Acco Brands Corporation (ACCO) Stock Rating Upgraded by Zacks Investment Research
Acco Brands Corporation (NYSE:ACCO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $15.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 14.94% from the stock’s previous close.
According to Zacks, “ACCO Brands Corporation is a world leader in branded office products. Its industry-leading brands include Swingline, Kensington, Wilson Jones, Quartet, GBC, and Day-Timer, among others. Under the GBC brand, the Company is also a leader in the professional printing market. “
A number of other equities analysts have also commented on the stock. BidaskClub upgraded shares of Acco Brands Corporation from a “hold” rating to a “buy” rating in a research report on Friday, October 13th. ValuEngine upgraded shares of Acco Brands Corporation from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Finally, BWS Financial restated a “buy” rating and issued a $18.00 price objective on shares of Acco Brands Corporation in a research report on Tuesday, July 4th.
Shares of Acco Brands Corporation (ACCO) traded up 0.77% during mid-day trading on Tuesday, hitting $13.05. 922,353 shares of the stock were exchanged. The stock’s 50-day moving average is $12.29 and its 200-day moving average is $11.94. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of 26.00 and a beta of 1.40. Acco Brands Corporation has a 52 week low of $10.35 and a 52 week high of $14.75.
Acco Brands Corporation (NYSE:ACCO) last released its quarterly earnings data on Monday, October 30th. The industrial products company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. Acco Brands Corporation had a net margin of 3.25% and a return on equity of 15.03%. The company had revenue of $532.20 million during the quarter, compared to analyst estimates of $529.65 million. During the same period last year, the business earned $0.29 earnings per share. Acco Brands Corporation’s revenue was up 23.4% compared to the same quarter last year. Analysts forecast that Acco Brands Corporation will post $1.13 earnings per share for the current fiscal year.
In related news, VP Neal V. Fenwick bought 12,313 shares of the company’s stock in a transaction on Thursday, August 3rd. The stock was acquired at an average cost of $10.60 per share, for a total transaction of $130,517.80. Following the completion of the transaction, the vice president now directly owns 423,311 shares in the company, valued at approximately $4,487,096.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Gregory J. Mccormack sold 25,000 shares of Acco Brands Corporation stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $10.95, for a total transaction of $273,750.00. Following the sale, the insider now owns 63,889 shares of the company’s stock, valued at $699,584.55. The disclosure for this sale can be found here. 4.50% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in the business. New York State Teachers Retirement System lifted its position in Acco Brands Corporation by 1.1% during the first quarter. New York State Teachers Retirement System now owns 9,400 shares of the industrial products company’s stock valued at $124,000 after purchasing an additional 100 shares during the last quarter. Suntrust Banks Inc. lifted its position in Acco Brands Corporation by 0.6% during the second quarter. Suntrust Banks Inc. now owns 53,422 shares of the industrial products company’s stock valued at $622,000 after purchasing an additional 313 shares during the last quarter. Amalgamated Bank lifted its position in Acco Brands Corporation by 2.6% during the second quarter. Amalgamated Bank now owns 13,703 shares of the industrial products company’s stock valued at $160,000 after purchasing an additional 349 shares during the last quarter. Virginia Retirement Systems ET AL lifted its position in Acco Brands Corporation by 4.0% during the second quarter. Virginia Retirement Systems ET AL now owns 10,500 shares of the industrial products company’s stock valued at $122,000 after purchasing an additional 400 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its position in Acco Brands Corporation by 8.3% during the first quarter. Victory Capital Management Inc. now owns 8,125 shares of the industrial products company’s stock valued at $107,000 after purchasing an additional 625 shares during the last quarter. Institutional investors and hedge funds own 90.25% of the company’s stock.
About Acco Brands Corporation
ACCO Brands Corporation is engaged in designing, marketing and manufacturing of branded business, academic and selected consumer products. The Company operates through three segments: ACCO Brands North America, ACCO Brands International and Computer Products Group. The Company’s brands include Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Kensington, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra and Wilson Jones.
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