Office Depot (ODP) Shares Gap Up to $3.21

Office Depot, Inc. (NASDAQ:ODP) shares gapped up before the market opened on Tuesday . The stock had previously closed at $3.14, but opened at $3.21. Office Depot shares last traded at $3.37, with a volume of 6112600 shares trading hands.

A number of research firms have recently weighed in on ODP. Zacks Investment Research downgraded shares of Office Depot from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. Bank of America reissued a “buy” rating on shares of Office Depot in a research report on Sunday, August 13th. Deutsche Bank reissued a “hold” rating and set a $5.00 target price (down from $5.75) on shares of Office Depot in a research report on Thursday, August 10th. Jefferies Group reissued a “hold” rating and set a $4.15 target price (down from $5.00) on shares of Office Depot in a research report on Friday, October 6th. Finally, BidaskClub raised shares of Office Depot from a “sell” rating to a “hold” rating in a research report on Saturday, October 7th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $5.08.

The firm has a market cap of $1,687.71, a price-to-earnings ratio of 6.96, a P/E/G ratio of 1.02 and a beta of 2.87. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.52 and a quick ratio of 0.93.

Office Depot (NASDAQ:ODP) last released its quarterly earnings data on Thursday, November 9th. The specialty retailer reported $0.14 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.14. The company had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $2.61 billion. Office Depot had a net margin of 3.00% and a return on equity of 12.86%. Office Depot’s revenue for the quarter was down 7.6% on a year-over-year basis. During the same period last year, the firm earned $0.16 EPS. equities research analysts predict that Office Depot, Inc. will post 0.44 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, November 24th will be issued a $0.025 dividend. This represents a $0.10 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend is Wednesday, November 22nd. Office Depot’s dividend payout ratio (DPR) is presently 16.95%.

In related news, insider Michael R. Allison sold 360,000 shares of the firm’s stock in a transaction that occurred on Friday, October 13th. The shares were sold at an average price of $3.83, for a total value of $1,378,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.43% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ODP. Century Capital Management LLC lifted its stake in Office Depot by 38.1% in the 2nd quarter. Century Capital Management LLC now owns 359,546 shares of the specialty retailer’s stock worth $2,028,000 after purchasing an additional 99,120 shares in the last quarter. Prudential Financial Inc. lifted its stake in Office Depot by 72.2% in the 2nd quarter. Prudential Financial Inc. now owns 9,999,340 shares of the specialty retailer’s stock worth $56,396,000 after purchasing an additional 4,192,720 shares in the last quarter. Chicago Equity Partners LLC lifted its stake in Office Depot by 311.0% in the 2nd quarter. Chicago Equity Partners LLC now owns 980,055 shares of the specialty retailer’s stock worth $5,528,000 after purchasing an additional 741,570 shares in the last quarter. IndexIQ Advisors LLC lifted its stake in Office Depot by 83.1% in the 3rd quarter. IndexIQ Advisors LLC now owns 185,796 shares of the specialty retailer’s stock worth $844,000 after purchasing an additional 84,311 shares in the last quarter. Finally, FMR LLC lifted its stake in Office Depot by 46.5% in the 2nd 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 in the last quarter. 93.29% of the stock is owned by institutional investors.

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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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