ClariVest Asset Management LLC increased its position in shares of Office Depot, Inc. (NASDAQ:ODP) by 5.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,256,800 shares of the specialty retailer’s stock after purchasing an additional 65,300 shares during the quarter. ClariVest Asset Management LLC owned approximately 0.24% of Office Depot worth $5,706,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Nomura Asset Management Co. Ltd. increased its position in shares of Office Depot by 33.3% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 21,600 shares of the specialty retailer’s stock worth $101,000 after purchasing an additional 5,400 shares in the last quarter. Pacad Investment Ltd. increased its position in Office Depot by 1,292.3% in the 2nd quarter. Pacad Investment Ltd. now owns 18,100 shares of the specialty retailer’s stock valued at $102,000 after acquiring an additional 16,800 shares in the last quarter. Eagle Global Advisors LLC acquired a new stake in Office Depot in the 2nd quarter valued at about $103,000. PNC Financial Services Group Inc. increased its position in Office Depot by 13.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 18,514 shares of the specialty retailer’s stock valued at $104,000 after acquiring an additional 2,187 shares in the last quarter. Finally, Bayesian Capital Management LP acquired a new stake in Office Depot in the 2nd quarter valued at about $105,000. Institutional investors and hedge funds own 92.67% of the company’s stock.
In related news, insider Michael R. Allison sold 360,000 shares of Office Depot stock in a transaction that occurred on Friday, October 13th. The shares were sold at an average price of $3.83, for a total transaction of $1,378,800.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.43% of the stock is currently owned by company insiders.
Several equities research analysts have weighed in on the stock. BidaskClub cut shares of Office Depot from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Zacks Investment Research cut shares of Office Depot from a “hold” rating to a “sell” rating in a research report on Monday, August 14th. Bank of America Corporation restated a “buy” rating on shares of Office Depot in a research report on Sunday, August 13th. Deutsche Bank AG restated a “hold” rating and issued a $5.00 price objective (down previously from $5.75) on shares of Office Depot in a research report on Thursday, August 10th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $4.15 price objective (down previously from $5.00) on shares of Office Depot in a research report on Friday, October 6th. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the stock. Office Depot has an average rating of “Hold” and a consensus price target of $5.08.
Shares of Office Depot, Inc. (NASDAQ ODP) traded up $0.04 during midday trading on Friday, hitting $3.28. 5,054,670 shares of the stock traded hands, compared to its average volume of 5,516,713. The company has a market cap of $1,692.87, a price-to-earnings ratio of 6.98, a PEG ratio of 1.03 and a beta of 2.82. The company has a quick ratio of 0.93, a current ratio of 1.52 and a debt-to-equity ratio of 0.51. Office Depot, Inc. has a one year low of $2.97 and a one year high of $6.26.
Office Depot (NASDAQ:ODP) last issued its earnings results on Thursday, November 9th. The specialty retailer reported $0.14 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.14. The company had revenue of $2.62 billion for the quarter, compared to analyst estimates of $2.61 billion. Office Depot had a net margin of 3.00% and a return on equity of 12.86%. The company’s revenue for the quarter was down 7.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.16 EPS. equities research analysts expect that Office Depot, Inc. will post 0.44 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, November 24th will be paid a $0.025 dividend. This represents a $0.10 annualized dividend and a dividend yield of 3.05%. The ex-dividend date is Wednesday, November 22nd. Office Depot’s dividend payout ratio (DPR) is presently 16.95%.
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Office Depot 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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