Office Depot Inc (ODP) Issues Quarterly Earnings Results, Misses Expectations By $0.03 EPS
Office Depot Inc (NASDAQ:ODP) released its quarterly earnings results on Wednesday. The specialty retailer reported $0.06 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by $0.03, Bloomberg Earnings reports. Office Depot had a return on equity of 15.60% and a net margin of 2.77%. The firm had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same period last year, the firm earned $0.06 EPS. The business’s quarterly revenue was down 8.5% on a year-over-year basis.
Office Depot (NASDAQ:ODP) traded up 1.10% during midday trading on Thursday, hitting $4.58. 911,709 shares of the stock traded hands. The stock has a market cap of $2.37 billion, a PE ratio of 4.13 and a beta of 2.98. Office Depot has a 1-year low of $3.01 and a 1-year high of $6.26. The company has a 50-day moving average of $5.74 and a 200-day moving average of $5.04.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, August 25th will be given a $0.025 dividend. This represents a $0.10 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Wednesday, August 23rd. Office Depot’s payout ratio is currently 12.05%.
Several equities research analysts recently issued reports on ODP shares. Zacks Investment Research raised shares of Office Depot from a “hold” rating to a “buy” rating and set a $6.00 price target on the stock in a research note on Wednesday, May 10th. BidaskClub raised shares of Office Depot from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Office Depot in a research note on Tuesday, May 9th. Loop Capital reaffirmed a “hold” rating and set a $5.00 price target on shares of Office Depot in a research note on Wednesday, July 12th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $5.00 price target (up previously from $4.50) on shares of Office Depot in a research note on Wednesday, May 10th. Eight research analysts have rated the stock with a hold rating, The company currently has an average rating of “Hold” and an average target price of $5.12.
In related news, insider Michael R. Allison sold 66,217 shares of the company’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $5.08, for a total transaction of $336,382.36. Following the completion of the sale, the insider now directly owns 763,691 shares of the company’s stock, valued at approximately $3,879,550.28. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.43% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the stock. RWC Asset Management LLP increased its stake in shares of Office Depot by 73.7% in the first quarter. RWC Asset Management LLP now owns 245,730 shares of the specialty retailer’s stock worth $1,146,000 after buying an additional 104,279 shares during the period. Paloma Partners Management Co increased its stake in shares of Office Depot by 131.3% in the first quarter. Paloma Partners Management Co now owns 167,964 shares of the specialty retailer’s stock worth $783,000 after buying an additional 95,336 shares during the period. LMR Partners LLP bought a new stake in shares of Office Depot during the first quarter worth $280,000. Envestnet Asset Management Inc. increased its stake 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. Finally, Thrivent Financial For Lutherans increased its stake in shares of Office Depot by 7.0% in the first quarter. Thrivent Financial For Lutherans now owns 97,640 shares of the specialty retailer’s stock worth $455,000 after buying an additional 6,360 shares during the period. 93.46% of the stock is owned by hedge funds and other institutional investors.
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About Office Depot
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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