Brokerages Anticipate Office Depot Inc (ODP) Will Post Quarterly Sales of $2.59 Billion

Wall Street brokerages predict that Office Depot Inc (NASDAQ:ODP) will report $2.59 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Office Depot’s earnings, with the highest sales estimate coming in at $2.60 billion and the lowest estimate coming in at $2.59 billion. Office Depot reported sales of $2.63 billion in the same quarter last year, which would suggest a negative year-over-year growth rate of 1.5%. The firm is scheduled to issue its next quarterly earnings report on Tuesday, August 6th.

On average, analysts expect that Office Depot will report full year sales of $10.87 billion for the current financial year, with estimates ranging from $10.85 billion to $10.90 billion. For the next year, analysts anticipate that the business will post sales of $10.77 billion, with estimates ranging from $10.69 billion to $10.85 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Office Depot.

Office Depot (NASDAQ:ODP) last posted its earnings results on Wednesday, May 8th. The specialty retailer reported $0.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.01. Office Depot had a return on equity of 8.95% and a net margin of 0.64%. The company had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.76 billion. During the same period last year, the company earned $0.08 earnings per share. The business’s revenue was down 2.2% compared to the same quarter last year.

Several brokerages have recently commented on ODP. Zacks Investment Research downgraded Office Depot from a “hold” rating to a “sell” rating in a report on Wednesday, April 10th. Bank of America restated a “buy” rating and issued a $4.50 price objective on shares of Office Depot in a research report on Thursday, February 28th. ValuEngine cut shares of Office Depot from a “hold” rating to a “sell” rating in a research report on Wednesday, March 6th. Finally, BidaskClub cut shares of Office Depot from a “sell” rating to a “strong sell” rating in a research report on Thursday, May 9th. Four research analysts have rated the stock with a sell rating and one has assigned a hold rating to the company’s stock. Office Depot currently has an average rating of “Sell” and an average target price of $3.08.

ODP stock traded down $0.01 during trading on Monday, reaching $1.96. 177,225 shares of the stock were exchanged, compared to its average volume of 6,233,452. The company has a quick ratio of 0.76, a current ratio of 1.08 and a debt-to-equity ratio of 0.87. The company has a market cap of $1.08 billion, a PE ratio of 5.60, a price-to-earnings-growth ratio of 0.51 and a beta of 2.45. Office Depot has a twelve month low of $1.89 and a twelve month high of $3.82.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Friday, May 24th will be issued a $0.025 dividend. The ex-dividend date of this dividend is Thursday, May 23rd. This represents a $0.10 dividend on an annualized basis and a dividend yield of 5.10%. Office Depot’s payout ratio is 28.57%.

Several hedge funds have recently modified their holdings of ODP. Norges Bank bought a new stake in shares of Office Depot in the 4th quarter valued at about $28,205,000. LSV Asset Management raised its holdings in shares of Office Depot by 40.2% in the 4th quarter. LSV Asset Management now owns 22,481,392 shares of the specialty retailer’s stock valued at $58,001,000 after purchasing an additional 6,442,475 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Office Depot by 310.5% in the 1st quarter. Renaissance Technologies LLC now owns 5,990,694 shares of the specialty retailer’s stock valued at $21,746,000 after purchasing an additional 4,531,265 shares during the period. WINTON GROUP Ltd bought a new stake in shares of Office Depot in the 4th quarter valued at about $9,400,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of Office Depot by 29.6% in the 1st quarter. JPMorgan Chase & Co. now owns 13,121,589 shares of the specialty retailer’s stock valued at $47,632,000 after purchasing an additional 2,995,389 shares during the period. 89.78% of the stock is currently owned by institutional investors.

Office Depot Company Profile

Office Depot, Inc provides business services and supplies, products, and technology solutions. The company operates in three divisions: Business Solutions, Retail, and CompuCom. The Business Solutions division offers office supply products and services through sales forces, catalogs, and telesales, as well as through Internet Websites in the United States, Puerto Rico, U.S.

Further Reading: What is the quiet period?

Get a free copy of the Zacks research report on Office Depot (ODP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Office Depot Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Office Depot and related companies with MarketBeat.com's FREE daily email newsletter.