Choate Investment Advisors cut its holdings in Staples, Inc. (NASDAQ:SPLS) by 23.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,080 shares of the specialty retailer’s stock after selling 4,910 shares during the period. Choate Investment Advisors’ holdings in Staples were worth $162,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Ballentine Partners LLC grew its holdings in shares of Staples by 0.5% in the second quarter. Ballentine Partners LLC now owns 10,304 shares of the specialty retailer’s stock valued at $104,000 after acquiring an additional 50 shares in the last quarter. Fisher Asset Management LLC bought a new position in shares of Staples in the second quarter valued at approximately $109,000. Airain ltd bought a new position in shares of Staples in the second quarter valued at approximately $109,000. Summit Securities Group LLC bought a new position in shares of Staples in the second quarter valued at approximately $116,000. Finally, HighTower Advisors LLC bought a new position in Staples during the first quarter valued at $102,000. 85.56% of the stock is owned by institutional investors.
Shares of Staples, Inc. (NASDAQ SPLS) opened at 10.25 on Monday. The firm’s 50 day moving average price is $10.20 and its 200 day moving average price is $9.55. Staples, Inc. has a 52-week low of $7.24 and a 52-week high of $10.26. The stock’s market cap is $6.73 billion.
Staples (NASDAQ:SPLS) last issued its earnings results on Thursday, August 24th. The specialty retailer reported $0.12 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.12. The business had revenue of $3.91 billion for the quarter, compared to the consensus estimate of $3.87 billion. Staples had a negative net margin of 8.53% and a positive return on equity of 15.09%. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.12 EPS. On average, analysts expect that Staples, Inc. will post $0.87 EPS for the current year.
SPLS has been the subject of several research reports. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Staples in a report on Tuesday, June 20th. Deutsche Bank AG set a $8.00 price objective on Staples and gave the company a “hold” rating in a report on Thursday, June 22nd. Telsey Advisory Group increased their price objective on Staples from $9.00 to $10.25 and gave the company a “market perform” rating in a report on Thursday, June 29th. BidaskClub lowered Staples from a “sell” rating to a “strong sell” rating in a report on Friday, July 28th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $9.00 price objective on shares of Staples in a report on Wednesday, August 9th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. Staples has a consensus rating of “Hold” and an average price target of $9.04.
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Staples Company Profile
Staples, Inc (Staples) is a provider of products and services that serve the needs of business customers and consumers. The Company offers a range of print and marketing and technology services. The Company’s segments include North American Delivery, North American Retail and Other. The North American Delivery segment consists of the United States and Canadian businesses, including Staples Business Advantage, staples.com, staples.ca, and quill.com, that sell and deliver products and services primarily to businesses.
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