Dynamic Capital Management Ltd decreased its position in Office Depot, Inc. (NASDAQ:ODP) by 91.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,237 shares of the specialty retailer’s stock after selling 451,933 shares during the period. Dynamic Capital Management Ltd’s holdings in Office Depot were worth $197,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in ODP. Invictus RG raised its stake in shares of Office Depot by 7.4% in the first quarter. Invictus RG now owns 71,735 shares of the specialty retailer’s stock worth $335,000 after buying an additional 4,955 shares during the period. BlackRock Inc. raised its stake in shares of Office Depot by 15,485.9% in the first quarter. BlackRock Inc. now owns 54,498,187 shares of the specialty retailer’s stock worth $254,234,000 after buying an additional 54,148,524 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Office Depot by 28.7% in the first quarter. Dimensional Fund Advisors LP now owns 28,351,548 shares of the specialty retailer’s stock worth $132,259,000 after buying an additional 6,324,791 shares during the period. Geode Capital Management LLC raised its stake in shares of Office Depot by 3.6% in the first quarter. Geode Capital Management LLC now owns 6,101,467 shares of the specialty retailer’s stock worth $28,463,000 after buying an additional 209,714 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Office Depot by 4.9% in the first quarter. Vanguard Group Inc. now owns 43,054,694 shares of the specialty retailer’s stock worth $200,850,000 after buying an additional 1,995,980 shares during the period. Hedge funds and other institutional investors own 92.28% of the company’s stock.
Office Depot, Inc. (NASDAQ:ODP) traded down 1.81% during midday trading on Friday, reaching $5.42. 10,649,350 shares of the company traded hands. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of 4.89 and a beta of 2.91. The firm has a 50 day moving average of $5.17 and a 200-day moving average of $4.78. Office Depot, Inc. has a 12 month low of $3.01 and a 12 month high of $5.70.
Office Depot (NASDAQ:ODP) last issued its quarterly earnings data on Tuesday, May 9th. The specialty retailer reported $0.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.04. Office Depot had a net margin of 3.93% and a return on equity of 13.39%. The business had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.71 billion. During the same period in the previous year, the company earned $0.10 earnings per share. Office Depot’s revenue for the quarter was down 7.0% on a year-over-year basis. Analysts forecast that Office Depot, Inc. will post $0.52 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Thursday, May 25th were paid a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date of this dividend was Tuesday, May 23rd. Office Depot’s payout ratio is 12.05%.
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A number of equities analysts have weighed in on the stock. BidaskClub raised shares of Office Depot from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Jefferies Group LLC reaffirmed a “hold” rating and set a $5.00 price target (up previously from $4.50) on shares of Office Depot in a research note on Wednesday, May 10th. Zacks Investment Research raised shares of Office Depot from a “hold” rating to a “buy” rating and set a $6.00 price target on the stock in a research note on Wednesday, May 10th. Telsey Advisory Group increased their price target on shares of Office Depot from $4.40 to $5.25 and gave the stock a “market perform” rating in a research note on Wednesday, May 10th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Office Depot in a research note on Tuesday, May 9th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $5.12.
In other news, insider Michael R. Allison sold 66,217 shares of the business’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $5.08, for a total value of $336,382.36. Following the completion of the sale, the insider now directly owns 763,691 shares in the company, valued at $3,879,550.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Stephen R. Calkins sold 15,436 shares of the business’s stock in a transaction on Tuesday, March 21st. The stock was sold at an average price of $4.63, for a total transaction of $71,468.68. Following the completion of the sale, the executive vice president now owns 469,229 shares of the company’s stock, valued at $2,172,530.27. The disclosure for this sale can be found here. Insiders sold 162,087 shares of company stock valued at $776,834 over the last 90 days. 1.47% of the stock is owned by corporate insiders.
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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