Ameriprise Financial Inc. reduced its stake in Office Depot Inc. (NASDAQ:ODP) by 0.4% during the second quarter, Holdings Channel reports. The institutional investor owned 1,322,413 shares of the company’s stock after selling 4,957 shares during the period. Ameriprise Financial Inc. owned about 0.24% of Office Depot worth $4,377,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. NN Investment Partners Holdings N.V. acquired a new position in Office Depot during the first quarter valued at $121,000. M&T Bank Corp boosted its position in shares of Office Depot by 11.8% in the first quarter. M&T Bank Corp now owns 18,844 shares of the company’s stock valued at $134,000 after buying an additional 1,982 shares in the last quarter. Opera Trading Capital purchased a new position in shares of Office Depot during the first quarter valued at approximately $177,000. Alpine Partners VI LLC purchased a new position in shares of Office Depot during the first quarter valued at approximately $209,000. Finally, LS Investment Advisors LLC boosted its position in shares of Office Depot by 67.3% in the second quarter. LS Investment Advisors LLC now owns 30,705 shares of the company’s stock valued at $102,000 after buying an additional 12,357 shares in the last quarter. 92.62% of the stock is currently owned by institutional investors and hedge funds.
Shares of Office Depot Inc. (NASDAQ:ODP) traded up 0.460% during midday trading on Tuesday, hitting $3.275. 911,953 shares of the stock were exchanged. The firm has a market cap of $1.78 billion, a PE ratio of 6.725 and a beta of 2.78. The firm’s 50-day moving average is $3.58 and its 200 day moving average is $4.15. Office Depot Inc. has a 52-week low of $3.11 and a 52-week high of $7.99.
Office Depot (NASDAQ:ODP) last released its earnings results on Wednesday, August 3rd. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by $0.03. Office Depot had a return on equity of 12.05% and a net margin of 1.99%. The firm had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.20 billion. During the same quarter in the previous year, the business posted $0.06 EPS. Office Depot’s revenue was down 6.5% on a year-over-year basis. On average, analysts forecast that Office Depot Inc. will post $0.39 earnings per share for the current year.
A number of research firms have commented on ODP. Morgan Stanley reissued a “hold” rating and issued a $4.35 price target on shares of Office Depot in a research note on Tuesday, August 16th. TheStreet raised shares of Office Depot from a “sell” rating to a “hold” rating in a research note on Wednesday, August 10th. Finally, Zacks Investment Research raised shares of Office Depot from a “sell” rating to a “hold” rating in a research note on Monday, August 8th. Eight investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $5.69.
In other Office Depot news, EVP Michael R. Allison sold 23,434 shares of the firm’s stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $3.64, for a total transaction of $85,299.76. Following the sale, the executive vice president now owns 625,883 shares in the company, valued at approximately $2,278,214.12. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.47% of the company’s stock.
Office Depot Company Profile
Office Depot, Inc (Office Depot) is a provider of office products and services. The Company sells products and services to consumers through three segments: North American Retail Division, North American Business Solutions Division and International Division. It operates under the Office Depot and OfficeMax brands.