November 30, 2016 - By Vivian Park · 0 Comments
Office Depot Inc (NASDAQ:ODP) institutional sentiment increased to 0.98 in Q2 2016. Its up 0.02, from 0.96 in 2016Q1. The ratio is more positive, as 135 funds increased and started new holdings, while 141 decreased and sold their stock positions in Office Depot Inc. The funds in our partner’s database reported: 499.99 million shares, up from 467.88 million shares in 2016Q1. Also, the number of funds holding Office Depot Inc in their top 10 holdings decreased from 5 to 1 for a decrease of 4. Sold All: 64 Reduced: 77 Increased: 92 New Position: 43.
Office Depot, Inc. is a well-known provider of office services and products. The company has a market cap of $2.57 billion. The Firm sells services and products to clients through three divisions: North American Retail Division, North American Business Solutions Division and International Division. It has a 4.44 P/E ratio. It operates under the Office Depot and OfficeMax brands.
About 119,412 shares traded hands. Office Depot Inc (NASDAQ:ODP) has declined 19.67% since April 27, 2016 and is downtrending. It has underperformed by 24.90% the S&P500.
Analysts await Office Depot Inc (NASDAQ:ODP) to report earnings on February, 28. They expect $0.11 earnings per share, up 57.14% or $0.04 from last year’s $0.07 per share. ODP’s profit will be $58.41M for 11.00 P/E if the $0.11 EPS becomes a reality. After $0.16 actual earnings per share reported by Office Depot Inc for the previous quarter, Wall Street now forecasts -31.25% negative EPS growth.
According to Zacks Investment Research, “Office Depot, Inc., together with its subsidiaries, is the one of the largest suppliers of office products and services in the world. The company sells to consumers and businesses of all sizes through its three business segments: Stores, Business Services and International. As the largest seller of office products around the world, the Company operates under the Office Depot, Viking Office Products, Viking Direct and 4Sure.com brand names.”
Indaba Capital Management L.P. holds 3.7% of its portfolio in Office Depot Inc for 3.13 million shares. Chesapeake Partners Management Co Inc Md owns 6.29 million shares or 3.11% of their US portfolio. Moreover, Clearline Capital Lp has 2.3% invested in the company for 3.51 million shares. The Illinois-based Fairpointe Capital Llc has invested 2.15% in the stock. Signia Capital Management Llc, a Washington-based fund reported 193,623 shares.#img1#
Insider Transactions: Since January 1, 0001, the stock had 0 buys, and 1 sale for $85,184 net activity.
Ratings analysis reveals 43% of Office Depot’s analysts are positive. Out of 7 Wall Street analysts rating Office Depot, 3 give it “Buy”, 2 “Sell” rating, while 2 recommend “Hold”. The lowest target is $3.10 while the high is $11.0. The stock’s average target of $6.65 is 37.40% above today’s ($4.84) share price. ODP was included in 11 notes of analysts from September 8, 2015. As per Friday, December 11, the company rating was reinitiated by Bank of America. The company was downgraded on Tuesday, December 8 by KeyBanc Capital Markets. The rating was maintained by Telsey Advisory Group with “Outperform” on Wednesday, February 24. The rating was downgraded by UBS on Wednesday, May 11 to “Sell”. The rating was maintained by UBS with “Sell” on Thursday, August 4. The rating was downgraded by Telsey Advisory Group on Wednesday, May 11 to “Market Perform”. Telsey Advisory Group maintained Office Depot Inc (NASDAQ:ODP) on Tuesday, December 8 with “Outperform” rating. B. Riley & Co upgraded Office Depot Inc (NASDAQ:ODP) rating on Tuesday, September 8. B. Riley & Co has “Buy” rating and $11.0 price target. On Wednesday, May 11 the stock rating was downgraded by Jefferies to “Sell”. The stock of Office Depot Inc (NASDAQ:ODP) has “Outperform” rating given on Monday, March 7 by Credit Suisse.
Office Depot, Inc. (Office Depot), incorporated on September 12, 1986, is a well-known provider of office services and products. The Firm sells services and products to clients through three divisions: North American Retail Division, North American Business Solutions Division and International Division. Sales for these Divisions are processed through various channels, consisting of office supply stores, a contract sales force, Internet sites, an outbound telephone account management sales force, direct marketing catalogs and call centers, all supported by a network of supply chain facilities and delivery operations. It operates under the Office Depot and OfficeMax brands. It also offers products under various labels, including Foray, Ativa, TUL, Realspace, WorkPro, Brenton Studio, Highmark, Grand & Toy and Viking Office Products. It offers its products under supplies, technology, furniture and other categories. The supplies category includes products, such as paper, binders, writing instruments, cleaning and breakroom items, and school supplies. The technology category includes products, such as desktop and laptop computers, monitors, tablets, printers, ink and toner, cables, software, digital cameras, telephones, and wireless communications products, as well as services for technology products. The furniture and other category include products, such as desks, chairs, luggage, sales in its copy and print centers, and other miscellaneous items.
More notable recent Office Depot Inc (NASDAQ:ODP) news were published by: Businesswire.com which released: “Office Depot, Inc. Helps Small Businesses Celebrate the Holidays” on November 30, 2016, also Businesswire.com with their article: “Office Depot, Inc. Takes the Guessing out of Gift Giving with the Season’s …” published on November 21, 2016, Fool.com published: “Why Shares of Office Depot, Inc. Are Soaring 14% Despite Revenue Decline” on November 02, 2016. More interesting news about Office Depot Inc (NASDAQ:ODP) were released by: Wsj.com and their article: “Office Depot de Mexico to Prepay Dollar Debt, Citing International Conditions” published on November 18, 2016 as well as Streetinsider.com‘s news article titled: “Form 3 OFFICE DEPOT INC For: Nov 18 Filed by: RICE TROY” with publication date: November 28, 2016.
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By Vivian Park