Brokerages Anticipate Office Depot Inc (NASDAQ:ODP) Will Announce Quarterly Sales of $2.59 Billion

Wall Street analysts forecast that Office Depot Inc (NASDAQ:ODP) will announce sales of $2.59 billion for the current quarter, Zacks reports. Two analysts have provided estimates for Office Depot’s earnings. The highest sales estimate is $2.60 billion and the lowest is $2.59 billion. Office Depot posted sales of $2.63 billion during the same quarter last year, which suggests a negative year-over-year growth rate of 1.5%. The firm is expected to announce its next quarterly earnings report on Tuesday, August 6th.

According to Zacks, analysts expect that Office Depot will report full year sales of $10.87 billion for the current financial year, with estimates ranging from $10.85 billion to $10.90 billion. For the next financial year, analysts expect that the business will post sales of $10.77 billion, with estimates ranging from $10.69 billion to $10.85 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Office Depot.

Office Depot (NASDAQ:ODP) last released its quarterly earnings data on Wednesday, May 8th. The specialty retailer reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.01. The firm had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.76 billion. Office Depot had a return on equity of 8.95% and a net margin of 0.64%. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.08 earnings per share.

ODP has been the topic of a number of recent research reports. Bank of America reiterated a “buy” rating and set a $4.50 target price on shares of Office Depot in a research note on Thursday, February 28th. BidaskClub lowered Office Depot from a “hold” rating to a “sell” rating in a research note on Tuesday, April 16th. Zacks Investment Research lowered Office Depot from a “hold” rating to a “sell” rating in a research note on Wednesday, April 10th. Finally, ValuEngine lowered Office Depot from a “hold” rating to a “sell” rating in a research note on Wednesday, March 6th. Four analysts have rated the stock with a sell rating and one has assigned a hold rating to the company’s stock. The stock currently has an average rating of “Sell” and a consensus price target of $3.08.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hsbc Holdings PLC increased its stake in Office Depot by 2.0% during the 4th quarter. Hsbc Holdings PLC now owns 345,290 shares of the specialty retailer’s stock worth $890,000 after acquiring an additional 6,710 shares during the period. Scotia Capital Inc. bought a new position in Office Depot during the 4th quarter worth $33,000. Great West Life Assurance Co. Can increased its stake in Office Depot by 3.8% during the 4th quarter. Great West Life Assurance Co. Can now owns 730,148 shares of the specialty retailer’s stock worth $1,739,000 after acquiring an additional 26,895 shares during the period. BlackRock Inc. increased its stake in Office Depot by 1.0% during the 4th quarter. BlackRock Inc. now owns 79,988,217 shares of the specialty retailer’s stock worth $206,370,000 after acquiring an additional 814,056 shares during the period. Finally, Everence Capital Management Inc. increased its stake in Office Depot by 88.5% during the 1st quarter. Everence Capital Management Inc. now owns 76,770 shares of the specialty retailer’s stock worth $279,000 after acquiring an additional 36,040 shares during the period. Institutional investors own 89.68% of the company’s stock.

Shares of NASDAQ ODP opened at $1.83 on Wednesday. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of 5.23, a P/E/G ratio of 0.48 and a beta of 2.44. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.76 and a current ratio of 1.08. Office Depot has a 1-year low of $1.83 and a 1-year high of $3.82. The business’s 50 day moving average price is $2.00.

The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 24th were paid a dividend of $0.025 per share. The ex-dividend date was Thursday, May 23rd. This represents a $0.10 dividend on an annualized basis and a dividend yield of 5.46%. Office Depot’s dividend payout ratio (DPR) is currently 28.57%.

About Office Depot

Office Depot, Inc provides business services and supplies, products, and technology solutions. The company operates in three divisions: Business Solutions, Retail, and CompuCom. The Business Solutions division offers office supply products and services through sales forces, catalogs, and telesales, as well as through Internet Websites in the United States, Puerto Rico, U.S.

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