Today, Ameriprise Financial Inc. sells partial stakes of Office Depot Inc. (ODP)

Today, Ameriprise Financial Inc. sells partial stakes of Office Depot Inc. (ODP)

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.

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