Acco Brands (NYSE:ACCO) Share Price Crosses Above 200 Day Moving Average – Here’s Why

Acco Brands Corporation (NYSE:ACCO)’s share price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $3.83 and traded as high as $4.27. Acco Brands shares last traded at $4.1450, with a volume of 480,692 shares trading hands.

Wall Street Analyst Weigh In

ACCO has been the subject of a number of analyst reports. Wall Street Zen cut shares of Acco Brands from a “buy” rating to a “hold” rating in a research note on Sunday, January 18th. Weiss Ratings upgraded Acco Brands from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $6.00.

Acco Brands Stock Performance

The company has a quick ratio of 0.96, a current ratio of 1.68 and a debt-to-equity ratio of 1.30. The stock has a market capitalization of $373.63 million, a price-to-earnings ratio of 9.87, a price-to-earnings-growth ratio of 0.40 and a beta of 1.09. The stock’s 50-day simple moving average is $3.86 and its 200 day simple moving average is $3.83.

Hedge Funds Weigh In On Acco Brands

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC grew its stake in shares of Acco Brands by 14.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 7,288,508 shares of the industrial products company’s stock valued at $27,988,000 after purchasing an additional 910,009 shares during the last quarter. First Eagle Investment Management LLC lifted its holdings in Acco Brands by 20.0% during the 2nd quarter. First Eagle Investment Management LLC now owns 863,769 shares of the industrial products company’s stock worth $3,092,000 after buying an additional 144,005 shares in the last quarter. KLP Kapitalforvaltning AS lifted its holdings in Acco Brands by 419.9% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 91,500 shares of the industrial products company’s stock worth $328,000 after buying an additional 73,900 shares in the last quarter. CSM Advisors LLC bought a new position in Acco Brands in the 2nd quarter valued at $2,638,000. Finally, Capital Management Corp VA increased its stake in shares of Acco Brands by 29.8% in the 2nd quarter. Capital Management Corp VA now owns 5,911,581 shares of the industrial products company’s stock valued at $21,163,000 after buying an additional 1,358,811 shares during the period. Institutional investors and hedge funds own 84.56% of the company’s stock.

Acco Brands Company Profile

Acco Brands Corporation is a global provider of branded office and school supplies, serving consumers, educational institutions and commercial customers. Headquartered in Lake Zurich, Illinois, the company designs, manufactures and distributes a wide range of products that enhance productivity and organization in work and learning environments.

The company’s portfolio includes staplers, hole punches, binding and laminating systems, writing tools, binders, folders and desktop accessories under well-known names such as ACCO, Swingline, GBC, Kensington, Mead and Five Star.