Office Depot Inc (ODP) Stake Lessened by Prudential Financial Inc.

Prudential Financial Inc. lessened its stake in shares of Office Depot Inc (NASDAQ:ODP) by 15.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,774,424 shares of the specialty retailer’s stock after selling 682,169 shares during the period. Prudential Financial Inc. owned 0.68% of Office Depot worth $12,116,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in ODP. Royal Bank of Canada boosted its position in shares of Office Depot by 442.5% in the 1st quarter. Royal Bank of Canada now owns 105,703 shares of the specialty retailer’s stock valued at $226,000 after purchasing an additional 86,220 shares during the period. Principal Financial Group Inc. boosted its position in shares of Office Depot by 1.5% in the 1st quarter. Principal Financial Group Inc. now owns 2,233,548 shares of the specialty retailer’s stock valued at $4,802,000 after purchasing an additional 31,971 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of Office Depot by 74.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 52,160 shares of the specialty retailer’s stock valued at $133,000 after purchasing an additional 22,300 shares during the period. BNP Paribas Arbitrage SA boosted its position in shares of Office Depot by 351.0% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 1,188,947 shares of the specialty retailer’s stock valued at $3,032,000 after purchasing an additional 925,326 shares during the period. Finally, Piedmont Investment Advisors LLC acquired a new stake in shares of Office Depot in the 2nd quarter valued at about $307,000. Institutional investors own 89.13% of the company’s stock.

ODP opened at $3.23 on Monday. The company has a quick ratio of 0.89, a current ratio of 1.35 and a debt-to-equity ratio of 0.75. The company has a market cap of $1.77 billion, a price-to-earnings ratio of 7.18 and a beta of 2.72. Office Depot Inc has a 52 week low of $2.00 and a 52 week high of $3.66.

Office Depot (NASDAQ:ODP) last posted its quarterly earnings data on Wednesday, November 7th. The specialty retailer reported $0.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.01. The firm had revenue of $2.89 billion during the quarter, compared to the consensus estimate of $2.83 billion. Office Depot had a return on equity of 8.90% and a net margin of 0.59%. The firm’s revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.14 EPS. On average, equities research analysts expect that Office Depot Inc will post 0.33 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 23rd will be paid a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend is Wednesday, November 21st. Office Depot’s dividend payout ratio is presently 22.22%.

Office Depot announced that its board has approved a stock buyback plan on Tuesday, November 20th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the specialty retailer to purchase up to 6.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

A number of analysts recently issued reports on the company. Zacks Investment Research raised Office Depot from a “hold” rating to a “buy” rating and set a $3.50 target price for the company in a research report on Thursday, August 9th. ValuEngine cut Office Depot from a “hold” rating to a “sell” rating in a research report on Friday, August 10th. BidaskClub raised Office Depot from a “sell” rating to a “hold” rating in a research report on Wednesday, August 8th. Bank of America reissued a “buy” rating and issued a $4.00 target price on shares of Office Depot in a research report on Tuesday, August 7th. Finally, Deutsche Bank set a $4.00 price objective on Office Depot and gave the company a “hold” rating in a research note on Thursday, November 8th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $4.17.

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Office Depot Company Profile

Office Depot, Inc, together with its subsidiaries, provides various products and services. It operates in three divisions: Retail, Business Solutions, and CompuCom. The Retail division operates retail stores, which offer office supplies; technology products and solutions; business machines and related supplies; print, cleaning, breakroom, and facilities products; and office furniture in the United States, Puerto Rico, and the U.S.

See Also: Initial Public Offering (IPO)

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

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