Bank of America Cuts Office Depot (NASDAQ:ODP) Price Target to $1.20

Office Depot (NASDAQ:ODP) had its price target reduced by Bank of America from $2.00 to $1.20 in a research report report published on Tuesday morning, The Fly reports. They currently have an underperform rating on the specialty retailer’s stock.

ODP has been the topic of a number of other reports. BidaskClub cut Office Depot from a sell rating to a strong sell rating in a research note on Tuesday, August 13th. ValuEngine cut Office Depot from a sell rating to a strong sell rating in a research note on Wednesday, May 8th. Finally, Zacks Investment Research upgraded Office Depot from a hold rating to a strong-buy rating and set a $2.00 target price on the stock in a research note on Friday, August 9th. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $2.40.

NASDAQ ODP opened at $1.33 on Tuesday. The stock has a market capitalization of $726.68 million, a price-to-earnings ratio of 3.80, a PEG ratio of 0.36 and a beta of 2.32. Office Depot has a one year low of $1.33 and a one year high of $3.82. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.07 and a quick ratio of 0.72. The business’s fifty day moving average is $1.84 and its 200-day moving average is $2.46.

Office Depot (NASDAQ:ODP) last released its earnings results on Wednesday, August 7th. The specialty retailer reported $0.07 EPS for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.02. The company had revenue of $2.59 billion for the quarter, compared to analysts’ expectations of $2.59 billion. Office Depot had a return on equity of 9.35% and a net margin of 0.27%. The business’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.05 EPS. Research analysts expect that Office Depot will post 0.37 EPS for the current fiscal year.

The company also recently disclosed 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 annualized dividend and a yield of 7.52%. The ex-dividend date of this dividend is Thursday, August 22nd. Office Depot’s dividend payout ratio (DPR) is currently 28.57%.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. New York State Teachers Retirement System increased its holdings in Office Depot by 0.4% in the 1st quarter. New York State Teachers Retirement System now owns 1,239,559 shares of the specialty retailer’s stock worth $4,500,000 after acquiring an additional 4,987 shares during the last quarter. Comerica Bank increased its holdings in Office Depot by 1.2% in the 1st quarter. Comerica Bank now owns 551,649 shares of the specialty retailer’s stock worth $1,489,000 after acquiring an additional 6,600 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in Office Depot by 16.1% in the 2nd quarter. Envestnet Asset Management Inc. now owns 47,689 shares of the specialty retailer’s stock worth $98,000 after acquiring an additional 6,629 shares during the last quarter. Magnus Financial Group LLC increased its holdings in Office Depot by 20.2% in the 1st quarter. Magnus Financial Group LLC now owns 51,137 shares of the specialty retailer’s stock worth $186,000 after acquiring an additional 8,608 shares during the last quarter. Finally, Piedmont Investment Advisors Inc. increased its holdings in Office Depot by 6.7% in the 1st quarter. Piedmont Investment Advisors Inc. now owns 138,884 shares of the specialty retailer’s stock worth $504,000 after acquiring an additional 8,711 shares during the last quarter. 88.06% of the stock is owned by institutional investors.

Office Depot Company Profile

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.

Recommended Story: What is the Ex-Dividend Date in Investing?

The Fly

Receive News & Ratings for Office Depot Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Office Depot and related companies with MarketBeat.com's FREE daily email newsletter.