BlackRock Inc. trimmed its stake in Office Depot Inc (NASDAQ:ODP) by 0.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 79,782,593 shares of the specialty retailer’s stock after selling 205,624 shares during the quarter. BlackRock Inc. owned approximately 14.69% of Office Depot worth $289,611,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ODP. Scotia Capital Inc. bought a new stake in shares of Office Depot in the fourth quarter valued at approximately $33,000. Alambic Investment Management L.P. bought a new stake in shares of Office Depot in the fourth quarter valued at approximately $36,000. Advisor Partners LLC bought a new stake in shares of Office Depot in the first quarter valued at approximately $36,000. Mercer Global Advisors Inc. ADV bought a new stake in shares of Office Depot in the first quarter valued at approximately $49,000. Finally, HRT Financial LLC bought a new stake in shares of Office Depot in the fourth quarter valued at approximately $50,000. Hedge funds and other institutional investors own 89.68% of the company’s stock.
ODP has been the topic of a number of analyst reports. Zacks Investment Research lowered shares of Office Depot from a “hold” rating to a “sell” rating in a report on Wednesday, April 10th. BidaskClub lowered shares of Office Depot from a “sell” rating to a “strong sell” rating in a report on Thursday, May 9th. ValuEngine lowered shares of Office Depot from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 8th. Finally, Bank of America lowered shares of Office Depot from a “buy” rating to an “underperform” rating and decreased their target price for the stock from $4.00 to $2.00 in a report on Thursday, May 9th. Four investment analysts have rated the stock with a sell rating and one has issued a hold rating to the stock. Office Depot has a consensus rating of “Sell” and a consensus target price of $3.08.
Office Depot (NASDAQ:ODP) last announced its quarterly 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. The business had revenue of $2.77 billion during the quarter, compared to analysts’ expectations of $2.76 billion. Office Depot had a net margin of 0.64% and a return on equity of 8.95%. The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.08 EPS. As a group, analysts predict that Office Depot Inc will post 0.35 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 24th were given a dividend of $0.025 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $0.10 annualized dividend and a yield of 4.61%. Office Depot’s payout ratio is currently 28.57%.
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.
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