesday. The company has a current ratio of 1.07, a quick ratio of 0.72 and a debt-to-equity ratio of 0.87. Office Depot has a 12-month low of $1.23 and a 12-month high of $3.82. The stock has a market cap of $846.89 million, a price-to-earnings ratio of 4.23, a PEG ratio of 0.38 and a beta of 2.45. The business’s 50-day moving average is $1.52 and its 200 day moving average is $2.22.

Office Depot (NASDAQ:ODP) last posted 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 return on equity of 9.35% and a net margin of 0.27%. The company had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.59 billion. During the same period in the previous year, the firm posted $0.05 EPS. Office Depot’s revenue was down 1.5% compared to the same quarter last year. As a group, equities analysts forecast that Office Depot will post 0.37 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 23rd were paid a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a yield of 6.76%. The ex-dividend date of this dividend was Thursday, August 22nd. Office Depot’s dividend payout ratio (DPR) is 28.57%.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cleararc Capital Inc. purchased a new position in Office Depot in the 1st quarter worth approximately $50,000. Atria Investments LLC purchased a new position in Office Depot in the 2nd quarter worth approximately $731,000. Balyasny Asset Management LLC purchased a new position in Office Depot in the 2nd quarter worth approximately $95,000. Envestnet Asset Management Inc. lifted its stake in Office Depot by 16.1% in the 2nd quarter. Envestnet Asset Management Inc. now owns 47,689 shares of the specialty retailer’s stock worth $98,000 after purchasing an additional 6,629 shares in the last quarter. Finally, Magnus Financial Group LLC lifted its stake in Office Depot by 20.2% in the 1st quarter. Magnus Financial Group LLC now owns 51,137 shares of the specialty retailer’s stock worth $186,000 after purchasing an additional 8,608 shares in the last quarter. 92.05% of the stock is currently owned by institutional investors and hedge funds.

Office Depot Company Profile

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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