Office Depot's Profit Rises on Cost Cuts, Overcoming Lower Revenue
- Author: Aubrey Nash Nov 03, 2016,
Nov 03, 2016, 1:16
Office Depot, Inc. has Analysts' Mean Recommendation of 3 between the scale of 1 to 5 (1 represents Strong Buy and 5 means Sell). Office Depot's operating income was $44 million, or 8 cents a share, which beat analysts' expectations. During such technical setups, fundamental investors usually stay away and are careful buying the stock.
According to ZACKS data, different Brokerage Firms rated ODP stock about their BUY, SELL or HOLD recommendations.
Analysts surveyed by Thomson Reuters had projected per-share earnings of 15 cents on revenue of $3.49 billion.
Office Depot, Inc. (Office Depot), incorporated on September 12, 1986, is a well-known provider of office services and products. The 5 months bearish chart indicates high risk for the $1.65B company. During the same quarter in the prior year, the business posted $0.06 EPS. The company most recent volume stood at 0 shares as compared to average volume of 7.53 million shares. The stock is down 59% year-to-date. Office Depot Inc (NASDAQ:ODP) has declined 57.32% since March 30, 2016 and is downtrending.
Factors that could cause actual results to differ materially from those in the forward-looking statements are described in Office Depot's Annual Reports on Form 10-K, as amended, and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. Renaissance Technologies LLC increased its stake in shares of Office Depot by 93.9% in the first quarter. Telsey Advisory Group cut their target price on Office Depot from $5.00 to $4.50 and set a "market perform" rating for the company in a research note on Friday. The EPS of company is strolling at 0.88. Following the sale, the executive vice president now directly owns 625,883 shares in the company, valued at approximately $2,278,214.12. On 7th Day after earnings release, Office Depot, Inc.
Johnson Controls International plc (NYSE:JCI) shares moved to $41.26 after starting the day at $40.81 on Tuesday. Its EVP, Chief People Officer Allison Michael R sold 23,434 company shares for $85000.3, in a transaction on 2016-08-24. Alambic Investment Management L.P. raised its position in Office Depot by 43.3% in the third quarter. Underperform rating was given by 0 analysts and Outperform rating was given by 4 analysts. The Company sells products and services to consumers through three segments: North American Retail Division, North American Business Solutions Division and International Division.
Office Depot shares plunged almost 40% after news of its halted merger in May. These forward-looking statements are subject to various risks and uncertainties, many of which are outside of Office Depot's control.