Bank of America Corp DE Acquires 159,630 Shares of Office Depot Inc (ODP)

Bank of America Corp DE increased its holdings in shares of Office Depot Inc (NASDAQ:ODP) by 15.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,170,747 shares of the specialty retailer’s stock after acquiring an additional 159,630 shares during the period. Bank of America Corp DE owned about 0.21% of Office Depot worth $2,985,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Pinebridge Investments L.P. acquired a new position in Office Depot in the second quarter valued at about $2,018,000. Comerica Bank boosted its position in Office Depot by 35.8% in the second quarter. Comerica Bank now owns 553,480 shares of the specialty retailer’s stock valued at $1,511,000 after buying an additional 145,944 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Office Depot by 114.5% during the second quarter. Arizona State Retirement System now owns 747,000 shares of the specialty retailer’s stock worth $1,905,000 after purchasing an additional 398,720 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Office Depot by 4.4% during the second quarter. Bank of New York Mellon Corp now owns 10,311,717 shares of the specialty retailer’s stock worth $26,295,000 after purchasing an additional 437,798 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its position in shares of Office Depot by 161.2% during the first quarter. Allianz Asset Management GmbH now owns 690,172 shares of the specialty retailer’s stock worth $1,484,000 after purchasing an additional 425,945 shares in the last quarter. Institutional investors and hedge funds own 90.70% of the company’s stock.

Shares of ODP stock opened at $2.68 on Monday. Office Depot Inc has a 1 year low of $2.00 and a 1 year high of $3.66. The company has a market cap of $1.49 billion, a PE ratio of 7.66, a P/E/G ratio of 0.47 and a beta of 2.65. The company has a current ratio of 1.38, a quick ratio of 0.85 and a debt-to-equity ratio of 0.77.

Office Depot (NASDAQ:ODP) last announced its earnings results on Tuesday, August 7th. The specialty retailer reported $0.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.01. Office Depot had a net margin of 0.91% and a return on equity of 9.20%. The company had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.61 billion. During the same period in the prior year, the business earned $0.06 earnings per share. Research analysts predict that Office Depot Inc will post 0.33 EPS for the current year.

ODP has been the topic of a number of research reports. BidaskClub upgraded shares of Office Depot from a “hold” rating to a “buy” rating in a research report on Tuesday, July 10th. Zacks Investment Research upgraded shares of Office Depot from a “hold” rating to a “buy” rating and set a $3.25 target price on the stock in a research report on Tuesday, July 10th. ValuEngine upgraded shares of Office Depot from a “strong sell” rating to a “sell” rating in a research report on Tuesday, July 24th. Finally, Bank of America reiterated a “buy” rating and set a $4.00 target price on shares of Office Depot in a research report on Tuesday, August 7th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $3.75.

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.

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

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