Tag Archives: ODP

Office Depot (ODP) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Office Depot (NASDAQ:ODP) from a hold rating to a buy rating in a report published on Monday. They currently have $2.50 target price on the specialty retailer’s stock.

According to Zacks, “Office Depot’s focus on business operating model, growth prospects and omni-channel capabilities have led the stock to gain and outpace the industry in a month. Strategic endeavors, including strengthening of core businesses and expansion of service and subscription offerings aided the top line that not only beat the consensus mark for the third time in a row but also grew year over year during first-quarter 2018. Although, bottom line continues to decline that did not deter management from providing an encouraging outlook for 2018. The company is trying all means to give itself a complete makeover in an environment where demand for office products (paper-based) has shrunk due to technological advancements. Dismal comparable sales run across Retail Division may be the testimony of the same. Nevertheless, management is focusing on marketing, advertising and other growth-related investments but at the cost of margins in the short run.”

Get Office Depot alerts:

A number of other equities analysts also recently commented on ODP. ValuEngine downgraded shares of Office Depot from a hold rating to a sell rating in a research note on Wednesday, May 2nd. BidaskClub raised shares of Office Depot from a strong sell rating to a sell rating in a research note on Thursday, April 19th. Finally, Jefferies Group reaffirmed a hold rating on shares of Office Depot in a research note on Thursday, March 1st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. The company has a consensus rating of Hold and a consensus price target of $3.93.

Office Depot opened at $2.47 on Monday, according to Marketbeat. The stock has a market cap of $1.37 billion, a P/E ratio of 6.83, a price-to-earnings-growth ratio of 0.45 and a beta of 2.67. Office Depot has a twelve month low of $2.39 and a twelve month high of $2.49. The company has a current ratio of 1.39, a quick ratio of 0.90 and a debt-to-equity ratio of 0.78.

Office Depot (NASDAQ:ODP) last posted its quarterly earnings results on Wednesday, May 9th. The specialty retailer reported $0.08 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.08. The firm had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.74 billion. Office Depot had a net margin of 1.01% and a return on equity of 9.60%. Office Depot’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.16 earnings per share. equities analysts predict that Office Depot will post 0.32 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 15th. Shareholders of record on Friday, May 25th will be paid a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date of this dividend is Thursday, May 24th. Office Depot’s dividend payout ratio (DPR) is presently 22.22%.

A number of hedge funds have recently modified their holdings of ODP. Creative Planning raised its stake in Office Depot by 55.4% during the fourth quarter. Creative Planning now owns 107,931 shares of the specialty retailer’s stock worth $382,000 after purchasing an additional 38,499 shares during the period. Schwab Charles Investment Management Inc. raised its stake in Office Depot by 7.2% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 3,306,589 shares of the specialty retailer’s stock worth $11,706,000 after purchasing an additional 222,178 shares during the period. Alpha Windward LLC raised its stake in Office Depot by 38.0% during the fourth quarter. Alpha Windward LLC now owns 154,200 shares of the specialty retailer’s stock worth $546,000 after purchasing an additional 42,480 shares during the period. Strs Ohio raised its stake in Office Depot by 16.7% during the fourth quarter. Strs Ohio now owns 327,600 shares of the specialty retailer’s stock worth $1,159,000 after purchasing an additional 46,900 shares during the period. Finally, LSV Asset Management raised its stake in Office Depot by 3.7% during the fourth quarter. LSV Asset Management now owns 13,914,752 shares of the specialty retailer’s stock worth $49,258,000 after purchasing an additional 500,268 shares during the period. 95.18% of the stock is currently owned by institutional investors.

Office Depot Company Profile

Office Depot, Inc, together with its subsidiaries, provides various products and services. It operates in three divisions: Retail, Business Solutions, and CompuCom. The Retail division operates retail stores, which offer office supplies; technology products and solutions; business machines and related supplies; print, cleaning, breakroom, and facilities products; and office furniture in the United States, Puerto Rico, and the U.S.

Get a free copy of the Zacks research report on Office Depot (ODP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Office Depot (NASDAQ:ODP)

A Peek Into The Markets: US Stock Futures Signal Higher Start On Wall Street

Pre-open movers

U.S. stock futures traded higher in early pre-market trade, ahead of earnings from several companies. The Producer Price Index for April will be released at 8:30 a.m. ET, while data on wholesale trade inventories for March will be released at 10:00 a.m. ET. Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 1:15 p.m. ET.

Futures for the Dow Jones Industrial Average rose 125 points to 24,432.00, while the Standard & Poor’s 500 index futures rose 11.50 points to 2,681.75. Futures for the Nasdaq 100 index climbed 22 points to 6,841.00.

Oil prices traded higher as Brent crude futures rose 2.42 percent to trade at $76.66 per barrel, while US WTI crude futures rose 2.49 percent to trade at $70.78 a barrel. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were higher today, with the Spanish Ibex Index rising 0.07 percent, STOXX Europe 600 Index gaining 0.17 percent and German DAX 30 index gaining 0.05 percent. The UK's FTSE index was trading higher by 0.39 percent, while French CAC 40 Index fell 0.06 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.44 percent, Hong Kong’s Hang Seng Index rose 0.44 percent, China’s Shanghai Composite Index slipped 0.07 percent and India’s BSE Sensex rose 0.29 percent.

Broker Recommendation

Analysts at Cantor Fitzgerald upgraded Arrowhead Pharmaceuticals, Inc. (NASDAQ: ARWR) from Neutral to Overweight.

Arrowhead Pharmaceuticals shares fell 0.26 percent to close at $7.75 on Tuesday.

Breaking news

Delphi Technologies PLC (NYSE: DLPH) reported upbeat earnings for its first quarter.
Office Depot Inc (NASDAQ: ODP) reported in-line earnings for its first quarter, while sales exceeded estimates. The company also raised its FY18 guidance.
Walmart Inc (NYSE: WMT) announced plans to invest $16 billion in Flipkart for initial stake of 77 percent.
Tripadvisor Inc (NASDAQ: TRIP) reported stronger-than-expected results for its first quarter on Tuesday.