Insider Buying: Office Depot Director Acquires 2,162,413 Shares of Stock (ODP)

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Office Depot (NYSE:ODP) Director Jeffrey C. Smith purchased 2,162,413 shares of Office Depot stock in a transaction dated Monday, March 10th. The stock was purchased at an average cost of $4.59 per share, with a total value of $9,925,475.67. Following the completion of the acquisition, the director now directly owns 21,084 shares of the company’s stock, valued at approximately $96,776. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

ODP has been the subject of a number of recent research reports. Analysts at Zacks downgraded shares of Office Depot from a “neutral” rating to an “underperform” rating in a research note on Friday, February 28th. They now have a $4.50 price target on the stock. Separately, analysts at Jefferies Group raised their price target on shares of Office Depot from $4.00 to $5.00 in a research note on Thursday, February 27th. They now have a “hold” rating on the stock. Finally, analysts at Telsey Advisory Group cut their price target on shares of Office Depot from $7.00 to $6.00 in a research note on Wednesday, February 26th. They now have a “not rated” rating on the stock. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. Office Depot currently has a consensus rating of “Hold” and a consensus target price of $5.83.

Shares of Office Depot (NYSE:ODP) traded down 1.52% on Tuesday, hitting $4.54. The stock had a trading volume of 6,060,978 shares. Office Depot has a 1-year low of $3.55 and a 1-year high of $5.85. The stock’s 50-day moving average is $4.97 and its 200-day moving average is $5.00. The company’s market cap is $2.417 billion.

Office Depot (NYSE:ODP) last issued its quarterly earnings data on Tuesday, February 25th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by $0.06. The company had revenue of $3.50 billion for the quarter, compared to the consensus estimate of $4.09 billion. On average, analysts predict that Office Depot will post $0.12 earnings per share for the current fiscal year.

Office Depot, Inc (NYSE:ODP) is a global supplier of office products and services.

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