$2.68 Billion in Sales Expected for Office Depot Inc (ODP) This Quarter

Wall Street analysts predict that Office Depot Inc (NASDAQ:ODP) will post $2.68 billion in sales for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Office Depot’s earnings, with estimates ranging from $2.68 billion to $2.69 billion. Office Depot reported sales of $2.58 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 3.9%. The business is scheduled to report its next earnings results on Wednesday, February 27th.

On average, analysts expect that Office Depot will report full year sales of $11.02 billion for the current financial year. For the next fiscal year, analysts expect that the business will post sales of $11.11 billion, with estimates ranging from $11.10 billion to $11.13 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Office Depot.

Office Depot (NASDAQ:ODP) last issued its quarterly earnings results on Wednesday, November 7th. The specialty retailer reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. Office Depot had a return on equity of 8.90% and a net margin of 0.59%. The firm had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.83 billion. During the same period last year, the company earned $0.14 EPS. The firm’s quarterly revenue was up 10.2% on a year-over-year basis.

ODP has been the topic of several research analyst reports. Zacks Investment Research lowered Office Depot from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 9th. BidaskClub lowered Office Depot from a “hold” rating to a “sell” rating in a research note on Friday, October 19th. ValuEngine lowered Office Depot from a “sell” rating to a “strong sell” rating in a research note on Thursday, November 1st. Bank of America set a $5.00 price objective on Office Depot and gave the company a “buy” rating in a research note on Wednesday, November 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, three have assigned a hold rating and two have assigned a buy rating to the stock. Office Depot has an average rating of “Hold” and an average price target of $4.08.

NASDAQ:ODP traded down $0.09 during mid-day trading on Thursday, reaching $2.90. The company’s stock had a trading volume of 3,593,530 shares, compared to its average volume of 4,548,578. The company has a current ratio of 1.35, a quick ratio of 0.89 and a debt-to-equity ratio of 0.75. Office Depot has a twelve month low of $2.00 and a twelve month high of $3.63. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of 6.44 and a beta of 2.65.

Office Depot declared that its board has authorized a stock repurchase plan on Tuesday, November 20th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the specialty retailer to repurchase up to 6.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ODP. BlackRock Inc. raised its holdings in shares of Office Depot by 34.0% during the 2nd quarter. BlackRock Inc. now owns 72,728,081 shares of the specialty retailer’s stock valued at $185,458,000 after buying an additional 18,466,409 shares during the period. Marshall Wace LLP purchased a new stake in shares of Office Depot during the 3rd quarter valued at about $13,575,000. Dimensional Fund Advisors LP raised its holdings in shares of Office Depot by 8.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 46,514,323 shares of the specialty retailer’s stock valued at $149,311,000 after buying an additional 3,633,309 shares during the period. Laurion Capital Management LP raised its holdings in shares of Office Depot by 72.0% during the 3rd quarter. Laurion Capital Management LP now owns 8,340,357 shares of the specialty retailer’s stock valued at $26,773,000 after buying an additional 3,491,021 shares during the period. Finally, Mackenzie Financial Corp purchased a new stake in shares of Office Depot during the 3rd quarter valued at about $9,504,000. 89.09% of the stock is currently owned by institutional investors and hedge funds.

About Office Depot

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.

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