Russell Investments Group Ltd. Decreases Position in Office Depot Inc (ODP)

Russell Investments Group Ltd. reduced its stake in shares of Office Depot Inc (NASDAQ:ODP) by 65.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 343,196 shares of the specialty retailer’s stock after selling 638,679 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.07% of Office Depot worth $1,557,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of ODP. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Office Depot by 0.3% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 75,400 shares of the specialty retailer’s stock valued at $425,000 after acquiring an additional 197 shares during the last quarter. American Century Companies Inc. lifted its stake in Office Depot by 0.5% in the second quarter. American Century Companies Inc. now owns 258,967 shares of the specialty retailer’s stock valued at $1,461,000 after acquiring an additional 1,193 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in Office Depot by 3.4% in the second quarter. Teacher Retirement System of Texas now owns 42,471 shares of the specialty retailer’s stock valued at $240,000 after acquiring an additional 1,412 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Office Depot by 11.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,425 shares of the specialty retailer’s stock valued at $110,000 after acquiring an additional 2,046 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in Office Depot by 13.4% in the second quarter. PNC Financial Services Group Inc. now owns 18,514 shares of the specialty retailer’s stock valued at $104,000 after acquiring an additional 2,187 shares during the last quarter. Institutional investors and hedge funds own 93.00% of the company’s stock.

ODP has been the subject of a number of analyst reports. Jefferies Group reiterated a “hold” rating and issued a $4.15 target price (down from $5.00) on shares of Office Depot in a research note on Friday, October 6th. BidaskClub upgraded shares of Office Depot from a “sell” rating to a “hold” rating in a research note on Saturday, October 7th. JPMorgan Chase & Co. cut shares of Office Depot from a “neutral” rating to an “underweight” rating in a research note on Monday, October 30th. Zacks Investment Research upgraded shares of Office Depot from a “sell” rating to a “hold” rating in a research note on Tuesday, December 5th. Finally, ValuEngine cut shares of Office Depot from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 1st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $5.08.

Office Depot Inc (ODP) opened at $3.44 on Tuesday. Office Depot Inc has a 52-week low of $2.97 and a 52-week high of $6.26. The stock has a market cap of $1,760.00, a price-to-earnings ratio of 7.32, a P/E/G ratio of 1.09 and a beta of 2.87. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.93 and a current ratio of 1.52.

Office Depot (NASDAQ:ODP) last announced its quarterly earnings results on Thursday, November 9th. The specialty retailer reported $0.14 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.14. The firm had revenue of $2.62 billion for the quarter, compared to analyst estimates of $2.61 billion. Office Depot had a net margin of 3.00% and a return on equity of 12.86%. The business’s revenue for the quarter was down 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.16 EPS. analysts expect that Office Depot Inc will post 0.44 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, November 24th were issued a $0.025 dividend. This represents a $0.10 annualized dividend and a dividend yield of 2.91%. The ex-dividend date of this dividend was Wednesday, November 22nd. Office Depot’s payout ratio is 21.28%.

In other news, insider Michael R. Allison sold 360,000 shares of the company’s stock in a transaction dated Friday, October 13th. The shares were sold at an average price of $3.83, for a total value of $1,378,800.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.43% of the stock is currently owned by corporate insiders.

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About Office Depot

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.

Institutional Ownership by Quarter for Office Depot (NASDAQ:ODP)

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