Magnus Financial Group LLC Acquires New Stake in Office Depot Inc (ODP)
Magnus Financial Group LLC acquired a new position in shares of Office Depot Inc (NASDAQ:ODP) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 42,529 shares of the specialty retailer’s stock, valued at approximately $110,000.
A number of other institutional investors and hedge funds have also recently bought and sold shares of ODP. BlackRock Inc. lifted its position in Office Depot by 8.9% during the third quarter. BlackRock Inc. now owns 79,174,161 shares of the specialty retailer’s stock worth $254,151,000 after purchasing an additional 6,446,080 shares during the period. LSV Asset Management raised its stake in Office Depot by 40.2% during the fourth quarter. LSV Asset Management now owns 22,481,392 shares of the specialty retailer’s stock worth $58,001,000 after acquiring an additional 6,442,475 shares in the last quarter. Marshall Wace LLP acquired a new position in Office Depot during the third quarter worth about $13,575,000. WINTON GROUP Ltd acquired a new position in Office Depot during the fourth quarter worth about $9,400,000. Finally, Dimensional Fund Advisors LP raised its stake in Office Depot by 8.5% during the third quarter. Dimensional Fund Advisors LP now owns 46,514,323 shares of the specialty retailer’s stock worth $149,311,000 after acquiring an additional 3,633,309 shares in the last quarter. 87.68% of the stock is owned by institutional investors and hedge funds.
Office Depot stock opened at $3.36 on Friday. Office Depot Inc has a 1 year low of $2.00 and a 1 year high of $3.82. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.23 and a quick ratio of 0.74. The company has a market capitalization of $1.82 billion, a PE ratio of 9.60, a PEG ratio of 0.48 and a beta of 2.71.
Office Depot declared that its board has initiated a stock buyback plan on Tuesday, November 20th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the specialty retailer to buy up to 6.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were paid a $0.025 dividend. This represents a $0.10 annualized dividend and a dividend yield of 2.98%. The ex-dividend date was Thursday, February 28th. Office Depot’s dividend payout ratio is currently 28.57%.
Several brokerages have commented on ODP. Bank of America reissued a “buy” rating and set a $4.50 target price on shares of Office Depot in a research note on Thursday, February 28th. ValuEngine downgraded Office Depot from a “hold” rating to a “sell” rating in a research note on Wednesday, March 6th. BidaskClub raised Office Depot from a “sell” rating to a “hold” rating in a research note on Thursday, February 7th. Finally, Zacks Investment Research raised Office Depot from a “hold” rating to a “buy” rating and set a $3.25 target price for the company in a research note on Tuesday, December 11th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $3.92.
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Office Depot Company Profile
Office Depot, Inc, together with its subsidiaries, provides various products and services. It operates in three divisions: Retail, Business Solutions, and CompuCom. The Retail division operates retail stores, which offer office supplies; technology products and solutions; business machines and related supplies; print, cleaning, breakroom, and facilities products; and office furniture in the United States, Puerto Rico, and the U.S.
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