Prudential Financial Inc. cut its stake in shares of Office Depot, Inc. (NASDAQ:ODP) by 15.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,426,810 shares of the specialty retailer’s stock after selling 1,572,530 shares during the quarter. Prudential Financial Inc. owned approximately 1.63% of Office Depot worth $38,258,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Century Capital Management LLC grew its position in shares of Office Depot by 38.1% during the second quarter. Century Capital Management LLC now owns 359,546 shares of the specialty retailer’s stock worth $2,028,000 after buying an additional 99,120 shares in the last quarter. Chicago Equity Partners LLC grew its position in shares of Office Depot by 311.0% during the second quarter. Chicago Equity Partners LLC now owns 980,055 shares of the specialty retailer’s stock worth $5,528,000 after buying an additional 741,570 shares in the last quarter. Thrivent Financial For Lutherans lifted its stake in Office Depot by 7.0% during the first quarter. Thrivent Financial For Lutherans now owns 97,640 shares of the specialty retailer’s stock worth $455,000 after purchasing an additional 6,360 shares during the last quarter. Wells Fargo & Company MN lifted its stake in Office Depot by 17.5% during the second quarter. Wells Fargo & Company MN now owns 1,001,429 shares of the specialty retailer’s stock worth $5,648,000 after purchasing an additional 149,001 shares during the last quarter. Finally, FMR LLC lifted its stake in Office Depot by 46.5% during the second quarter. FMR LLC now owns 3,061,202 shares of the specialty retailer’s stock worth $17,265,000 after purchasing an additional 971,036 shares during the last quarter. 92.67% of the stock is owned by institutional investors and hedge funds.
In other Office Depot news, insider Michael R. Allison sold 360,000 shares of the business’s stock in a transaction that occurred on Friday, October 13th. The stock was sold at an average price of $3.83, for a total value of $1,378,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.43% of the stock is currently owned by insiders.
Several equities research analysts recently weighed in on the company. Bank of America Corporation restated a “buy” rating on shares of Office Depot in a research note on Sunday, August 13th. BidaskClub upgraded Office Depot from a “sell” rating to a “hold” rating in a research note on Saturday, October 7th. Deutsche Bank AG restated a “hold” rating and set a $5.00 target price (down previously from $5.75) on shares of Office Depot in a research note on Thursday, August 10th. ValuEngine cut Office Depot from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 1st. Finally, Jefferies Group LLC restated a “hold” rating and set a $4.15 target price (down previously from $5.00) on shares of Office Depot in a research note on Friday, October 6th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. Office Depot has an average rating of “Hold” and a consensus target price of $5.08.
Shares of Office Depot, Inc. (NASDAQ ODP) opened at $3.27 on Monday. The company has a quick ratio of 0.93, a current ratio of 1.52 and a debt-to-equity ratio of 0.51. Office Depot, Inc. has a 52 week low of $2.97 and a 52 week high of $6.26. The firm has a market capitalization of $1,687.71, a P/E ratio of 6.96, a price-to-earnings-growth ratio of 1.02 and a beta of 2.82.
Office Depot (NASDAQ:ODP) last issued its quarterly earnings data on Thursday, November 9th. The specialty retailer reported $0.14 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.14. Office Depot had a return on equity of 12.86% and a net margin of 3.00%. The company had revenue of $2.62 billion during the quarter, compared to analysts’ expectations of $2.61 billion. During the same quarter in the previous year, the business earned $0.16 earnings per share. The firm’s revenue for the quarter was down 7.6% on a year-over-year basis. equities research analysts expect that Office Depot, Inc. will post 0.44 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, November 24th will be paid a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date of this dividend is Wednesday, November 22nd. Office Depot’s dividend payout ratio is currently 16.95%.
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Office Depot Company Profile
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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