ACCO Brands Co. (NYSE:ACCO) gapped up prior to trading on Thursday following a better than expected earnings announcement. The stock had previously closed at $13.05, but opened at $12.95. ACCO Brands shares last traded at $13.32, with a volume of 874959 shares.
The industrial products company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.04. The company had revenue of $566.80 million during the quarter, compared to analysts’ expectations of $563.27 million. ACCO Brands had a return on equity of 15.99% and a net margin of 3.51%. ACCO Brands’s quarterly revenue was up 29.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.32 EPS.
ACCO Brands announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, February 14th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the industrial products company to purchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Amalgamated Bank lifted its holdings in ACCO Brands by 2.6% in the 2nd quarter. Amalgamated Bank now owns 13,703 shares of the industrial products company’s stock worth $160,000 after buying an additional 349 shares during the period. Ameritas Investment Partners Inc. lifted its holdings in ACCO Brands by 12.0% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 9,496 shares of the industrial products company’s stock worth $111,000 after buying an additional 1,014 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in ACCO Brands by 1.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 83,528 shares of the industrial products company’s stock worth $974,000 after buying an additional 1,442 shares during the period. Dynamic Technology Lab Private Ltd lifted its holdings in ACCO Brands by 25.5% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 12,658 shares of the industrial products company’s stock worth $147,000 after buying an additional 2,571 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in ACCO Brands by 17.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 22,681 shares of the industrial products company’s stock worth $264,000 after buying an additional 3,420 shares during the period. Institutional investors and hedge funds own 91.98% of the company’s stock.
The company has a quick ratio of 1.09, a current ratio of 1.70 and a debt-to-equity ratio of 1.39. The firm has a market cap of $1,410.00, a price-to-earnings ratio of 11.06, a price-to-earnings-growth ratio of 0.89 and a beta of 1.34.
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ACCO Brands Company Profile
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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