Zacks Investment Research downgraded shares of ACCO Brands (NYSE:ACCO) from a buy rating to a hold rating in a report issued on Tuesday.
According to Zacks, “ACCO Brands Corporation is a world leader in branded office products. Its industry-leading brands include Swingline, Kensington, Wilson Jones, Quartet, GBC, and Day-Timer, among others. Under the GBC brand, the Company is also a leader in the professional printing market. “
ACCO has been the topic of a number of other reports. SunTrust Banks restated a hold rating and set a $13.00 price target on shares of ACCO Brands in a research note on Wednesday, November 1st. BidaskClub upgraded shares of ACCO Brands from a sell rating to a hold rating in a research note on Monday, September 18th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of Buy and an average price target of $15.00.
ACCO Brands (NYSE:ACCO) last announced its quarterly earnings results on Monday, October 30th. The industrial products company reported $0.35 EPS for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.02. The company had revenue of $532.20 million for the quarter, compared to analysts’ expectations of $529.65 million. ACCO Brands had a net margin of 3.51% and a return on equity of 15.99%. ACCO Brands’s revenue was up 23.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.29 EPS. research analysts predict that ACCO Brands will post 1.15 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in ACCO Brands by 0.5% in the 2nd quarter. Vanguard Group Inc. now owns 9,716,711 shares of the industrial products company’s stock worth $113,200,000 after purchasing an additional 50,566 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in ACCO Brands by 1.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,193,361 shares of the industrial products company’s stock worth $107,102,000 after purchasing an additional 108,304 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in ACCO Brands by 1.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,126,210 shares of the industrial products company’s stock worth $83,019,000 after purchasing an additional 89,746 shares in the last quarter. Royal Bank of Canada lifted its stake in ACCO Brands by 5.9% in the 2nd quarter. Royal Bank of Canada now owns 6,122,124 shares of the industrial products company’s stock worth $71,323,000 after purchasing an additional 339,057 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in ACCO Brands by 9.5% in the 2nd quarter. Northern Trust Corp now owns 2,428,165 shares of the industrial products company’s stock worth $28,288,000 after purchasing an additional 210,786 shares in the last quarter. Institutional investors and hedge funds own 91.17% of the company’s stock.
About ACCO Brands
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for ACCO Brands Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ACCO Brands and related companies with MarketBeat.com's FREE daily email newsletter.