Office Depot (NASDAQ:ODP) Shares Gap Up to $1.44

Office Depot Inc (NASDAQ:ODP)’s share price gapped up before the market opened on Monday . The stock had previously closed at $1.49, but opened at $1.44. Office Depot shares last traded at $1.52, with a volume of 236,836 shares traded.

ODP has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Office Depot from a “hold” rating to a “strong-buy” rating and set a $2.00 price target on the stock in a report on Friday, August 9th. ValuEngine cut Office Depot from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 8th. Bank of America cut their price target on Office Depot from $2.00 to $1.20 and set an “underperform” rating on the stock in a report on Tuesday. Finally, BidaskClub cut Office Depot from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 13th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $2.40.

The stock has a market capitalization of $814.11 million, a P/E ratio of 4.26, a PEG ratio of 0.36 and a beta of 2.32. The business has a fifty day simple moving average of $1.87 and a 200-day simple moving average of $2.47. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.72 and a current ratio of 1.07.

Office Depot (NASDAQ:ODP) last issued its earnings results on Wednesday, August 7th. The specialty retailer reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.02. Office Depot had a return on equity of 9.35% and a net margin of 0.27%. The company had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.59 billion. During the same period last year, the business earned $0.05 EPS. Office Depot’s quarterly revenue was down 1.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Office Depot Inc will post 0.37 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 23rd will be issued a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a dividend yield of 6.71%. The ex-dividend date of this dividend is Thursday, August 22nd. Office Depot’s dividend payout ratio is currently 28.57%.

Several institutional investors and hedge funds have recently modified their holdings of ODP. Canyon Capital Advisors LLC bought a new position in shares of Office Depot in the 2nd quarter worth $25,583,000. LSV Asset Management lifted its holdings in shares of Office Depot by 18.0% in the 1st quarter. LSV Asset Management now owns 26,530,842 shares of the specialty retailer’s stock worth $96,306,000 after purchasing an additional 4,049,450 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Office Depot by 176.6% in the 2nd quarter. Invesco Ltd. now owns 5,465,201 shares of the specialty retailer’s stock worth $11,258,000 after purchasing an additional 3,489,594 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Office Depot by 29.6% in the 1st quarter. JPMorgan Chase & Co. now owns 13,121,589 shares of the specialty retailer’s stock worth $47,632,000 after purchasing an additional 2,995,389 shares in the last quarter. Finally, Nuveen Asset Management LLC bought a new position in shares of Office Depot in the 2nd quarter worth $5,285,000. Institutional investors own 88.06% of the company’s stock.

Office Depot Company Profile (NASDAQ:ODP)

Office Depot, Inc provides business services and supplies, products, and technology solutions. The company operates in three divisions: Business Solutions, Retail, and CompuCom. The Business Solutions division offers office supply products and services through sales forces, catalogs, and telesales, as well as through Internet Websites in the United States, Puerto Rico, U.S.

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