Office Depot Inc (NASDAQ:ODP) saw a large decline in short interest during the month of January. As of January 31st, there was short interest totalling 16,686,944 shares, a decline of 9.6% from the January 12th total of 18,455,345 shares. Based on an average trading volume of 3,761,488 shares, the short-interest ratio is presently 4.4 days. Approximately 3.3% of the company’s shares are sold short.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. increased its position in shares of Office Depot by 13.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 18,514 shares of the specialty retailer’s stock valued at $104,000 after buying an additional 2,187 shares in the last quarter. Itau Unibanco Holding S.A. increased its holdings in Office Depot by 718.0% during the 4th quarter. Itau Unibanco Holding S.A. now owns 32,362 shares of the specialty retailer’s stock worth $115,000 after purchasing an additional 28,406 shares in the last quarter. Suntrust Banks Inc. bought a new position in Office Depot during the 4th quarter worth about $149,000. ARP Americas LLC increased its holdings in Office Depot by 298.2% during the 3rd quarter. ARP Americas LLC now owns 44,200 shares of the specialty retailer’s stock worth $201,000 after purchasing an additional 33,100 shares in the last quarter. Finally, Parametrica Management Ltd bought a new position in Office Depot during the 4th quarter worth about $195,000. Institutional investors and hedge funds own 91.48% of the company’s stock.
Shares of Office Depot (ODP) opened at $3.10 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.52 and a quick ratio of 0.93. Office Depot has a 1 year low of $2.89 and a 1 year high of $6.26. The company has a market cap of $1,620.61, a price-to-earnings ratio of 5.25, a P/E/G ratio of 0.48 and a beta of 2.47.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Friday, March 2nd will be given a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date is Thursday, March 1st. Office Depot’s dividend payout ratio is currently 16.95%.
Several analysts have commented on the stock. BidaskClub cut shares of Office Depot from a “hold” rating to a “sell” rating in a research report on Wednesday, January 31st. ValuEngine cut shares of Office Depot from a “buy” rating to a “hold” rating in a research report on Sunday, December 31st. Zacks Investment Research upgraded shares of Office Depot from a “sell” rating to a “hold” rating in a research report on Tuesday, December 5th. Finally, JPMorgan Chase & Co. cut shares of Office Depot from a “neutral” rating to an “underweight” rating in a research report on Monday, October 30th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $5.08.
COPYRIGHT VIOLATION WARNING: “Short Interest in Office Depot Inc (ODP) Declines By 9.6%” was posted by American Banking News and is the property of of American Banking News. If you are reading this news story on another website, it was copied illegally and republished in violation of U.S. and international trademark & copyright legislation. The legal version of this news story can be read at https://www.americanbankingnews.com/2018/02/10/short-interest-in-office-depot-inc-odp-declines-by-9-6.html.
About Office Depot
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.
Receive News & Ratings for Office Depot Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Office Depot and related companies with MarketBeat.com's FREE daily email newsletter.