Office Depot, Inc. (ODP) Stake Held by State of Tennessee Treasury Department
State of Tennessee Treasury Department continued to hold its stake in shares of Office Depot, Inc. (NASDAQ:ODP) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,000 shares of the specialty retailer’s stock at the end of the 2nd quarter. State of Tennessee Treasury Department’s holdings in Office Depot were worth $254,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of ODP. Nomura Asset Management Co. Ltd. grew its holdings in shares of Office Depot by 33.3% in the first quarter. Nomura Asset Management Co. Ltd. now owns 21,600 shares of the specialty retailer’s stock worth $101,000 after purchasing an additional 5,400 shares during the last quarter. Pacad Investment Ltd. raised its stake in shares of Office Depot by 1,292.3% during the second quarter. Pacad Investment Ltd. now owns 18,100 shares of the specialty retailer’s stock valued at $102,000 after acquiring an additional 16,800 shares during the last quarter. Eagle Global Advisors LLC bought a new position in shares of Office Depot during the second quarter valued at about $103,000. Stratos Wealth Partners LTD. bought a new position in shares of Office Depot during the second quarter valued at about $109,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Office Depot by 11.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,425 shares of the specialty retailer’s stock valued at $110,000 after acquiring an additional 2,046 shares during the last quarter. 94.06% of the stock is owned by hedge funds and other institutional investors.
Shares of Office Depot, Inc. (NASDAQ:ODP) opened at 4.59 on Wednesday. The firm has a 50-day moving average of $4.32 and a 200-day moving average of $5.00. The company has a market cap of $2.38 billion, a P/E ratio of 5.95 and a beta of 2.89. Office Depot, Inc. has a 52-week low of $3.01 and a 52-week high of $6.26.
Office Depot (NASDAQ:ODP) last released its earnings results on Wednesday, August 9th. The specialty retailer reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.03). Office Depot had a return on equity of 13.97% and a net margin of 2.49%. The company had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same period in the prior year, the firm posted $0.06 EPS. The firm’s revenue for the quarter was down 8.5% on a year-over-year basis. Equities research analysts forecast that Office Depot, Inc. will post $0.51 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, August 25th were paid a dividend of $0.025 per share. The ex-dividend date of this dividend was Wednesday, August 23rd. This represents a $0.10 annualized dividend and a dividend yield of 2.18%. Office Depot’s payout ratio is currently 20.00%.
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A number of research analysts have commented on the company. BidaskClub lowered Office Depot from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Zacks Investment Research lowered shares of Office Depot from a “hold” rating to a “sell” rating in a research note on Monday, August 14th. Loop Capital restated a “hold” rating and set a $5.00 target price on shares of Office Depot in a report on Wednesday, July 12th. Bank of America Corporation restated a “buy” rating on shares of Office Depot in a report on Sunday, August 13th. Finally, Deutsche Bank AG reiterated a “hold” rating and issued a $5.00 price target (down from $5.75) on shares of Office Depot in a research note on Thursday, August 10th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $5.38.
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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