Today’s Stock On Watch: A Reversal for Office Depot Inc Is Not Near. The Stock Rises Again

Today's Stock On Watch: A Reversal for Office Depot Inc Is Not Near. The Stock Rises Again

The stock of Office Depot Inc (NASDAQ:ODP) is a huge mover today! About 3.91 million shares traded hands. Office Depot Inc (NASDAQ:ODP) has declined 42.19% since April 14, 2016 and is downtrending. It has underperformed by 46.88% the S&P500.
The move comes after 9 months positive chart setup for the $2.36B company. It was reported on Nov, 16 by Barchart.com. We have $5.90 PT which if reached, will make NASDAQ:ODP worth $755.20M more.

Office Depot Inc (NASDAQ:ODP) Ratings Coverage

Out of 7 analysts covering Office Depot (NASDAQ:ODP), 3 rate it a “Buy”, 2 “Sell”, while 2 “Hold”. This means 43% are positive. Office Depot has been the topic of 11 analyst reports since September 8, 2015 according to StockzIntelligence Inc. The stock of Office Depot Inc (NASDAQ:ODP) earned “Outperform” rating by Telsey Advisory Group on Wednesday, February 24. UBS maintained the stock with “Sell” rating in Thursday, August 4 report. The stock of Office Depot Inc (NASDAQ:ODP) earned “Sector Weight” rating by KeyBanc Capital Markets on Tuesday, December 8. The firm has “Sell” rating by UBS given on Wednesday, May 11. Jefferies downgraded Office Depot Inc (NASDAQ:ODP) on Wednesday, May 11 to “Sell” rating. The stock has “Buy” rating given by B. Riley & Co on Tuesday, September 8. Telsey Advisory Group maintained Office Depot Inc (NASDAQ:ODP) rating on Tuesday, December 8. Telsey Advisory Group has “Outperform” rating and $7.5 price target. The stock has “Market Perform” rating given by Telsey Advisory Group on Friday, October 28. The firm earned “Market Perform” rating on Wednesday, May 11 by Telsey Advisory Group. On Friday, December 11 the stock rating was reinitiated by Bank of America with “Buy”.

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.”

Insitutional Activity: The institutional sentiment decreased to 0.96 in Q2 2016. Its down 0.51, from 1.47 in 2016Q1. The ratio dived, as 64 funds sold all Office Depot Inc shares owned while 77 reduced positions. 43 funds bought stakes while 92 increased positions. They now own 499.99 million shares or 6.86% more from 467.88 million shares in 2016Q1.
State Of New Jersey Common Pension Fund D holds 6.00M shares or 0.09% of its portfolio. Gemmer Asset Management Limited, a California-based fund reported 858 shares. First Quadrant L P Ca last reported 0.01% of its portfolio in the stock. Clearline Limited Partnership last reported 3.51 million shares in the company. Nuveen Asset Mgmt Limited Com last reported 233,185 shares in the company. Bainco Intl has 14,500 shares for 0.01% of their US portfolio. S Muoio And Company Llc holds 0.78% of its portfolio in Office Depot Inc (NASDAQ:ODP) for 500,000 shares. York Cap Mgmt Advsr Limited Com holds 0.15% of its portfolio in Office Depot Inc (NASDAQ:ODP) for 1.76 million shares. Northern Corporation has 0.01% invested in the company for 12.12 million shares. Panagora Asset Mgmt holds 53,831 shares or 0% of its portfolio. Employees Retirement Of Texas reported 174,000 shares or 0.01% of all its holdings. Aqr Mgmt Ltd Liability Corp has 2.85 million shares for 0.02% of their US portfolio. Qci Asset Management Inc has invested 0% of its portfolio in Office Depot Inc (NASDAQ:ODP). Highbridge Capital Mgmt Ltd Company owns 2.06M shares or 0.11% of their US portfolio. Commerzbank Aktiengesellschaft Fi last reported 99,129 shares in the company.

Insider Transactions: Since May 25, 2016, the stock had 1 buy, and 1 insider sale for $35,678 net activity. TRAVIS NIGEL also bought $49,506 worth of Office Depot Inc (NASDAQ:ODP) shares. Allison Michael R also sold $85,184 worth of Office Depot Inc (NASDAQ:ODP) shares.

More notable recent Office Depot Inc (NASDAQ:ODP) news were published by: Businesswire.com which released: “Office Depot, Inc. Enables Teachers to Access Classroom Funding Sources” on November 14, 2016, also Fool.com with their article: “Why Shares of Office Depot, Inc. Are Soaring 14% Despite Revenue Decline” published on November 02, 2016, Valuewalk.com published: “Yelp Inc Reports Surprise Profit, Office Depot Inc Shares Rise On Earnings” on November 02, 2016. More interesting news about Office Depot Inc (NASDAQ:ODP) were released by: Nasdaq.com and their article: “Earnings Reaction History: Office Depot Inc., 44.4% Follow-Through Indicator …” published on November 02, 2016 as well as Businesswire.com‘s news article titled: “Office Depot, Inc. Shares Tips for Small Business Success During the Holiday …” with publication date: November 01, 2016.

ODP Company Profile

Office Depot, Inc. (Office Depot), incorporated on September 12, 1986, is a well-known provider of office services and products. The Firm sells services and products to clients through three divisions: North American Retail Division, North American Business Solutions Division and International Division. Sales for these Divisions are processed through various channels, consisting of office supply stores, a contract sales force, Internet sites, an outbound telephone account management sales force, direct marketing catalogs and call centers, all supported by a network of supply chain facilities and delivery operations. It operates under the Office Depot and OfficeMax brands. It also offers products under various labels, including Foray, Ativa, TUL, Realspace, WorkPro, Brenton Studio, Highmark, Grand & Toy and Viking Office Products. It offers its products under supplies, technology, furniture and other categories. The supplies category includes products, such as paper, binders, writing instruments, cleaning and breakroom items, and school supplies. The technology category includes products, such as desktop and laptop computers, monitors, tablets, printers, ink and toner, cables, software, digital cameras, telephones, and wireless communications products, as well as services for technology products. The furniture and other category include products, such as desks, chairs, luggage, sales in its copy and print centers, and other miscellaneous items.

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