Office Depot Inc (NASDAQ:ODP) was the target of a significant drop in short interest in July. As of July 15th, there was short interest totalling 4,320,000 shares, a drop of 89.2% from the June 30th total of 40,160,000 shares. Based on an average daily trading volume, of 860,000 shares, the days-to-cover ratio is presently 5.0 days. Currently, 8.4% of the company’s stock are sold short.
ODP opened at $22.07 on Friday. The business has a 50 day moving average price of $22.73 and a 200 day moving average price of $22.00. Office Depot has a twelve month low of $12.30 and a twelve month high of $29.90. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.76 and a current ratio of 1.15. The firm has a market cap of $1.16 billion, a P/E ratio of 8.83, a price-to-earnings-growth ratio of 0.72 and a beta of 2.31.
Office Depot (NASDAQ:ODP) last posted its earnings results on Wednesday, May 6th. The specialty retailer reported $1.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.50. Office Depot had a return on equity of 11.98% and a net margin of 1.28%. The firm had revenue of $2.73 billion during the quarter, compared to analyst estimates of $2.68 billion. During the same period in the previous year, the company earned $0.70 EPS. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. As a group, analysts anticipate that Office Depot will post 4.47 earnings per share for the current fiscal year.
Several hedge funds have recently modified their holdings of ODP. Goldman Sachs Group Inc. lifted its holdings in shares of Office Depot by 8.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,916,284 shares of the specialty retailer’s stock worth $7,991,000 after buying an additional 236,511 shares during the last quarter. Bank of New York Mellon Corp grew its position in Office Depot by 2.2% in the fourth quarter. Bank of New York Mellon Corp now owns 11,200,975 shares of the specialty retailer’s stock valued at $30,691,000 after acquiring an additional 245,274 shares during the period. UBS Asset Management Americas Inc. grew its position in Office Depot by 20.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 619,948 shares of the specialty retailer’s stock valued at $1,699,000 after acquiring an additional 105,489 shares during the period. Schonfeld Strategic Advisors LLC bought a new stake in shares of Office Depot during the fourth quarter worth $126,000. Finally, Cubist Systematic Strategies LLC grew its holdings in shares of Office Depot by 130.9% during the fourth quarter. Cubist Systematic Strategies LLC now owns 34,235 shares of the specialty retailer’s stock worth $94,000 after purchasing an additional 19,409 shares during the last quarter. Institutional investors own 0.12% of the company’s stock.
ODP has been the topic of a number of recent analyst reports. ValuEngine upgraded shares of Office Depot from a “sell” rating to a “hold” rating in a research note on Thursday, July 2nd. BidaskClub lowered Office Depot from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 17th. Finally, Sidoti initiated coverage on Office Depot in a report on Thursday, April 30th. They set a “buy” rating for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $16.00.
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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