Office Depot, Inc. (ODP) Short Interest Update
Office Depot, Inc. (NASDAQ:ODP) was the recipient of a significant decrease in short interest in July. As of July 14th, there was short interest totalling 12,430,895 shares, a decrease of 14.1% from the June 30th total of 14,467,204 shares. Currently, 2.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 5,661,348 shares, the short-interest ratio is currently 2.2 days.
In other Office Depot news, insider Michael R. Allison sold 66,217 shares of the stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $5.08, for a total transaction of $336,382.36. Following the sale, the insider now directly owns 763,691 shares in the company, valued at $3,879,550.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.43% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Los Angeles Capital Management & Equity Research Inc. raised its stake in Office Depot by 0.6% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 31,136 shares of the specialty retailer’s stock worth $145,000 after buying an additional 175 shares during the period. Advantus Capital Management Inc raised its stake in Office Depot by 0.4% in the first quarter. Advantus Capital Management Inc now owns 65,917 shares of the specialty retailer’s stock worth $308,000 after buying an additional 247 shares during the period. Oakbrook Investments LLC raised its stake in Office Depot by 2.7% in the second quarter. Oakbrook Investments LLC now owns 38,200 shares of the specialty retailer’s stock worth $215,000 after buying an additional 1,000 shares during the period. Envestnet Asset Management Inc. raised its stake in Office Depot by 8.2% in the first quarter. Envestnet Asset Management Inc. now owns 25,558 shares of the specialty retailer’s stock worth $119,000 after buying an additional 1,927 shares during the period. Finally, Oregon Public Employees Retirement Fund raised its stake in Office Depot by 1.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 189,997 shares of the specialty retailer’s stock worth $886,000 after buying an additional 2,500 shares during the period. 92.96% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have issued reports on ODP shares. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Office Depot in a research note on Tuesday, May 9th. BidaskClub downgraded shares of Office Depot from a “buy” rating to a “hold” rating in a research note on Thursday. Zacks Investment Research upgraded shares of Office Depot from a “hold” rating to a “buy” rating and set a $6.00 price target on the stock in a research note on Wednesday, May 10th. Loop Capital restated a “hold” rating and issued a $5.00 price target on shares of Office Depot in a research note on Wednesday, July 12th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $5.00 price target (up from $4.50) on shares of Office Depot in a research note on Wednesday, May 10th. One analyst has rated the stock with a sell rating and eight have assigned a hold rating to the company’s stock. Office Depot currently has a consensus rating of “Hold” and a consensus price target of $4.78.
Shares of Office Depot (ODP) opened at 5.88 on Friday. The firm has a market capitalization of $3.04 billion, a P/E ratio of 5.31 and a beta of 2.97. Office Depot has a 1-year low of $3.01 and a 1-year high of $6.11. The stock has a 50 day moving average of $5.67 and a 200-day moving average of $4.97.
Office Depot (NASDAQ:ODP) last issued its earnings results on Tuesday, May 9th. The specialty retailer reported $0.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.04. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.71 billion. Office Depot had a return on equity of 13.39% and a net margin of 3.93%. Office Depot’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.10 earnings per share. On average, equities analysts expect that Office Depot will post $0.53 earnings per share for the current year.
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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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