StockNews.com Initiates Coverage on ACCO Brands (NYSE:ACCO)

Posted by Adam Dyson on Mar 19th, 2023

StockNews.com initiated coverage on shares of ACCO Brands (NYSE:ACCO – Get Rating) in a research note issued to investors on Thursday morning. The brokerage issued a hold rating on the industrial products company’s stock.

Separately, BWS Financial downgraded shares of ACCO Brands from a buy rating to a neutral rating and cut their price objective for the stock from $9.00 to $6.00 in a research report on Tuesday, February 14th.

ACCO Brands Stock Down 4.1 %

Shares of ACCO Brands stock opened at $4.88 on Thursday. The firm’s fifty day simple moving average is $5.85 and its 200-day simple moving average is $5.50. ACCO Brands has a 12 month low of $4.27 and a 12 month high of $8.50. The company has a quick ratio of 0.83, a current ratio of 1.50 and a debt-to-equity ratio of 1.16.

ACCO Brands (NYSE:ACCO – Get Rating) last announced its earnings results on Friday, February 24th. The industrial products company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.01). The business had revenue of $499.40 million during the quarter, compared to analyst estimates of $505.62 million. ACCO Brands had a negative net margin of 0.68% and a positive return on equity of 12.07%. The business’s revenue was down 12.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.54 earnings per share. As a group, analysts anticipate that ACCO Brands will post 1.08 earnings per share for the current year.

ACCO Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 5th. Stockholders of record on Friday, March 10th will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Thursday, March 9th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 6.15%. ACCO Brands’s dividend payout ratio (DPR) is -187.49%.

Insider Transactions at ACCO Brands

In other news, EVP Roxanne M. Bernstein purchased 5,000 shares of the company’s stock in a transaction dated Thursday, March 9th. The shares were acquired at an average cost of $5.40 per share, for a total transaction of $27,000.00. Following the completion of the purchase, the executive vice president now directly owns 25,000 shares in the company, valued at approximately $135,000. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 6.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACCO. Medina Value Partners LLC acquired a new position in ACCO Brands during the fourth quarter worth about $8,970,000. AQR Capital Management LLC grew its position in ACCO Brands by 77.4% during the fourth quarter. AQR Capital Management LLC now owns 2,102,061 shares of the industrial products company’s stock worth $11,751,000 after buying an additional 916,973 shares during the period. Norges Bank acquired a new position in ACCO Brands during the fourth quarter worth about $4,803,000. Arrowstreet Capital Limited Partnership grew its position in ACCO Brands by 69.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,295,907 shares of the industrial products company’s stock worth $10,367,000 after buying an additional 531,755 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its position in ACCO Brands by 9.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 5,071,889 shares of the industrial products company’s stock worth $24,852,000 after buying an additional 451,298 shares during the period. 80.65% of the stock is currently owned by institutional investors and hedge funds.

About ACCO Brands

(Get Rating)

ACCO Brands Corp. engages in the manufacture and marketing of office, school, calendar products, and select computer and electronic accessories. It operates through the followings segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The ACCO Brands North America segment includes the U.S.