Russell Investments Group Ltd. cut its stake in Office Depot, Inc. (NASDAQ:ODP) by 45.8% during the first quarter, Holdings Channel reports. The firm owned 206,761 shares of the specialty retailer’s stock after selling 174,587 shares during the period. Russell Investments Group Ltd.’s holdings in Office Depot were worth $965,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. ANTIPODES PARTNERS Ltd boosted its position in Office Depot by 23.5% in the first quarter. ANTIPODES PARTNERS Ltd now owns 10,126,124 shares of the specialty retailer’s stock valued at $46,586,000 after buying an additional 1,927,796 shares during the period. Norges Bank acquired a new position in Office Depot during the fourth quarter valued at approximately $43,558,000. AQR Capital Management LLC boosted its position in Office Depot by 16.3% in the fourth quarter. AQR Capital Management LLC now owns 7,473,434 shares of the specialty retailer’s stock valued at $33,780,000 after buying an additional 1,050,035 shares during the period. Highbridge Capital Management LLC boosted its position in Office Depot by 40.0% in the fourth quarter. Highbridge Capital Management LLC now owns 5,092,464 shares of the specialty retailer’s stock valued at $23,018,000 after buying an additional 1,455,125 shares during the period. Finally, Renaissance Technologies LLC boosted its position in Office Depot by 160.2% in the fourth quarter. Renaissance Technologies LLC now owns 4,441,429 shares of the specialty retailer’s stock valued at $20,075,000 after buying an additional 2,734,329 shares during the period. Institutional investors and hedge funds own 91.73% of the company’s stock.
Shares of Office Depot, Inc. (NASDAQ:ODP) opened at 5.58 on Wednesday. Office Depot, Inc. has a 12 month low of $3.01 and a 12 month high of $5.70. The stock’s 50 day moving average price is $5.21 and its 200-day moving average price is $4.79. The firm has a market capitalization of $2.88 billion, a PE ratio of 5.04 and a beta of 2.91.
Office Depot (NASDAQ:ODP) last released its earnings results on Tuesday, May 9th. The specialty retailer reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.04. Office Depot had a return on equity of 13.39% and a net margin of 3.93%. The business had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.71 billion. During the same period last year, the business earned $0.10 earnings per share. The firm’s revenue for the quarter was down 7.0% compared to the same quarter last year. On average, equities analysts anticipate that Office Depot, Inc. will post $0.52 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Thursday, May 25th were given a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date was Tuesday, May 23rd. Office Depot’s dividend payout ratio (DPR) is presently 12.05%.
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Several analysts have issued reports on the company. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Office Depot in a research note on Tuesday, May 9th. Zacks Investment Research upgraded Office Depot from a “hold” rating to a “buy” rating and set a $6.00 price objective on the stock in a research note on Wednesday, May 10th. BidaskClub upgraded Office Depot from a “hold” rating to a “buy” rating in a research note on Saturday, June 10th. Jefferies Group LLC restated a “hold” rating and set a $4.50 price objective on shares of Office Depot in a research note on Friday, March 3rd. Finally, Telsey Advisory Group upped their price objective on Office Depot from $4.40 to $5.25 and gave the company a “market perform” rating in a research note on Wednesday, May 10th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $5.12.
In related news, insider Michael R. Allison sold 66,217 shares of Office Depot stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $5.08, for a total transaction of $336,382.36. Following the sale, the insider now directly owns 763,691 shares of the company’s stock, valued at $3,879,550.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 2.43% of the stock is owned by company 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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