ACCO Brands (NYSE:ACCO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
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. “
Several other brokerages have also recently issued reports on ACCO. BidaskClub upgraded ACCO Brands from a “hold” rating to a “buy” rating in a research report on Friday, October 13th. SunTrust Banks restated a “hold” rating and issued a $13.00 price target on shares of ACCO Brands in a research report on Wednesday, November 1st. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. ACCO Brands has an average rating of “Buy” and an average target price of $15.00.
A number of institutional investors and hedge funds have recently made changes to their positions in ACCO. Boston Partners boosted its holdings in ACCO Brands by 61.3% in the 4th quarter. Boston Partners now owns 3,088,854 shares of the industrial products company’s stock valued at $37,684,000 after purchasing an additional 1,174,067 shares in the last quarter. James Investment Research Inc. boosted its holdings in ACCO Brands by 22.0% in the 4th quarter. James Investment Research Inc. now owns 1,278,726 shares of the industrial products company’s stock valued at $15,600,000 after purchasing an additional 231,017 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in ACCO Brands by 35.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 832,693 shares of the industrial products company’s stock valued at $9,911,000 after purchasing an additional 216,020 shares in the last quarter. Northern Trust Corp boosted its holdings in ACCO Brands by 9.5% in the 2nd quarter. Northern Trust Corp now owns 2,428,165 shares of the industrial products company’s stock valued at $28,288,000 after purchasing an additional 210,786 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in ACCO Brands by 16.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,268,126 shares of the industrial products company’s stock valued at $15,089,000 after purchasing an additional 180,698 shares in the last quarter. 91.34% of the stock is currently owned by institutional investors.
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About ACCO Brands
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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