Los Angeles Capital Management & Equity Research Inc. Lowers Stock Holdings in Office Depot Inc (NASDAQ:ODP)
Los Angeles Capital Management & Equity Research Inc. reduced its position in Office Depot Inc (NASDAQ:ODP) by 57.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 26,695 shares of the specialty retailer’s stock after selling 36,276 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in Office Depot were worth $44,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Office Depot during the 4th quarter valued at $24,283,000. Assenagon Asset Management S.A. purchased a new stake in shares of Office Depot during the 1st quarter valued at $8,677,000. Canyon Capital Advisors LLC grew its stake in shares of Office Depot by 16.4% during the 4th quarter. Canyon Capital Advisors LLC now owns 25,971,000 shares of the specialty retailer’s stock valued at $71,161,000 after buying an additional 3,654,032 shares during the period. Vident Investment Advisory LLC purchased a new stake in shares of Office Depot during the 4th quarter valued at $1,907,000. Finally, Great West Life Assurance Co. Can purchased a new stake in shares of Office Depot during the 4th quarter valued at $1,872,000. 89.57% of the stock is owned by hedge funds and other institutional investors.
Shares of Office Depot stock opened at $2.27 on Friday. The company has a fifty day moving average price of $1.94 and a 200 day moving average price of $2.22. The company has a current ratio of 1.15, a quick ratio of 0.76 and a debt-to-equity ratio of 0.81. Office Depot Inc has a twelve month low of $1.23 and a twelve month high of $2.81. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of 9.08, a price-to-earnings-growth ratio of 0.76 and a beta of 2.31.
ODP has been the subject of a number of research reports. ValuEngine cut shares of Office Depot from a “hold” rating to a “sell” rating in a research report on Monday, March 30th. BidaskClub raised shares of Office Depot from a “hold” rating to a “buy” rating in a research report on Wednesday, April 8th. Finally, Sidoti initiated coverage on shares of Office Depot in a research report on Thursday, April 30th. They set a “buy” rating for the company. Two research analysts have rated the stock with a sell rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $1.60.
About Office Depot
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.
See Also: How dollar cost averaging works
Want to see what other hedge funds are holding ODP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Office Depot Inc (NASDAQ:ODP).
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.