Vanguard Group Inc. Increases Stake in Office Depot, Inc. (ODP)

Vanguard Group Inc. grew its holdings in Office Depot, Inc. (NASDAQ:ODP) by 3.0% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 44,341,527 shares of the specialty retailer’s stock after buying an additional 1,286,833 shares during the period. Vanguard Group Inc. owned 8.58% of Office Depot worth $250,086,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. BlackRock Inc. raised its holdings in shares of Office Depot by 15,485.9% in the first quarter. BlackRock Inc. now owns 54,498,187 shares of the specialty retailer’s stock valued at $254,234,000 after buying an additional 54,148,524 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Office Depot by 28.7% in the first quarter. Dimensional Fund Advisors LP now owns 28,351,548 shares of the specialty retailer’s stock valued at $132,259,000 after buying an additional 6,324,791 shares during the last quarter. State Street Corp raised its holdings in shares of Office Depot by 0.7% in the first quarter. State Street Corp now owns 18,373,475 shares of the specialty retailer’s stock valued at $85,718,000 after buying an additional 127,411 shares during the last quarter. Northern Trust Corp raised its holdings in Office Depot by 7.5% during the second quarter. Northern Trust Corp now owns 13,355,039 shares of the specialty retailer’s stock worth $75,322,000 after purchasing an additional 932,852 shares in the last quarter. Finally, AJO LP raised its holdings in Office Depot by 5,759.7% during the second quarter. AJO LP now owns 11,554,182 shares of the specialty retailer’s stock worth $65,166,000 after purchasing an additional 11,357,003 shares in the last quarter. 94.06% of the stock is owned by institutional investors and hedge funds.

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Office Depot (NASDAQ:ODP) last issued its quarterly earnings data on Wednesday, August 9th. The specialty retailer reported $0.06 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.09 by ($0.03). The firm had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.44 billion. Office Depot had a net margin of 2.49% and a return on equity of 13.97%. The company’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.06 earnings per share.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, August 25th were given a $0.025 dividend. The ex-dividend date of this dividend was Wednesday, August 23rd. This represents a $0.10 annualized dividend and a yield of 2.67%. Office Depot’s dividend payout ratio is presently 20.00%.

ODP has been the subject of several analyst reports. Bank of America Corporation reissued a “buy” rating and set a $6.00 price target on shares of Office Depot in a report on Tuesday, September 5th. ValuEngine cut shares of Office Depot from a “strong-buy” rating to a “buy” rating in a report on Friday, September 1st. Deutsche Bank AG reissued a “hold” rating and set a $5.00 price target (down from $5.75) on shares of Office Depot in a report on Thursday, August 10th. BidaskClub cut shares of Office Depot from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Finally, Loop Capital reissued a “hold” rating and set a $5.00 price target on shares of Office Depot in a report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $5.08.

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.

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Institutional Ownership by Quarter for Office Depot (NASDAQ:ODP)

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