Saba Capital Management LP Raises Stake in Office Depot, Inc. (ODP)


Office Depot, Inc. (ODP) now trades with a market capitalization of $2.96 Billion. (NASDAQ:ODP) by 0.1% during the second quarter, Holdings Channel reports.

ODP's fiscal year ends Dec 31, 2016 and the most recent quarter started on April 1, 2017.

A number of hedge funds and other institutional investors have recently bought and sold shares of ODP. Envestnet Asset Management boosted its stake in Office Depot by 8.2% in the Q1. Bank of Montreal Can boosted its position in Office Depot by 49.6% in the first quarter. The stock declined 1.88% or $0.11 reaching $5.73 on the news. Norges Bank purchased a new position in shares of Office Depot during the fourth quarter worth approximately $43,558,000. Russell Investments Group Ltd. acquired a new position in Office Depot during the fourth quarter valued at $1,762,000. The business had revenue of $2.68 billion during the quarter, compared to analysts' expectations of $2.71 billion. Management expects total sales to be lower in 2017 versus 2016 due to store closures, tough market conditions and losses of contract customers in the past year. Finally, Ronald Blue & Co. Blackrock Institutional Trust Company N.A., a California-based fund reported 36,981 shares. Office Depot has a 52 week low of $3.01 and a 52 week high of $5.77. The current trading volume of 4.65 sits 38.28% lower than the past 3 month's readings, indicating near-term traders have been less active toward ODP than usual of late. Their average price target spell out an upbeat performance - a -10% and would give ODP a market capitalization of almost $2.76B. While for the next 5 years, the growth estimate is 10.95%. For the next 5 years, Office Depot, expecting Growth of 10.95% per annum, whereas in the past 5 years the growth was 22.59% per annum. The company reported the earnings of $0.16/Share in the last quarter where the estimated EPS by analysts was $0.12/share. The company had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.71 billion. Office Depot had a return on equity of 13.39% and a net margin of 3.93%. The value of the company's investment in Office Depot, Inc. went from $65,000 to $60,000 a change of 7.7% since the last quarter. During the same quarter past year, the firm posted $0.10 earnings per share. The stock of Office Depot Inc (NASDAQ:ODP) has "Hold" rating given on Tuesday, December 13 by Loop Capital. Stockholders of record on Thursday, May 25th were paid a $0.025 dividend. Its down 0.83, from 1.83 in 2016Q3.

According to Yahoo Finance, The Dividend Date for Office Depot Cmn is Jun 15, 2017 and its Ex-Dividend Date is May 23, 2017.

Aristotle Fund Lp increased Office Depot Inc. "(NASDAQ:ODP)" was originally reported by BBNS and is the sole property of of BBNS. If you are reading this piece of content on another site, it was illegally stolen and republished in violation of U.S. and worldwide copyright legislation. (MORE) has a market capitalization of 1.99 Billion which suggests the company is a huge company further suggesting that the shares of Monogram Residential Trust, Inc. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock.

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In terms of Buy, Sell or Hold recommendations, Office Depot Cmn (NASDAQ:ODP) has analysts' mean recommendation of 2.9. Finally, BidaskClub upgraded shares of Office Depot from a "hold" rating to a "buy" rating in a report on Saturday, June 10th. The stock of Office Depot Inc (NASDAQ:ODP) earned "Sell" rating by UBS on Wednesday, May 11. It increased, as 40 investors sold Office Depot Inc shares while 87 reduced holdings.

A number of equities research analysts have weighed in on ODP shares.

During the trading day, the stock price fluctuated between $5.54 and $5.73.

In other Office Depot news, insider Michael R. Allison sold 66,217 shares of the firm's stock in a transaction on Tuesday, May 16th. While the company's share hit the 52 week high on 07/05/17 stationing the value of $12.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Office Depot, Inc provides a selection of products and services to consumers and businesses of various sizes. The Company's divisions 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.