Acco Brands Corporation (ACCO) Upgraded by BidaskClub to Hold

BidaskClub upgraded shares of Acco Brands Corporation (NYSE:ACCO) from a sell rating to a hold rating in a report published on Monday.

Other analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Acco Brands Corporation from a hold rating to a buy rating and set a $12.00 price objective for the company in a research note on Thursday, August 3rd. ValuEngine raised shares of Acco Brands Corporation from a hold rating to a buy rating in a research note on Wednesday, August 2nd. Finally, BWS Financial reissued a buy rating and set a $18.00 price objective on shares of Acco Brands Corporation in a research note on Tuesday, July 4th.

Acco Brands Corporation (NYSE ACCO) opened at 11.75 on Monday. Acco Brands Corporation has a 1-year low of $9.06 and a 1-year high of $14.75. The firm has a market capitalization of $1.28 billion, a PE ratio of 23.41 and a beta of 1.37. The firm’s 50-day moving average price is $11.01 and its 200-day moving average price is $12.09.

Acco Brands Corporation (NYSE:ACCO) last announced its quarterly earnings data on Tuesday, August 1st. The industrial products company reported $0.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.04. Acco Brands Corporation had a net margin of 3.25% and a return on equity of 15.03%. The company had revenue of $490.00 million during the quarter, compared to analysts’ expectations of $497.17 million. During the same period in the previous year, the company earned $0.25 EPS. The business’s quarterly revenue was up 19.5% compared to the same quarter last year. On average, equities research analysts predict that Acco Brands Corporation will post $1.10 EPS for the current fiscal year.

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In related news, VP Neal V. Fenwick acquired 12,313 shares of the stock in a transaction dated Thursday, August 3rd. The stock was bought at an average cost of $10.60 per share, with a total value of $130,517.80. Following the purchase, the vice president now directly owns 423,311 shares of the company’s stock, valued at $4,487,096.60. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Gregory J. Mccormack sold 25,000 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $10.95, for a total transaction of $273,750.00. Following the sale, the insider now directly owns 63,889 shares of the company’s stock, valued at $699,584.55. The disclosure for this sale can be found here. 4.50% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd grew its stake in shares of Acco Brands Corporation by 25.5% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 12,658 shares of the industrial products company’s stock valued at $147,000 after buying an additional 2,571 shares during the period. Verition Fund Management LLC purchased a new stake in shares of Acco Brands Corporation during the 2nd quarter valued at $420,000. Ameritas Investment Partners Inc. grew its stake in shares of Acco Brands Corporation by 12.0% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 9,496 shares of the industrial products company’s stock valued at $111,000 after buying an additional 1,014 shares during the period. 361 Capital LLC grew its stake in shares of Acco Brands Corporation by 98.5% during the 2nd quarter. 361 Capital LLC now owns 148,352 shares of the industrial products company’s stock valued at $1,728,000 after buying an additional 73,604 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Acco Brands Corporation by 1.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 83,528 shares of the industrial products company’s stock valued at $974,000 after buying an additional 1,442 shares during the period. 91.14% of the stock is owned by institutional investors.

About Acco Brands Corporation

ACCO Brands Corporation is engaged in designing, marketing and manufacturing of branded business, academic and selected consumer products. The Company operates through three segments: ACCO Brands North America, ACCO Brands International and Computer Products Group. The Company’s brands include Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Kensington, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra and Wilson Jones.

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