Office Depot, Inc. (ODP) Short Interest Up 31.5% in October
Office Depot, Inc. (NASDAQ:ODP) was the target of a large increase in short interest in October. As of October 31st, there was short interest totalling 12,790,403 shares, an increase of 31.5% from the October 13th total of 9,727,959 shares. Based on an average daily volume of 5,553,038 shares, the short-interest ratio is presently 2.3 days. Approximately 2.5% of the company’s stock are sold short.
A number of research firms have commented on ODP. Bank of America Corporation reissued a “buy” rating and issued a $6.00 target price on shares of Office Depot in a report on Tuesday, September 5th. BidaskClub lowered Office Depot from a “hold” rating to a “sell” rating in a report on Friday, September 22nd. Deutsche Bank AG reaffirmed a “hold” rating and issued a $5.00 price objective (down previously from $5.75) on shares of Office Depot in a report on Thursday, August 10th. ValuEngine lowered Office Depot from a “strong-buy” rating to a “buy” rating in a report on Friday, September 1st. Finally, J P Morgan Chase & Co lowered Office Depot from a “neutral” rating to an “underweight” rating in a report on Monday, October 30th. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $5.08.
Shares of Office Depot (NASDAQ ODP) opened at $3.27 on Friday. The company has a quick ratio of 0.92, a current ratio of 1.59 and a debt-to-equity ratio of 0.57. Office Depot has a fifty-two week low of $2.97 and a fifty-two week high of $6.26. The company has a market capitalization of $1,700.00, a price-to-earnings ratio of 6.14, a P/E/G ratio of 0.94 and a beta of 2.82.
Office Depot (NASDAQ:ODP) last issued its quarterly earnings data on Thursday, November 9th. The specialty retailer reported $0.14 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.14. Office Depot had a return on equity of 13.97% and a net margin of 2.49%. The company had revenue of $2.62 billion during the quarter, compared to analyst estimates of $2.61 billion. During the same quarter in the previous year, the company posted $0.16 earnings per share. Office Depot’s revenue was down 7.6% compared to the same quarter last year. analysts forecast that Office Depot will post 0.44 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, November 24th will be issued a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend is Wednesday, November 22nd. Office Depot’s dividend payout ratio is presently 11.24%.
In other Office Depot news, insider Michael R. Allison sold 360,000 shares of Office Depot stock in a transaction on 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.43% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in Office Depot by 3.0% during the second quarter. Vanguard Group Inc. now owns 44,341,527 shares of the specialty retailer’s stock valued at $250,086,000 after purchasing an additional 1,286,833 shares during the period. Dimensional Fund Advisors LP grew its holdings in Office Depot by 20.0% during the second quarter. Dimensional Fund Advisors LP now owns 34,029,233 shares of the specialty retailer’s stock valued at $191,925,000 after purchasing an additional 5,677,685 shares during the period. State Street Corp grew its holdings in Office Depot by 2.1% during the second quarter. State Street Corp now owns 18,758,006 shares of the specialty retailer’s stock valued at $105,796,000 after purchasing an additional 384,531 shares during the period. Northern Trust Corp grew its holdings in Office Depot by 7.5% during the second quarter. Northern Trust Corp now owns 13,355,039 shares of the specialty retailer’s stock valued at $75,322,000 after purchasing an additional 932,852 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in Office Depot by 5.6% during the third quarter. JPMorgan Chase & Co. now owns 12,270,659 shares of the specialty retailer’s stock valued at $55,954,000 after purchasing an additional 645,224 shares during the period. 94.95% of the stock is owned by institutional investors and hedge funds.
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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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