Bank of New York Mellon Corp lowered its holdings in Office Depot, Inc. (NASDAQ:ODP) by 33.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 20,011,834 shares of the specialty retailer’s stock after selling 10,148,966 shares during the quarter. Bank of New York Mellon Corp owned about 3.88% of Office Depot worth $90,853,000 as of its most recent filing with the SEC.

Other institutional investors have also bought and sold shares of the company. Pacad Investment Ltd. boosted its stake in Office Depot by 1,292.3% in the second quarter. Pacad Investment Ltd. now owns 18,100 shares of the specialty retailer’s stock worth $102,000 after purchasing an additional 16,800 shares in the last quarter. Eagle Global Advisors LLC acquired a new position in Office Depot in the second quarter worth $103,000. PNC Financial Services Group Inc. boosted its stake in Office Depot by 13.4% in the second quarter. PNC Financial Services Group Inc. now owns 18,514 shares of the specialty retailer’s stock worth $104,000 after purchasing an additional 2,187 shares in the last quarter. Bayesian Capital Management LP acquired a new position in Office Depot in the second quarter worth $105,000. Finally, Stratos Wealth Partners LTD. acquired a new position in Office Depot in the second quarter worth $109,000. 92.37% of the stock is currently owned by institutional investors.

ODP has been the subject of a number of recent research reports. Bank of America Corporation restated a “buy” rating and set a $6.00 target price on shares of Office Depot in a research report on Tuesday, September 5th. Zacks Investment Research downgraded Office Depot from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. J P Morgan Chase & Co downgraded Office Depot from a “neutral” rating to an “underweight” rating in a research report on Monday, October 30th. Jefferies Group LLC restated a “hold” rating and set a $4.15 target price (down previously from $5.00) on shares of Office Depot in a research report on Friday, October 6th. Finally, ValuEngine downgraded Office Depot from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 1st. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $5.08.

Shares of Office Depot, Inc. (NASDAQ ODP) opened at $3.18 on Monday. The firm has a market capitalization of $1,641.26, a price-to-earnings ratio of 6.77, a PEG ratio of 1.00 and a beta of 2.82. Office Depot, Inc. has a 52-week low of $2.97 and a 52-week high of $6.26. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.93 and a current ratio of 1.52.

Office Depot (NASDAQ:ODP) last released its earnings results on Thursday, November 9th. The specialty retailer reported $0.14 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.14. The company had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $2.61 billion. Office Depot had a return on equity of 12.86% and a net margin of 3.00%. The firm’s quarterly revenue was down 7.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.16 earnings per share. research analysts forecast that Office Depot, Inc. will post 0.44 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, November 24th will be issued a $0.025 dividend. The ex-dividend date is Wednesday, November 22nd. This represents a $0.10 dividend on an annualized basis and a yield of 3.14%. Office Depot’s dividend payout ratio is presently 16.95%.

In related news, insider Michael R. Allison sold 360,000 shares of the company’s stock in a transaction dated Friday, October 13th. The stock was sold at an average price of $3.83, for a total value of $1,378,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.43% of the company’s stock.

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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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Institutional Ownership by Quarter for Office Depot (NASDAQ:ODP)

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