Office Depot, Inc. (ODP) Lowered to “Underweight” at J P Morgan Chase & Co

J P Morgan Chase & Co cut shares of Office Depot, Inc. (NASDAQ:ODP) from a neutral rating to an underweight rating in a research report released on Monday, MarketBeat Ratings reports.

Several other equities research analysts have also weighed in on the company. ValuEngine lowered Office Depot from a strong-buy rating to a buy rating in a research report on Friday, September 1st. BidaskClub lowered Office Depot from a hold rating to a sell rating in a research report on Friday, September 22nd. Zacks Investment Research lowered Office Depot from a buy rating to a hold rating in a research report on Tuesday, July 11th. Bank of America Corporation reissued a buy rating and set a $6.00 target price on shares of Office Depot in a research report on Tuesday, September 5th. Finally, Jefferies Group LLC reissued a hold rating and set a $4.15 target price (down previously from $5.00) on shares of Office Depot in a research report on Friday, October 6th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $5.08.

Office Depot (NASDAQ:ODP) last announced its earnings results on Wednesday, August 9th. The specialty retailer reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). The firm had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.44 billion. Office Depot had a net margin of 2.49% and a return on equity of 13.97%. The business’s revenue was down 8.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.06 earnings per share.

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In other Office Depot news, insider Michael R. Allison sold 360,000 shares of Office Depot stock in a transaction that occurred on Friday, October 13th. The stock was sold at an average price of $3.83, for a total value of $1,378,800.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 2.43% of the company’s stock.

A number of hedge funds have recently modified their holdings of ODP. BlackRock Inc. raised its holdings in Office Depot by 15,485.9% during the first quarter. BlackRock Inc. now owns 54,498,187 shares of the specialty retailer’s stock worth $254,234,000 after purchasing an additional 54,148,524 shares during the last quarter. AJO LP raised its holdings in shares of Office Depot by 5,759.7% in the second quarter. AJO LP now owns 11,554,182 shares of the specialty retailer’s stock worth $65,166,000 after acquiring an additional 11,357,003 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Office Depot by 20.0% in the second quarter. Dimensional Fund Advisors LP now owns 34,029,233 shares of the specialty retailer’s stock worth $191,925,000 after acquiring an additional 5,677,685 shares during the last quarter. LSV Asset Management raised its holdings in shares of Office Depot by 125.9% in the second quarter. LSV Asset Management now owns 7,849,227 shares of the specialty retailer’s stock worth $44,269,000 after acquiring an additional 4,374,431 shares during the last quarter. Finally, Prudential Financial Inc. raised its holdings in shares of Office Depot by 72.2% in the second quarter. Prudential Financial Inc. now owns 9,999,340 shares of the specialty retailer’s stock worth $56,396,000 after acquiring an additional 4,192,720 shares during the last quarter. 94.89% of the stock is 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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