Emerald Acquisition Ltd. acquired a new stake in shares of Office Depot Inc. (NASDAQ:ODP) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 1,037,434 shares of the company’s stock, valued at approximately $3,433,000. Emerald Acquisition Ltd. owned approximately 0.19% of Office Depot at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in ODP. Geode Capital Management LLC increased its position in shares of Office Depot by 9.2% in the first quarter. Geode Capital Management LLC now owns 3,673,356 shares of the company’s stock worth $26,080,000 after buying an additional 308,222 shares in the last quarter. Fairpointe Capital LLC increased its position in shares of Office Depot by 66.4% in the first quarter. Fairpointe Capital LLC now owns 18,738,829 shares of the company’s stock worth $133,046,000 after buying an additional 7,477,358 shares in the last quarter. UBS Asset Management Americas Inc. increased its position in shares of Office Depot by 8.9% in the first quarter. UBS Asset Management Americas Inc. now owns 545,235 shares of the company’s stock worth $3,871,000 after buying an additional 44,332 shares in the last quarter. OMERS ADMINISTRATION Corp increased its position in shares of Office Depot by 28.6% in the first quarter. OMERS ADMINISTRATION Corp now owns 779,700 shares of the company’s stock worth $5,536,000 after buying an additional 173,600 shares in the last quarter. Finally, Credit Agricole S A increased its position in shares of Office Depot by 255.2% in the first quarter. Credit Agricole S A now owns 394,311 shares of the company’s stock worth $2,799,000 after buying an additional 283,303 shares in the last quarter. Hedge funds and other institutional investors own 92.72% of the company’s stock.
Office Depot Inc. (NASDAQ:ODP) traded up 2.20% during midday trading on Friday, hitting $3.71. The company had a trading volume of 12,002,878 shares. The stock has a 50 day moving average price of $3.63 and a 200-day moving average price of $4.47. Office Depot Inc. has a 52 week low of $3.11 and a 52 week high of $7.99. The stock has a market capitalization of $2.02 billion, a PE ratio of 7.62 and a beta of 2.78.
Office Depot (NASDAQ:ODP) last issued its earnings results on Wednesday, August 3rd. The company reported $0.03 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.06 by $0.03. The firm had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.20 billion. Office Depot had a net margin of 1.99% and a return on equity of 12.05%. The company’s revenue for the quarter was down 6.5% on a year-over-year basis. During the same period last year, the firm earned $0.06 earnings per share. On average, equities analysts predict that Office Depot Inc. will post $0.39 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, August 25th were given a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend was Tuesday, August 23rd. Office Depot’s dividend payout ratio (DPR) is presently 20.00%.
ODP has been the subject of a number of research reports. Morgan Stanley reiterated a “hold” rating and issued a $4.35 price objective on shares of Office Depot in a report on Tuesday, August 16th. TheStreet raised Office Depot from a “sell” rating to a “hold” rating in a research note on Wednesday, August 10th. Zacks Investment Research raised Office Depot from a “sell” rating to a “hold” rating in a research note on Monday, August 8th. Finally, Jefferies Group cut Office Depot from a “buy” rating to a “hold” rating and set a $5.25 target price on the stock. in a research note on Thursday, May 26th. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $5.69.
In other Office Depot news, EVP Michael R. Allison sold 23,434 shares of Office Depot stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $3.64, for a total transaction of $85,299.76. Following the completion of the sale, the executive vice president now directly owns 625,883 shares of the company’s stock, valued at approximately $2,278,214.12. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.47% of the company’s stock.
About Office Depot
Office Depot, Inc (Office Depot) is a provider of office products and services. The Company sells products and services to consumers through three segments: North American Retail Division, North American Business Solutions Division and International Division. It operates under the Office Depot and OfficeMax brands.
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