Stock Worth Mentioning: Could Office Depot Inc Change Direction After Making Yearly Low?

Stock Worth Mentioning: Could Office Depot Inc Change Direction After Making Yearly Low?

The stock of Office Depot Inc (NASDAQ:ODP) hit a new 52-week low and has $2.85 target or 6.00% below today’s $3.03 share price. The 5 months bearish chart indicates high risk for the $1.65B company. The 1-year low was reported on Nov, 1 by Barchart.com. If the $2.85 price target is reached, the company will be worth $99.00 million less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 5.80M shares traded hands. Office Depot Inc (NASDAQ:ODP) has declined 57.32% since March 30, 2016 and is downtrending. It has underperformed by 60.33% the S&P500.

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. Telsey Advisory Group maintained Office Depot Inc (NASDAQ:ODP) on Wednesday, February 24 with “Outperform” rating. The rating was reinitiated by Bank of America on Friday, December 11 with “Buy”. The firm has “Sell” rating given on Wednesday, May 11 by Jefferies. The company was downgraded on Wednesday, May 11 by Telsey Advisory Group. The stock of Office Depot Inc (NASDAQ:ODP) has “Market Perform” rating given on Friday, October 28 by Telsey Advisory Group. The rating was downgraded by KeyBanc Capital Markets to “Sector Weight” on Tuesday, December 8. The stock of Office Depot Inc (NASDAQ:ODP) earned “Sell” rating by UBS on Wednesday, May 11. The rating was maintained by UBS on Thursday, August 4 with “Sell”. The stock of Office Depot Inc (NASDAQ:ODP) has “Outperform” rating given on Monday, March 7 by Credit Suisse. The stock of Office Depot Inc (NASDAQ:ODP) has “Buy” rating given on Tuesday, September 8 by B. Riley & Co.

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 turned negative, 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.
Concert Wealth Mgmt holds 0.01% of its portfolio in Office Depot Inc (NASDAQ:ODP) for 15,924 shares. State Of Wisconsin Inv Board reported 40,000 shares or 0% of all its holdings. Highbridge Capital Mgmt Llc reported 2.06M shares or 0.11% of all its holdings. Adage Gp Ltd has invested 0.01% of its portfolio in Office Depot Inc (NASDAQ:ODP). Brown Advisory has 192,003 shares for 0% of their US portfolio. Carroll Fincl Assoc has 937 shares for 0% of their US portfolio. Shelton Mgmt reported 46,441 shares or 0.01% of all its holdings. Hsbc Plc accumulated 233,314 shares or 0% of the stock. Weaver C Barksdale Incorporated last reported 0.11% of its portfolio in the stock. Tiaa Cref Invest Management Limited Liability Corp has 0.04% invested in the company for 16.60 million shares. Great West Life Assurance Can has 165,349 shares for 0% of their US portfolio. Thornburg Management, a New Mexico-based fund reported 2.49 million shares. Oregon Pub Employees Retirement Fund accumulated 0.02% or 231,356 shares. Qs Investors Ltd Liability holds 389,076 shares or 0.01% of its portfolio. California State Teachers Retirement Sys accumulated 1.16 million shares or 0.01% of the stock.

Insider Transactions: Since May 25, 2016, the stock had 1 insider buy, and 1 insider sale for $35,678 net activity. $49,506 worth of shares were bought by TRAVIS NIGEL on Wednesday, May 25. Allison Michael R sold $85,184 worth of stock.

More recent Office Depot Inc (NASDAQ:ODP) news were published by: Businesswire.com which released: “Office Depot, Inc. Shares Tips for Small Business Success During the Holiday …” on November 01, 2016. Also Businesswire.com published the news titled: “Office Depot, Inc. is Closing its Retail Stores on Thanksgiving Day” on October 13, 2016. Businesswire.com‘s news article titled: “Office Depot Offers Early Black Friday Deals in Stores and at officedepot.com …” with publication date: October 27, 2016 was also an interesting one.

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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