The Vanguard Group, Inc. recently announced the acquisition of new stake in Office Depot Inc. (NASDAQ:ODP). The institutional investor has increased its shareholding in the Consumer Cyclical company by 2.50% to 59.1 million shares with purchase of 1.44 million shares. This fresh investment now brings its stake to 11.23% valued currently at $138.88 million. In addition, Dimensional Fund Advisors LP raised its holdings by 1.11 million to 43.62 million shares. And Canyon Capital Advisors LLC has lifted its position by 6.92% or 1.8 million shares – to 27.77 million shares.
With over 0.71 million Office Depot Inc. (ODP) shares trading Monday and a closing price of $21.28 on the day, the dollar volume was approximately $15.04 million. The shares have shown a negative weekly performance of -3.84% and its price on 08/03/20 lost nearly -3.58%. Currently, there are 52.63M common shares owned by the public and among those 49.27M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 4 analysts who have offered their price forecasts for ODP have a consensus price objective of $26.50. The analysts have set the share’s price value over the next 12 months at a high of $35.00 and a low of $18.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Office Depot Inc. stock is 3.00 for the next 12 months. The average price target is 19.7% above its last price level and an upside to the estimated low will see the stock lose -18.22% over that period. But an upside of 39.2% will see the stock hit the forecast high price target while mean target price for the stock is $26.50.
Insiders at the company have transacted a total of 50 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 19 of these insider trades were purchases, accounting for 3,657,740 shares. Insider sales of the common stock occurred on 31 occasions, with total insider shares sold totaling 990,012 shares.
The top 3 mutual fund holders in Office Depot Inc. are Nationwide Small Cap Index Fund, iShares Core S&P Small Cap ETF, and iShares S&P Small Cap 600 Value E. Nationwide Small Cap Index Fund owns 6327.0 shares of the company’s stock, all valued at over $0.0. iShares S&P Small Cap 600 Value E now owns shares totaling to 0.00% of the shares outstanding.
Shares of Office Depot Inc. (NASDAQ: ODP) opened at $22.14, up $0.07 from a prior closing price of $22.07. However, the script later closed the day at $21.28, down -3.58%. The company’s stock has a 5-day price change of -3.84% and 6.40% over the past three months. ODP shares are trading -22.34% year to date (YTD), with the 12-month market performance up to 14.41% higher. It has a 12-month low price of $12.30 and touched a high of $29.90 over the same period. Currently, 0.71 million shares have been traded, compared to an average intraday trading volume of 846.22K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -3.33%, -9.66%, and -4.82% respectively.
Institutional ownership of Office Depot Inc. (NASDAQ: ODP) shares accounts for 96.90% of the company’s 52.63M shares outstanding. Mutual fund holders own 0.00%, while other institutional holders and individual stakeholders account for 0.00% and — respectively.
It has a market capitalization of $1.12B and a beta (3y monthly) value of 2.26. The stock’s trailing 12-month PE ratio is 0.86, while the earnings-per-share (ttm) stands at $24.78. The company has a PEG of 0.07 and a Quick Ratio of 0.80 with the debt-to-equity ratio at 0.31. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.74% over the week and 5.59% over the month.
Analysts forecast that Office Depot Inc. (ODP) will achieve an EPS of $0.08 for the current quarter, $0.96 for the next quarter and $3.61 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.43 while analysts give the company a high EPS estimate of $0.84. Comparatively, EPS for the current quarter was $0.7 a year ago. Earnings per share for the fiscal year are expected to increase by 2.00%, and 6.67% over the next financial year. EPS should shrink at an annualized rate of 12.30% over the next five years, compared to 18.40% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 4 brokerage firm advisors rate Office Depot Inc. (ODP) as a “Hold” at a consensus score of 3.00. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 1 of the 4 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the ODP, a number of firms have released research notes about the stock. BofA/Merrill stated their Underperform rating for the stock in a research note on August 20, 2019, with the firm’s price target at $2-$1.20. BofA/Merrill coverage for the Office Depot Inc. (ODP) stock in a research note released on May 09, 2019 offered a Underperform rating with a price target of. JP Morgan was of a view on October 30, 2017 that the stock is Underweight, while BofA/Merrill gave the stock Buy rating on September 05, 2017, issuing a price target of $6. Telsey Advisory Group on their part issued Market Perform rating on May 10, 2017.