Acco Brands Corporation (ACCO) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Acco Brands Corporation (NYSE:ACCO) from a hold rating to a buy rating in a report published on Tuesday morning. Zacks Investment Research currently has $14.00 price objective on the industrial products company’s stock.
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. “
Several other analysts have also commented on ACCO. BidaskClub upgraded shares of Acco Brands Corporation from a strong sell rating to a sell rating in a research report on Tuesday, August 8th. ValuEngine upgraded shares of Acco Brands Corporation from a hold rating to a buy rating in a research report on Wednesday, August 2nd. Finally, BWS Financial restated a buy rating and set a $18.00 price target on shares of Acco Brands Corporation in a research report on Tuesday, July 4th.
Acco Brands Corporation (NYSE:ACCO) opened at 12.65 on Tuesday. The stock has a market cap of $1.38 billion, a PE ratio of 25.20 and a beta of 1.40. The stock’s 50 day moving average is $11.44 and its 200 day moving average is $12.01. Acco Brands Corporation has a 52 week low of $9.06 and a 52 week high of $14.75.
Acco Brands Corporation (NYSE:ACCO) last released its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $0.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.04. The company had revenue of $490.00 million for the quarter, compared to analyst estimates of $497.17 million. Acco Brands Corporation had a net margin of 3.25% and a return on equity of 15.03%. The firm’s revenue was up 19.5% on a year-over-year basis. During the same quarter last year, the business earned $0.25 earnings per share. Analysts predict that Acco Brands Corporation will post $1.10 EPS for the current year.
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In other Acco Brands Corporation news, insider Gregory J. Mccormack sold 25,000 shares of the stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $10.95, for a total transaction of $273,750.00. Following the transaction, the insider now directly owns 63,889 shares of the company’s stock, valued at $699,584.55. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Neal V. Fenwick acquired 12,313 shares of the firm’s stock in a transaction on Thursday, August 3rd. The shares were bought at an average cost of $10.60 per share, for a total transaction of $130,517.80. Following the completion of the acquisition, the vice president now owns 423,311 shares of the company’s stock, valued at $4,487,096.60. The disclosure for this purchase can be found here. 4.50% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. New York State Teachers Retirement System lifted its holdings in Acco Brands Corporation by 1.1% during the first quarter. New York State Teachers Retirement System now owns 9,400 shares of the industrial products company’s stock valued at $124,000 after purchasing an additional 100 shares in the last quarter. Suntrust Banks Inc. lifted its holdings in Acco Brands Corporation by 0.6% during the second quarter. Suntrust Banks Inc. now owns 53,422 shares of the industrial products company’s stock valued at $622,000 after purchasing an additional 313 shares in the last quarter. Amalgamated Bank lifted its holdings in Acco Brands Corporation by 2.6% during the second quarter. Amalgamated Bank now owns 13,703 shares of the industrial products company’s stock valued at $160,000 after purchasing an additional 349 shares in the last quarter. Virginia Retirement Systems ET AL lifted its holdings in Acco Brands Corporation by 4.0% during the second quarter. Virginia Retirement Systems ET AL now owns 10,500 shares of the industrial products company’s stock valued at $122,000 after purchasing an additional 400 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in Acco Brands Corporation by 8.3% during the first quarter. Victory Capital Management Inc. now owns 8,125 shares of the industrial products company’s stock valued at $107,000 after purchasing an additional 625 shares in the last quarter. 91.14% of the stock is currently owned by institutional investors and hedge funds.
Acco Brands Corporation Company Profile
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.
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