Office Depot, Inc. (NASDAQ:ODP) Expected to Announce Quarterly Sales of $2.45 Billion
Equities research analysts expect Office Depot, Inc. (NASDAQ:ODP) to report $2.45 billion in sales for the current quarter, Zacks reports. Five analysts have provided estimates for Office Depot’s earnings. The lowest sales estimate is $2.42 billion and the highest is $2.51 billion. Office Depot posted sales of $3.22 billion during the same quarter last year, which suggests a negative year over year growth rate of 23.9%. The firm is expected to report its next earnings results on Wednesday, August 2nd.
On average, analysts expect that Office Depot will report full-year sales of $2.45 billion for the current fiscal year, with estimates ranging from $10.26 billion to $10.47 billion. For the next fiscal year, analysts forecast that the company will report sales of $10.05 billion per share, with estimates ranging from $9.87 billion to $10.25 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Office Depot.
Office Depot (NASDAQ:ODP) last posted its earnings results on Tuesday, May 9th. The specialty retailer reported $0.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.12 by $0.04. The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.71 billion. Office Depot had a net margin of 3.93% and a return on equity of 13.39%. The firm’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.10 EPS.
ODP has been the subject of a number of recent analyst reports. Zacks Investment Research raised shares of Office Depot from a “hold” rating to a “buy” rating and set a $6.00 price target for the company in a report on Wednesday, May 10th. BidaskClub raised shares of Office Depot from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Office Depot in a report on Tuesday, May 9th. Jefferies Group LLC reissued a “hold” rating and set a $5.00 price objective (up from $4.50) on shares of Office Depot in a report on Wednesday, May 10th. Finally, Telsey Advisory Group raised their price objective on shares of Office Depot from $4.40 to $5.25 and gave the stock a “market perform” rating in a report on Wednesday, May 10th. Six equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $5.12.
Office Depot (NASDAQ ODP) opened at 5.72 on Friday. The firm has a 50 day moving average of $5.30 and a 200 day moving average of $4.82. Office Depot has a 1-year low of $3.01 and a 1-year high of $5.77. The firm has a market cap of $2.96 billion, a P/E ratio of 5.16 and a beta of 2.97.
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Thursday, May 25th were given a $0.025 dividend. The ex-dividend date was Tuesday, May 23rd. This represents a $0.10 dividend on an annualized basis and a dividend yield of 1.75%. Office Depot’s payout ratio is currently 12.05%.
In other news, insider Michael R. Allison sold 66,217 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $5.08, for a total value of $336,382.36. Following the transaction, the insider now directly owns 763,691 shares in the company, valued at approximately $3,879,550.28. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 2.43% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of ODP. Russell Investments Group Ltd. acquired a new position in Office Depot during the fourth quarter worth about $1,762,000. Comerica Bank increased its position in Office Depot by 3.7% in the fourth quarter. Comerica Bank now owns 397,329 shares of the specialty retailer’s stock worth $1,840,000 after buying an additional 14,275 shares during the last quarter. Credit Agricole S A acquired a new position in Office Depot during the fourth quarter worth about $149,000. New York State Teachers Retirement System increased its position in Office Depot by 23.0% in the fourth quarter. New York State Teachers Retirement System now owns 1,083,334 shares of the specialty retailer’s stock worth $4,897,000 after buying an additional 202,400 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in shares of Office Depot during the fourth quarter valued at $145,000. Institutional investors own 91.73% of the company’s stock.
Office Depot Company 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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