Oppenheimer Asset Management Inc. increased its stake in ACCO Brands Co. (NYSE:ACCO) by 92.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,390 shares of the industrial products company’s stock after buying an additional 5,938 shares during the period. Oppenheimer Asset Management Inc.’s holdings in ACCO Brands were worth $147,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of ACCO. Royal Bank of Canada increased its stake in ACCO Brands by 5.9% in the 2nd quarter. Royal Bank of Canada now owns 6,122,124 shares of the industrial products company’s stock worth $71,323,000 after buying an additional 339,057 shares during the period. Marshall Wace North America L.P. bought a new position in ACCO Brands during the 2nd quarter worth about $3,266,000. Ameriprise Financial Inc. grew its holdings in ACCO Brands by 35.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 832,693 shares of the industrial products company’s stock worth $9,911,000 after acquiring an additional 216,020 shares in the last quarter. Northern Trust Corp grew its holdings in ACCO Brands by 9.5% during the 2nd quarter. Northern Trust Corp now owns 2,428,165 shares of the industrial products company’s stock worth $28,288,000 after acquiring an additional 210,786 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in ACCO Brands by 16.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,268,126 shares of the industrial products company’s stock worth $15,089,000 after acquiring an additional 180,698 shares in the last quarter. 91.17% of the stock is currently owned by institutional investors.
ACCO has been the topic of several recent research reports. BidaskClub upgraded shares of ACCO Brands from a “sell” rating to a “hold” rating in a report on Monday, September 18th. Zacks Investment Research upgraded shares of ACCO Brands from a “hold” rating to a “buy” rating and set a $14.00 target price on the stock in a report on Tuesday, October 3rd. Finally, SunTrust Banks reiterated a “hold” rating and set a $13.00 target price on shares of ACCO Brands in a report on Wednesday, November 1st. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $15.33.
ACCO Brands (NYSE:ACCO) last issued its earnings results on Monday, October 30th. The industrial products company reported $0.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.02. ACCO Brands had a net margin of 3.51% and a return on equity of 15.99%. The company had revenue of $532.20 million for the quarter, compared to analysts’ expectations of $529.65 million. During the same period in the prior year, the business earned $0.29 EPS. The firm’s quarterly revenue was up 23.4% on a year-over-year basis. equities analysts anticipate that ACCO Brands Co. will post 1.15 earnings per share for the current year.
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ACCO Brands Company Profile
ACCO Brands Corporation is engaged in designing, marketing and manufacturing of branded business, academic and selected consumer products. The Company operates through three segments: ACCO Brands North America, ACCO Brands International and Computer Products Group. The Company’s brands include Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Kensington, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra and Wilson Jones.
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