Office Depot, Inc. (ODP) Short Interest Update

Office Depot, Inc. (NASDAQ:ODP) was the recipient of a significant decrease in short interest during the month of September. As of September 29th, there was short interest totalling 11,956,882 shares, a decrease of 21.0% from the September 15th total of 15,126,435 shares. Approximately 2.4% of the company’s stock are short sold. Based on an average daily volume of 3,790,204 shares, the short-interest ratio is currently 3.2 days.

A number of research analysts have commented on ODP shares. Jefferies Group LLC reaffirmed a “hold” rating and set a $4.15 target price (down previously from $5.00) on shares of Office Depot in a report on Friday, October 6th. BidaskClub raised Office Depot from a “sell” rating to a “hold” rating in a report on Saturday, October 7th. Zacks Investment Research downgraded Office Depot from a “hold” rating to a “sell” rating in a report on Monday, August 14th. ValuEngine downgraded Office Depot from a “strong-buy” rating to a “buy” rating in a report on Friday, September 1st. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $5.00 target price (down previously from $5.75) on shares of Office Depot in a report on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $5.08.

In related news, insider Michael R. Allison sold 360,000 shares of the stock in a transaction dated Friday, October 13th. The stock was sold at an average price of $3.83, for a total value of $1,378,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.43% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Nomura Asset Management Co. Ltd. grew its position in Office Depot by 33.3% during the first quarter. Nomura Asset Management Co. Ltd. now owns 21,600 shares of the specialty retailer’s stock worth $101,000 after buying an additional 5,400 shares in the last quarter. Pacad Investment Ltd. grew its position in Office Depot by 1,292.3% during the second quarter. Pacad Investment Ltd. now owns 18,100 shares of the specialty retailer’s stock worth $102,000 after buying an additional 16,800 shares in the last quarter. Eagle Global Advisors LLC acquired a new stake in Office Depot during the second quarter worth about $103,000. PNC Financial Services Group Inc. grew its position in Office Depot by 13.4% during the second quarter. PNC Financial Services Group Inc. now owns 18,514 shares of the specialty retailer’s stock worth $104,000 after buying an additional 2,187 shares in the last quarter. Finally, Bayesian Capital Management LP acquired a new stake in Office Depot during the second quarter worth about $105,000. 94.36% of the stock is currently owned by institutional investors and hedge funds.

Office Depot (ODP) opened at 3.76 on Wednesday. Office Depot has a 12-month low of $3.01 and a 12-month high of $6.26. The firm’s 50-day moving average price is $4.25 and its 200-day moving average price is $4.96. The company has a market cap of $1.95 billion, a P/E ratio of 4.87 and a beta of 2.89.

Office Depot (NASDAQ:ODP) last released its earnings results on Wednesday, August 9th. The specialty retailer reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). Office Depot had a return on equity of 13.97% and a net margin of 2.49%. The firm had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same period last year, the business earned $0.06 earnings per share. The firm’s quarterly revenue was down 8.5% compared to the same quarter

A number of research analysts have commented on ODP shares. Jefferies Group LLC reaffirmed a “hold” rating and set a $4.15 target price (down previously from $5.00) on shares of Office Depot in a report on Friday, October 6th. BidaskClub raised Office Depot from a “sell” rating to a “hold” rating in a report on Saturday, October 7th. Zacks Investment Research downgraded Office Depot from a “hold” rating to a “sell” rating in a report on Monday, August 14th. ValuEngine downgraded Office Depot from a “strong-buy” rating to a “buy” rating in a report on Friday, September 1st. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $5.00 target price (down previously from $5.75) on shares of Office Depot in a report on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $5.08.

In related news, insider Michael R. Allison sold 360,000 shares of the stock in a transaction dated Friday, October 13th. The stock was sold at an average price of $3.83, for a total value of $1,378,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.43% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Nomura Asset Management Co. Ltd. grew its position in Office Depot by 33.3% during the first quarter. Nomura Asset Management Co. Ltd. now owns 21,600 shares of the specialty retailer’s stock worth $101,000 after buying an additional 5,400 shares in the last quarter. Pacad Investment Ltd. grew its position in Office Depot by 1,292.3% during the second quarter. Pacad Investment Ltd. now owns 18,100 shares of the specialty retailer’s stock worth $102,000 after buying an additional 16,800 shares in the last quarter. Eagle Global Advisors LLC acquired a new stake in Office Depot during the second quarter worth about $103,000. PNC Financial Services Group Inc. grew its position in Office Depot by 13.4% during the second quarter. PNC Financial Services Group Inc. now owns 18,514 shares of the specialty retailer’s stock worth $104,000 after buying an additional 2,187 shares in the last quarter. Finally, Bayesian Capital Management LP acquired a new stake in Office Depot during the second quarter worth about $105,000. 94.36% of the stock is currently owned by institutional investors and hedge funds.

Office Depot (ODP) opened at 3.76 on Wednesday. Office Depot has a 12-month low of $3.01 and a 12-month high of $6.26. The firm’s 50-day moving average price is $4.25 and its 200-day moving average price is $4.96. The company has a market cap of $1.95 billion, a P/E ratio of 4.87 and a beta of 2.89.

Office Depot (NASDAQ:ODP) last released its earnings results on Wednesday, August 9th. The specialty retailer reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). Office Depot had a return on equity of 13.97% and a net margin of 2.49%. The firm had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same period last year, the business earned $0.06 earnings per share. The firm’s quarterly revenue was down 8.5% compared to the same quarter last year. Analysts expect that Office Depot will post $0.46 EPS for the current year.

WARNING: This news story was first posted by The Ledger Gazette and is owned by of The Ledger Gazette. If you are accessing this news story on another publication, it was illegally copied and reposted in violation of US and international trademark & copyright legislation. The correct version of this news story can be accessed at https://ledgergazette.com/2017/10/18/office-depot-inc-odp-short-interest-update.html.

About Office Depot

Office Depot, Inc provides a selection of products and services to consumers and businesses of various sizes. The Company’s segments include North American Retail Division and North American Business Solutions Division. The North American Retail Division includes retail stores in the United States, including Puerto Rico and the United States Virgin Islands, which offer office supplies, technology products and solutions, business machines and related supplies, facilities products and office furniture.

Receive News & Ratings for Office Depot Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Office Depot Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply