Office Depot (ODP) Downgraded by BidaskClub to “Hold”

Office Depot (NASDAQ:ODP) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

Several other equities analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Office Depot from a “hold” rating to a “sell” rating in a report on Wednesday, March 14th. Bank of America reissued a “buy” rating and set a $3.00 price objective on shares of Office Depot in a report on Thursday, May 17th. ValuEngine lowered shares of Office Depot from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. Finally, Telsey Advisory Group reissued a “market perform” rating on shares of Office Depot in a report on Wednesday, May 16th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the stock. Office Depot has an average rating of “Hold” and a consensus target price of $3.93.

Shares of Office Depot opened at $2.55 on Friday, MarketBeat Ratings reports. The company has a market cap of $1.42 billion, a PE ratio of 5.67, a P/E/G ratio of 0.47 and a beta of 2.64. Office Depot has a one year low of $2.00 and a one year high of $6.26. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.90 and a current ratio of 1.39.

Office Depot (NASDAQ:ODP) last issued its earnings results on Wednesday, May 9th. The specialty retailer reported $0.08 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.08. The business had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.74 billion. Office Depot had a net margin of 1.01% and a return on equity of 9.60%. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same period last year, the company posted $0.16 earnings per share. sell-side analysts anticipate that Office Depot will post 0.32 earnings per share for the current year.

In other Office Depot news, CFO Joseph T. Lower acquired 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 30th. The shares were bought at an average cost of $2.39 per share, with a total value of $47,800.00. Following the completion of the acquisition, the chief financial officer now directly owns 872,552 shares in the company, valued at approximately $2,085,399.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Joseph Vassalluzzo acquired 58,800 shares of the business’s stock in a transaction that occurred on Monday, June 4th. The shares were acquired at an average cost of $2.55 per share, for a total transaction of $149,940.00. Following the completion of the acquisition, the chairman now owns 143,834 shares of the company’s stock, valued at $366,776.70. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 88,800 shares of company stock worth $221,640. 2.18% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in ODP. Teacher Retirement System of Texas boosted its stake in Office Depot by 317.1% in the fourth quarter. Teacher Retirement System of Texas now owns 178,227 shares of the specialty retailer’s stock valued at $631,000 after acquiring an additional 135,494 shares in the last quarter. California Public Employees Retirement System boosted its stake in Office Depot by 10.4% in the fourth quarter. California Public Employees Retirement System now owns 2,472,019 shares of the specialty retailer’s stock valued at $8,751,000 after acquiring an additional 231,991 shares in the last quarter. First Trust Advisors LP boosted its stake in Office Depot by 110.9% in the fourth quarter. First Trust Advisors LP now owns 803,080 shares of the specialty retailer’s stock valued at $2,843,000 after acquiring an additional 422,268 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Office Depot by 8.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 1,227,755 shares of the specialty retailer’s stock valued at $4,347,000 after acquiring an additional 93,922 shares in the last quarter. Finally, Arizona State Retirement System boosted its stake in Office Depot by 26.4% in the fourth quarter. Arizona State Retirement System now owns 371,480 shares of the specialty retailer’s stock valued at $1,315,000 after acquiring an additional 77,635 shares in the last quarter. Institutional investors own 89.90% of the company’s stock.

About Office Depot

Office Depot, Inc, together with its subsidiaries, provides various products and services. It operates in three divisions: Retail, Business Solutions, and CompuCom. The Retail division operates retail stores, which offer office supplies; technology products and solutions; business machines and related supplies; print, cleaning, breakroom, and facilities products; and office furniture in the United States, Puerto Rico, and the U.S.

Analyst Recommendations for Office Depot (NASDAQ:ODP)

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