Office Depot Inc (ODP) Shares Bought by California Public Employees Retirement System
California Public Employees Retirement System grew its holdings in shares of Office Depot Inc (NASDAQ:ODP) by 10.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,472,019 shares of the specialty retailer’s stock after acquiring an additional 231,991 shares during the quarter. California Public Employees Retirement System’s holdings in Office Depot were worth $8,751,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. ARP Americas LLC increased its stake in shares of Office Depot by 298.2% in the third quarter. ARP Americas LLC now owns 44,200 shares of the specialty retailer’s stock valued at $201,000 after buying an additional 33,100 shares during the period. Parametrica Management Ltd acquired a new position in shares of Office Depot in the fourth quarter valued at approximately $195,000. Public Employees Retirement System of Ohio acquired a new position in shares of Office Depot in the second quarter valued at approximately $370,000. Cubist Systematic Strategies LLC acquired a new position in shares of Office Depot in the third quarter valued at approximately $344,000. Finally, Victory Capital Management Inc. increased its stake in shares of Office Depot by 248.4% in the third quarter. Victory Capital Management Inc. now owns 80,619 shares of the specialty retailer’s stock valued at $366,000 after buying an additional 57,478 shares during the period. 90.64% of the stock is owned by hedge funds and other institutional investors.
Several research analysts have recently issued reports on ODP shares. ValuEngine downgraded Office Depot from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Zacks Investment Research raised Office Depot from a “sell” rating to a “hold” rating in a research note on Tuesday, December 5th. Jefferies Group reaffirmed a “hold” rating on shares of Office Depot in a research note on Thursday. Finally, BidaskClub downgraded Office Depot from a “hold” rating to a “sell” rating in a research note on Wednesday, January 31st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. Office Depot presently has an average rating of “Hold” and an average target price of $5.08.
Office Depot (NASDAQ:ODP) last announced its earnings results on Wednesday, February 28th. The specialty retailer reported $0.08 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.07 by $0.01. Office Depot had a return on equity of 11.74% and a net margin of 1.76%. The business had revenue of $2.58 billion for the quarter, compared to analysts’ expectations of $2.58 billion. During the same period in the prior year, the business posted $0.11 earnings per share. The firm’s revenue was down 5.3% on a year-over-year basis. equities analysts predict that Office Depot Inc will post 0.3 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Friday, March 2nd will be issued a $0.025 dividend. This represents a $0.10 annualized dividend and a yield of 3.98%. The ex-dividend date of this dividend is Thursday, March 1st. Office Depot’s payout ratio is presently 29.41%.
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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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