Boston Partners Sells 5,737,939 Shares of Office Depot, Inc. (NASDAQ:ODP)
Boston Partners decreased its position in Office Depot, Inc. (NASDAQ:ODP) by 60.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,814,032 shares of the specialty retailer’s stock after selling 5,737,939 shares during the period. Boston Partners’ holdings in Office Depot were worth $21,512,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Nomura Asset Management Co. Ltd. boosted its stake in Office Depot by 33.3% in the first quarter. Nomura Asset Management Co. Ltd. now owns 21,600 shares of the specialty retailer’s stock valued at $101,000 after buying an additional 5,400 shares during the last quarter. Eagle Global Advisors LLC bought a new position in shares of Office Depot during the second quarter worth $103,000. Stratos Wealth Partners LTD. bought a new position in shares of Office Depot during the second quarter worth $109,000. Horizon Investment Services LLC bought a new position in shares of Office Depot during the first quarter worth $111,000. Finally, Envestnet Asset Management Inc. raised its position in shares of Office Depot by 8.2% in the first quarter. Envestnet Asset Management Inc. now owns 25,558 shares of the specialty retailer’s stock worth $119,000 after buying an additional 1,927 shares during the period. 93.33% of the stock is owned by institutional investors and hedge funds.
Shares of Office Depot, Inc. (ODP) opened at 4.33 on Tuesday. The company has a market cap of $2.24 billion, a P/E ratio of 5.61 and a beta of 2.98. The company’s 50 day moving average is $5.64 and its 200-day moving average is $5.04. Office Depot, Inc. has a 12 month low of $3.01 and a 12 month high of $6.26.
Office Depot (NASDAQ:ODP) last announced its quarterly earnings data on Wednesday, August 9th. The specialty retailer reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by $0.03. Office Depot had a net margin of 2.49% and a return on equity of 13.97%. The business had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same quarter in the prior year, the company posted $0.06 EPS. The company’s quarterly revenue was down 8.5% compared to the same quarter last year. Analysts expect that Office Depot, Inc. will post $0.51 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, August 25th will be paid a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend is Wednesday, August 23rd. Office Depot’s dividend payout ratio is 20.00%.
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ODP has been the topic of several recent research reports. Zacks Investment Research lowered shares of Office Depot from a “hold” rating to a “sell” rating in a report on Monday. Bank of America Corporation reiterated a “buy” rating on shares of Office Depot in a report on Sunday. Deutsche Bank AG reiterated a “hold” rating and issued a $5.00 price objective (down previously from $5.75) on shares of Office Depot in a report on Thursday, August 10th. BidaskClub downgraded shares of Office Depot from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Finally, Loop Capital reissued a “hold” rating and issued a $5.00 target price on shares of Office Depot in a research report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $5.10.
Office Depot Company Profile
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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