Office Depot Inc (ODP) PT Raised to $5.25

Office Depot Inc (NASDAQ:ODP) had its target price lifted by Telsey Advisory Group from $4.40 to $5.25 in a report issued on Wednesday, May 10th. The firm currently has a market perform rating on the specialty retailer’s stock.

ODP has been the topic of several other research reports. Oppenheimer Holdings Inc. restated a hold rating on shares of Office Depot in a research note on Tuesday, May 9th. Zacks Investment Research lowered Office Depot from a hold rating to a sell rating in a research note on Thursday, January 19th. Loop Capital restated a hold rating and set a $5.00 price target on shares of Office Depot in a research note on Monday, February 27th. Finally, Jefferies Group LLC restated a hold rating and set a $4.50 price target on shares of Office Depot in a research note on Friday, March 3rd. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus target price of $5.12.

Office Depot (NASDAQ:ODP) last released its earnings results on Tuesday, May 9th. The specialty retailer reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.04. Office Depot had a return on equity of 11.70% and a net margin of 2.41%. The business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.71 billion. During the same period last year, the company earned $0.10 earnings per share. The business’s revenue for the quarter was down 7.0% compared to the same quarter last year.

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The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Thursday, May 25th will be paid a dividend of $0.025 per share. The ex-dividend date of this dividend is Tuesday, May 23rd. This represents a $0.10 dividend on an annualized basis and a dividend yield of 1.99%. Office Depot’s payout ratio is 17.54%.

In other news, Chairman Joseph Vassalluzzo bought 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 15th. The stock was purchased at an average price of $4.70 per share, with a total value of $117,500.00. Following the completion of the acquisition, the chairman now directly owns 84,534 shares of the company’s stock, valued at approximately $397,309.80. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael R. Allison sold 66,217 shares of Office Depot stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $5.08, for a total value of $336,382.36. Following the sale, the insider now directly owns 763,691 shares of the company’s stock, valued at approximately $3,879,550.28. The disclosure for this sale can be found here. Insiders have sold 166,619 shares of company stock worth $797,274 in the last 90 days. Insiders own 1.47% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in Office Depot by 15,485.9% in the first quarter. BlackRock Inc. now owns 54,498,187 shares of the specialty retailer’s stock worth $254,234,000 after buying an additional 54,148,524 shares during the period. Vanguard Group Inc. increased its stake in Office Depot by 4.9% in the first quarter. Vanguard Group Inc. now owns 43,054,694 shares of the specialty retailer’s stock worth $200,850,000 after buying an additional 1,995,980 shares during the period. Fairpointe Capital LLC increased its position in shares of Office Depot by 4.4% in the first quarter. Fairpointe Capital LLC now owns 33,020,004 shares of the specialty retailer’s stock worth $154,039,000 after buying an additional 1,383,233 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Office Depot by 6.8% in the first quarter. Bank of New York Mellon Corp now owns 32,171,818 shares of the specialty retailer’s stock worth $150,082,000 after buying an additional 2,057,459 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Office Depot by 28.7% in the first quarter. Dimensional Fund Advisors LP now owns 28,351,548 shares of the specialty retailer’s stock worth $132,259,000 after buying an additional 6,324,791 shares during the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

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.

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