Office Depot, Inc. (ODP) Expected to Announce Quarterly Sales of $2.65 Billion
Equities analysts predict that Office Depot, Inc. (NASDAQ:ODP) will report $2.65 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Office Depot’s earnings. The highest sales estimate is $2.71 billion and the lowest is $2.62 billion. Office Depot reported sales of $2.84 billion during the same quarter last year, which would suggest a negative year over year growth rate of 6.7%. The business is scheduled to report its next quarterly earnings report on Wednesday, November 1st.
On average, analysts expect that Office Depot will report full year sales of $2.65 billion for the current fiscal year, with estimates ranging from $10.10 billion to $10.47 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $9.93 billion per share, with estimates ranging from $9.68 billion to $10.20 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Office Depot.
Office Depot (NASDAQ:ODP) last posted its earnings results on Wednesday, August 9th. The specialty retailer reported $0.06 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by $0.03. The business had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.44 billion. Office Depot had a return on equity of 13.97% and a net margin of 2.49%. The business’s revenue was down 8.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.06 earnings per share.
ODP has been the topic of a number of recent research reports. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Office Depot in a report on Tuesday, May 9th. Telsey Advisory Group lifted their price objective on shares of Office Depot from $4.40 to $5.25 and gave the company a “market perform” rating in a report on Wednesday, May 10th. Zacks Investment Research upgraded shares of Office Depot from a “hold” rating to a “buy” rating and set a $6.00 price objective on the stock in a report on Wednesday, May 10th. Jefferies Group LLC reiterated a “hold” rating and issued a $5.00 price objective (up from $4.50) on shares of Office Depot in a report on Wednesday, May 10th. Finally, BidaskClub upgraded shares of Office Depot from a “hold” rating to a “buy” rating in a report on Saturday, June 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. Office Depot presently has an average rating of “Hold” and a consensus price target of $5.25.
Shares of Office Depot (NASDAQ:ODP) opened at 4.12 on Friday. The company has a market capitalization of $2.14 billion, a P/E ratio of 5.34 and a beta of 2.98. Office Depot has a 52-week low of $3.01 and a 52-week high of $6.26. The firm has a 50-day moving average of $5.47 and a 200 day moving average of $5.03.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, August 25th will be issued a $0.025 dividend. The ex-dividend date is Wednesday, August 23rd. This represents a $0.10 dividend on an annualized basis and a dividend yield of 2.43%. Office Depot’s dividend payout ratio (DPR) is presently 20.00%.
Several institutional investors have recently added to or reduced their stakes in ODP. Dynamic Technology Lab Private Ltd boosted its position in Office Depot by 430.8% in the second quarter. Dynamic Technology Lab Private Ltd now owns 141,098 shares of the specialty retailer’s stock valued at $796,000 after buying an additional 114,514 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in Office Depot during the second quarter valued at $370,000. Koch Industries Inc. purchased a new position in Office Depot during the second quarter valued at $304,000. Ameritas Investment Partners Inc. boosted its position in Office Depot by 1.5% in the second quarter. Ameritas Investment Partners Inc. now owns 198,201 shares of the specialty retailer’s stock valued at $1,118,000 after buying an additional 2,843 shares in the last quarter. Finally, Bank of Nova Scotia purchased a new position in Office Depot during the second quarter valued at $2,654,000. 93.33% of the stock is owned by institutional investors and hedge funds.
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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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