Short Interest in Office Depot, Inc. (ODP) Declines By 27.4%
Office Depot, Inc. (NASDAQ:ODP) was the recipient of a large decline in short interest during the month of June. As of June 30th, there was short interest totalling 14,467,204 shares, a decline of 27.4% from the June 15th total of 19,940,871 shares. Based on an average trading volume of 6,462,346 shares, the short-interest ratio is currently 2.2 days. Currently, 2.9% of the shares of the company are short sold.
Office Depot (NASDAQ:ODP) opened at 5.74 on Friday. Office Depot has a 12 month low of $3.01 and a 12 month high of $5.82. The firm has a market cap of $2.97 billion, a price-to-earnings ratio of 5.18 and a beta of 2.97. The stock’s 50 day moving average is $5.30 and its 200-day moving average is $4.82.
Office Depot (NASDAQ:ODP) last posted its earnings results on Tuesday, May 9th. The specialty retailer reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.04. The company had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.71 billion. Office Depot had a net margin of 3.93% and a return on equity of 13.39%. Office Depot’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.10 EPS. On average, analysts anticipate that Office Depot will post $0.52 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Thursday, May 25th were paid a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date of this dividend was Tuesday, May 23rd. Office Depot’s dividend payout ratio is presently 12.05%.
In other Office Depot news, insider Michael R. Allison sold 66,217 shares of the business’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $5.08, for a total transaction of $336,382.36. Following the completion of the transaction, the insider now owns 763,691 shares of the company’s stock, valued at approximately $3,879,550.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.43% of the stock is owned by insiders.
Several hedge funds have recently bought and sold shares of ODP. James Investment Research Inc. boosted its stake in Office Depot by 2,963.8% in the second quarter. James Investment Research Inc. now owns 1,011,829 shares of the specialty retailer’s stock worth $5,707,000 after buying an additional 978,804 shares in the last quarter. NN Investment Partners Holdings N.V. bought a new stake in Office Depot during the second quarter worth about $411,000. Bank of Montreal Can boosted its stake in Office Depot by 2,540.9% in the second quarter. Bank of Montreal Can now owns 1,363,165 shares of the specialty retailer’s stock worth $7,688,000 after buying an additional 1,311,548 shares in the last quarter. ANTIPODES PARTNERS Ltd boosted its stake in Office Depot by 11.0% in the second quarter. ANTIPODES PARTNERS Ltd now owns 11,238,963 shares of the specialty retailer’s stock worth $63,388,000 after buying an additional 1,112,839 shares in the last quarter. Finally, Fox Run Management L.L.C. bought a new stake in Office Depot during the second quarter worth about $132,000. Institutional investors own 91.60% of the company’s stock.
A number of research analysts have weighed in on the stock. Zacks Investment Research lowered shares of Office Depot from a “buy” rating to a “hold” rating in a research report on Tuesday. BidaskClub raised shares of Office Depot from a “hold” rating to a “buy” rating in a research report on Saturday, June 10th. Loop Capital reaffirmed a “hold” rating and set a $5.00 price objective on shares of Office Depot in a research report on Wednesday. Telsey Advisory Group upped their price objective on shares of Office Depot from $4.40 to $5.25 and gave the company a “market perform” rating in a research report on Wednesday, May 10th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $5.00 price objective (up previously from $4.50) on shares of Office Depot in a research report on Wednesday, May 10th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $5.12.
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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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