Rafferty Asset Management LLC Has $290,000 Holdings in Office Depot Inc (ODP)
Rafferty Asset Management LLC raised its position in shares of Office Depot Inc (NASDAQ:ODP) by 94.0% in the third quarter, HoldingsChannel reports. The firm owned 90,361 shares of the specialty retailer’s stock after acquiring an additional 43,795 shares during the quarter. Rafferty Asset Management LLC’s holdings in Office Depot were worth $290,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Acadian Asset Management LLC increased its stake in Office Depot by 2,383.8% during the 3rd quarter. Acadian Asset Management LLC now owns 35,817 shares of the specialty retailer’s stock valued at $115,000 after purchasing an additional 34,375 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Office Depot by 74.7% in the second quarter. Nisa Investment Advisors LLC now owns 52,160 shares of the specialty retailer’s stock worth $133,000 after buying an additional 22,300 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Office Depot by 59.0% in the third quarter. PNC Financial Services Group Inc. now owns 64,708 shares of the specialty retailer’s stock worth $207,000 after buying an additional 24,007 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Office Depot by 281.8% in the second quarter. CIBC Asset Management Inc now owns 65,875 shares of the specialty retailer’s stock worth $168,000 after buying an additional 48,620 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Office Depot in the second quarter worth approximately $230,000. Institutional investors and hedge funds own 89.13% of the company’s stock.
A number of research firms have commented on ODP. BidaskClub cut shares of Office Depot from a “hold” rating to a “sell” rating in a research note on Friday, October 19th. Bank of America set a $5.00 target price on shares of Office Depot and gave the stock a “buy” rating in a research note on Wednesday, November 7th. Zacks Investment Research cut shares of Office Depot from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 9th. ValuEngine upgraded shares of Office Depot from a “strong sell” rating to a “sell” rating in a research note on Wednesday, November 7th. Finally, Deutsche Bank set a $4.00 target price on shares of Office Depot and gave the stock a “hold” rating in a research note on Thursday, November 8th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. Office Depot presently has a consensus rating of “Hold” and a consensus price target of $4.17.
Office Depot (NASDAQ:ODP) last released its earnings results on Wednesday, November 7th. The specialty retailer reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. Office Depot had a net margin of 0.59% and a return on equity of 8.90%. The company had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.83 billion. During the same quarter last year, the business earned $0.14 EPS. The firm’s revenue was up 10.2% compared to the same quarter last year. As a group, analysts expect that Office Depot Inc will post 0.33 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Friday, November 23rd will be given a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a dividend yield of 3.18%. The ex-dividend date is Wednesday, November 21st. Office Depot’s payout ratio is currently 22.22%.
Office Depot announced that its board has initiated a stock repurchase plan on Tuesday, November 20th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to buy up to 6.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.
Office Depot Profile
Office Depot, Inc, together with its subsidiaries, provides various products and services. It operates in three divisions: Retail, Business Solutions, and CompuCom. The Retail division operates retail stores, which offer office supplies; technology products and solutions; business machines and related supplies; print, cleaning, breakroom, and facilities products; and office furniture in the United States, Puerto Rico, and the U.S.
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