Office Depot, Inc. (NASDAQ:ODP) issued its earnings results on Wednesday, August 9th. The specialty retailer reported $0.06 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by $0.03, Bloomberg Earnings reports. The business had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.44 billion. Office Depot had a return on equity of 13.97% and a net margin of 2.49%. The business’s quarterly revenue was down 8.5% on a year-over-year basis. During the same period last year, the business earned $0.06 EPS.
Office Depot (NASDAQ ODP) traded up 0.73% during trading on Friday, hitting $4.12. The stock had a trading volume of 6,273,310 shares. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of 5.34 and a beta of 2.98. The stock has a 50 day moving average price of $5.47 and a 200 day moving average price of $5.03. Office Depot has a 12-month low of $3.01 and a 12-month high of $6.26.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, August 25th will be paid a $0.025 dividend. The ex-dividend date 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 presently 20.00%.
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ODP has been the subject of several recent analyst reports. Zacks Investment Research raised Office Depot from a “hold” rating to a “buy” rating and set a $6.00 target price for the company in a research report on Wednesday, May 10th. Telsey Advisory Group lifted their price objective on Office Depot from $4.40 to $5.25 and gave the company a “market perform” rating in a research report on Wednesday, May 10th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Office Depot in a research report on Tuesday, May 9th. Jefferies Group LLC reissued a “hold” rating and set a $5.00 price objective (up previously from $4.50) on shares of Office Depot in a research report on Wednesday, May 10th. Finally, BidaskClub raised Office Depot from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $5.25.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Commerzbank Aktiengesellschaft FI boosted its position in Office Depot by 134.8% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 47,181 shares of the specialty retailer’s stock valued at $220,000 after buying an additional 27,090 shares in the last quarter. Great West Life Assurance Co. Can boosted its position in Office Depot by 9.7% in the first quarter. Great West Life Assurance Co. Can now owns 417,096 shares of the specialty retailer’s stock valued at $1,943,000 after buying an additional 36,838 shares in the last quarter. Bowling Portfolio Management LLC bought a new position in Office Depot during the first quarter valued at $138,000. Oregon Public Employees Retirement Fund boosted its position in Office Depot by 1.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 189,997 shares of the specialty retailer’s stock valued at $886,000 after buying an additional 2,500 shares in the last quarter. Finally, KAMES CAPITAL plc bought a new position in Office Depot during the first quarter valued at $1,218,000. 93.33% of the stock is currently owned by hedge funds and other institutional investors.
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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