ING Groep NV acquired a new position in Office Depot, Inc. (NASDAQ:ODP) during the second quarter, according to its most recent 13F filing with the SEC. The fund acquired 62,850 shares of the specialty retailer’s stock, valued at approximately $334,000.
A number of other institutional investors have also recently bought and sold shares of ODP. BlackRock Inc. increased its position in shares of Office Depot by 15,485.9% in the first quarter. BlackRock Inc. now owns 54,498,187 shares of the specialty retailer’s stock worth $254,234,000 after buying an additional 54,148,524 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Office Depot by 28.7% in the first quarter. Dimensional Fund Advisors LP now owns 28,351,548 shares of the specialty retailer’s stock worth $132,259,000 after buying an additional 6,324,791 shares during the period. KAMES CAPITAL plc increased its position in shares of Office Depot by 1,162.6% in the second quarter. KAMES CAPITAL plc now owns 3,300,088 shares of the specialty retailer’s stock worth $18,579,000 after buying an additional 3,038,719 shares during the period. LSV Asset Management increased its position in shares of Office Depot by 405.7% in the first quarter. LSV Asset Management now owns 3,474,796 shares of the specialty retailer’s stock worth $16,209,000 after buying an additional 2,787,696 shares during the period. Finally, Prudential Financial Inc. increased its position in shares of Office Depot by 66.4% in the first quarter. Prudential Financial Inc. now owns 5,806,620 shares of the specialty retailer’s stock worth $27,088,000 after buying an additional 2,316,230 shares during the period. 93.33% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Office Depot, Inc. (NASDAQ ODP) traded up 0.73% during midday trading on Friday, hitting $4.12. The stock had a trading volume of 6,273,310 shares. The firm has a market cap of $2.14 billion, a price-to-earnings ratio of 5.34 and a beta of 2.98. The stock’s 50 day moving average price is $5.47 and its 200 day moving average price is $5.03. Office Depot, Inc. has a 12 month low of $3.01 and a 12 month high of $6.26.
Office Depot (NASDAQ:ODP) last posted its quarterly earnings data on Wednesday, August 9th. The specialty retailer reported $0.06 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.09 by $0.03. Office Depot had a net margin of 2.49% and a return on equity of 13.97%. The company had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same period in the previous year, the firm earned $0.06 earnings per share. The firm’s quarterly revenue was down 8.5% on a year-over-year basis. On average, equities analysts forecast that Office Depot, Inc. will post $0.51 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, August 25th will be given a dividend of $0.025 per share. The ex-dividend date of this dividend is Wednesday, August 23rd. This represents a $0.10 dividend on an annualized basis and a dividend yield of 2.43%. Office Depot’s payout ratio is currently 20.00%.
A number of equities analysts recently weighed in on the stock. BidaskClub downgraded shares of Office Depot from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Zacks Investment Research downgraded shares of Office Depot from a “hold” rating to a “sell” rating in a report on Monday, August 14th. Bank of America Corporation reissued a “buy” rating on shares of Office Depot in a report on Sunday, August 13th. Loop Capital reaffirmed a “hold” rating and set a $5.00 price objective on shares of Office Depot in a report on Wednesday, July 12th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $5.00 price objective (down from $5.75) on shares of Office Depot in a report on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $5.25.
Office Depot Company Profile
Office Depot, Inc provides a selection of products and services to consumers and businesses of various sizes. The Company’s segments include North American Retail Division and North American Business Solutions Division. The North American Retail Division includes retail stores in the United States, including Puerto Rico and the United States Virgin Islands, which offer office supplies, technology products and solutions, business machines and related supplies, facilities products and office furniture.
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