ACCO Brands (NYSE:ACCO) was upgraded by equities research analysts at ValuEngine from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday.
ACCO has been the subject of several other reports. Zacks Investment Research upgraded ACCO Brands from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a report on Wednesday, March 21st. Noble Financial started coverage on ACCO Brands in a research report on Wednesday, May 2nd. They set a “buy” rating on the stock. Finally, BWS Financial set a $18.00 price objective on ACCO Brands and gave the company a “buy” rating in a research report on Tuesday, May 1st. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. ACCO Brands presently has a consensus rating of “Buy” and a consensus target price of $14.67.
ACCO Brands opened at $12.50 on Thursday, according to Marketbeat.com. ACCO Brands has a one year low of $10.35 and a one year high of $13.98. The stock has a market capitalization of $1.32 billion, a P/E ratio of 10.50, a price-to-earnings-growth ratio of 0.91 and a beta of 1.29. The company has a quick ratio of 1.00, a current ratio of 1.60 and a debt-to-equity ratio of 1.19.
ACCO Brands (NYSE:ACCO) last released its quarterly earnings data on Tuesday, May 1st. The industrial products company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.07 by $0.01. ACCO Brands had a return on equity of 18.22% and a net margin of 6.94%. The company had revenue of $405.80 million during the quarter, compared to the consensus estimate of $386.94 million. During the same period last year, the company earned $0.04 EPS. ACCO Brands’s revenue for the quarter was up 12.8% on a year-over-year basis. sell-side analysts expect that ACCO Brands will post 1.36 EPS for the current year.
ACCO Brands declared that its board has authorized a share buyback plan on Wednesday, February 14th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to purchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
In related news, VP Thomas W. Tedford sold 241,266 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $13.36, for a total value of $3,223,313.76. Following the transaction, the vice president now directly owns 190,500 shares of the company’s stock, valued at approximately $2,545,080. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Robert J. Keller sold 58,035 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $13.46, for a total value of $781,151.10. Following the completion of the transaction, the director now directly owns 272,840 shares in the company, valued at $3,672,426.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 412,360 shares of company stock worth $5,531,068. Insiders own 4.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada lifted its holdings in ACCO Brands by 1.8% in the 1st quarter. Royal Bank of Canada now owns 6,324,456 shares of the industrial products company’s stock worth $79,371,000 after purchasing an additional 111,230 shares in the last quarter. LSV Asset Management lifted its holdings in ACCO Brands by 0.5% in the 4th quarter. LSV Asset Management now owns 4,545,904 shares of the industrial products company’s stock worth $55,460,000 after purchasing an additional 23,000 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in ACCO Brands by 15.0% in the 1st quarter. Wells Fargo & Company MN now owns 3,995,400 shares of the industrial products company’s stock worth $50,144,000 after purchasing an additional 520,381 shares in the last quarter. Boston Partners lifted its holdings in ACCO Brands by 61.3% in the 4th quarter. Boston Partners now owns 3,088,854 shares of the industrial products company’s stock worth $37,684,000 after purchasing an additional 1,174,067 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in ACCO Brands by 16.6% in the 1st quarter. Millennium Management LLC now owns 2,454,991 shares of the industrial products company’s stock worth $30,810,000 after purchasing an additional 350,240 shares in the last quarter. 94.69% of the stock is currently owned by institutional investors.
About ACCO Brands
ACCO Brands Corporation designs, manufactures, and markets, consumer and business products. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The company offers school notebooks, calendars, and whiteboards; storage and organization products, such as lever-arch binders, sheet protectors, and indexes; stapling, punching, laminating, binding, and shredding products; do-it-yourself tools; and computer accessories and others, which are primarily used in schools, homes, and businesses.
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