Office Depot (NASDAQ:ODP) Upgraded at BidaskClub

Office Depot (NASDAQ:ODP) was upgraded by equities researchers at BidaskClub from a “strong sell” rating to a “sell” rating in a research note issued on Saturday, June 29th, BidAskClub reports.

Other analysts also recently issued research reports about the stock. Zacks Investment Research raised shares of Green Brick Partners from a “sell” rating to a “hold” rating in a report on Wednesday, April 10th. Bank of America started coverage on shares of Coty in a report on Thursday, May 9th. They issued a “neutral” rating and a $12.00 price objective on the stock. Finally, ValuEngine downgraded shares of Valero Energy from a “hold” rating to a “sell” rating in a report on Wednesday, May 8th. Four equities research analysts have rated the stock with a sell rating and one has given a hold rating to the stock. The stock presently has an average rating of “Sell” and an average target price of $3.08.

NASDAQ ODP remained flat at $$1.99 during trading on Friday. 3,005,434 shares of the company’s stock traded hands, compared to its average volume of 4,401,402. The company has a market cap of $1.09 billion, a price-to-earnings ratio of 5.69, a P/E/G ratio of 0.49 and a beta of 2.35. The company has a quick ratio of 0.76, a current ratio of 1.08 and a debt-to-equity ratio of 0.87. Office Depot has a 1-year low of $1.83 and a 1-year high of $3.82. The firm’s 50 day moving average price is $2.01.

Office Depot (NASDAQ:ODP) last released its quarterly earnings data on Wednesday, May 8th. The specialty retailer reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. The business had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.76 billion. Office Depot had a net margin of 0.64% and a return on equity of 8.95%. Office Depot’s revenue was down 2.2% compared to the same quarter last year. During the same period last year, the business earned $0.08 EPS. Equities analysts expect that Office Depot will post 0.34 earnings per share for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the company. Hsbc Holdings PLC raised its position in shares of Office Depot by 2.0% during the fourth quarter. Hsbc Holdings PLC now owns 345,290 shares of the specialty retailer’s stock valued at $890,000 after buying an additional 6,710 shares during the last quarter. Scotia Capital Inc. bought a new stake in shares of Office Depot during the fourth quarter valued at approximately $33,000. Great West Life Assurance Co. Can raised its position in shares of Office Depot by 3.8% during the fourth quarter. Great West Life Assurance Co. Can now owns 730,148 shares of the specialty retailer’s stock valued at $1,739,000 after buying an additional 26,895 shares during the last quarter. BlackRock Inc. raised its position in shares of Office Depot by 1.0% during the fourth quarter. BlackRock Inc. now owns 79,988,217 shares of the specialty retailer’s stock valued at $206,370,000 after buying an additional 814,056 shares during the last quarter. Finally, Everence Capital Management Inc. raised its position in shares of Office Depot by 88.5% during the first quarter. Everence Capital Management Inc. now owns 76,770 shares of the specialty retailer’s stock valued at $279,000 after buying an additional 36,040 shares during the last quarter. Hedge funds and other institutional investors own 89.70% of the company’s stock.

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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