Office Depot (NASDAQ:ODP) Rating Reaffirmed
They currently have a $7.5 target PPS on Office Depot (NASDAQ:ODP). The target price by Telsey Advisory Group would suggest a potential upside of 34.17% from the company’s last stock close price. This has been disclosed in a recent report on 8 December.
The stock decreased 15.75% or $1.05 during the last trading session, striking $5.59. Approximately shares of stock traded hands. Office Depot Inc (NASDAQ:ODP) has declined 39.50% since May 5, 2015 and is downtrending. It has underperformed by 38.91% the S&P500.
The overall sentiment of institutions has increased to 0.91 in Q2 2015. Its up 0.03, from 0.88 in 2015Q2. The ratio is positive, as 41 institutions have sold all the shares of Office Depot Inc that they owned while 96 funds have taken shares off the table. 31 funds have purchased shares for the first time while 93 added to their positions. These institutions now hold 425.12 million shares or 9.55% less than the 469.99 million shares they owned in 2015Q2.
The Fund Starboard Value Lp currently is holding shares equating to 6.41% of its total portfolio in Office Depot Inc representing a total of 44.74 million shares. Another fund,Chesapeake Partners Management Co Inc Md, is holding a total of 9.91 million shares equating to 3.32% of their holdings. Additionally, Canyon Capital Advisors Llc has a 14.08 million share stake in Office Depot Inc which represents 2.48% of their total portfolio. The Fund, Swarthmore Group Inc, based out of Pennsylvania, has also built up a stake in the stock, which represents a total of 2.39% of their total portfolio. Finally Royal Capital Management Llc, a fund which is based in the state of New York reported a total holdings of 134,500 shares.
Office Depot, Inc. is a supplier of office services and products. The company has a market cap of $3.64 billion. The Firm sells services and products to clients through three divisions: North American Retail Division, North American Business Solutions Division and International Division. It currently has negative earnings. The North American Retail Division sells an assortment of merchandise through its chain of office supply stores throughout the United States, including Puerto Rico and the U.S.
According to Zacks Investment Research, “Office Depot, Inc., together with its subsidiaries, is the one of the largest suppliers of office products and services in the world. The company sells to consumers and businesses of all sizes through its three business segments: Stores, Business Services and International. As the largest seller of office products around the world, the Company operates under the Office Depot, Viking Office Products, Viking Direct and 4Sure.com brand names.” Get a free copy of the Zacks research report on Office Depot Inc (ODP).