BidaskClub Upgrades Office Depot (NASDAQ:ODP) to Hold

BidaskClub upgraded shares of Office Depot (NASDAQ:ODP) from a sell rating to a hold rating in a research note published on Tuesday, BidAskClub reports.

Several other research firms have also weighed in on ODP. Bank of America lowered their price objective on shares of Office Depot from $2.00 to $1.20 and set an underperform rating on the stock in a research note on Tuesday, August 20th. Zacks Investment Research upgraded shares of Office Depot from a hold rating to a strong-buy rating and set a $2.00 price objective on the stock in a research note on Friday, August 9th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a strong buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $2.40.

Office Depot stock opened at $1.63 on Tuesday. The firm has a market capitalization of $835.96 million, a PE ratio of 4.25, a P/E/G ratio of 0.38 and a beta of 2.45. The company’s 50-day moving average is $1.51 and its 200-day moving average is $2.21. Office Depot has a fifty-two week low of $1.23 and a fifty-two week high of $3.82. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.07 and a quick ratio of 0.72.

Office Depot (NASDAQ:ODP) last released its quarterly earnings data on Wednesday, August 7th. The specialty retailer reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.02. The company had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.59 billion. Office Depot had a net margin of 0.27% and a return on equity of 9.35%. Office Depot’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.05 EPS. As a group, analysts expect that Office Depot will post 0.37 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 23rd were paid a $0.025 dividend. The ex-dividend date was Thursday, August 22nd. This represents a $0.10 dividend on an annualized basis and a yield of 6.13%. Office Depot’s dividend payout ratio (DPR) is currently 28.57%.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Cleararc Capital Inc. acquired a new position in Office Depot in the 1st quarter valued at about $50,000. Atria Investments LLC bought a new stake in Office Depot in the 2nd quarter valued at about $731,000. Balyasny Asset Management LLC bought a new stake in Office Depot in the 2nd quarter valued at about $95,000. Envestnet Asset Management Inc. boosted its holdings in Office Depot by 16.1% in the 2nd quarter. Envestnet Asset Management Inc. now owns 47,689 shares of the specialty retailer’s stock valued at $98,000 after purchasing an additional 6,629 shares during the period. Finally, Magnus Financial Group LLC boosted its holdings in Office Depot by 20.2% in the 1st quarter. Magnus Financial Group LLC now owns 51,137 shares of the specialty retailer’s stock valued at $186,000 after purchasing an additional 8,608 shares during the period. Institutional investors and hedge funds own 92.05% of the company’s stock.

Office Depot Company Profile

Office Depot, Inc provides business services and supplies, products, and technology solutions. The company operates in three divisions: Business Solutions, Retail, and CompuCom. The Business Solutions division offers office supply products and services through sales forces, catalogs, and telesales, as well as through Internet Websites in the United States, Puerto Rico, U.S.

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