Office Depot Inc. Profit Retreats 3% In Q3

Office Depot reported lower revenue in its fiscal third quarter but profit rose as it cut costs and recorded a hefty tax benefit

ENLARGE

Office Depot's operating income was $44 million, or 8 cents a share, which beat analysts' expectations. Office Depot's dividend payout ratio is presently 20.00%.

Office Depot Inc (ODP) announced its most recent quarterly financial results on Wednesday, Nov-2-2016.

The consensus goal from these analysts now sits at $4.575.Within the next 52 weeks, the lowest projection sees the stock at $3.1 while over the same period, the highest sees the stock at $6.5.

The company expects to close about 65 stores in the fourth quarter as part of its retail store optimization plan and hopes to shutter roughly 300 locations over the next three years. It shifted up 24.86% versus its 200 day moving average. Underperform rating was given by 0 analysts and Outperform rating was given by 1 analyst. The stock was sold at an average price of $3.64, for a total transaction of $85,299.76. Tiaa Cref Invest Management Limited Liability Corp has 0.04% invested in the company for 16.60 million shares. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The stock's market capitalization is 1.71B. The mean target price is $4.97 according to First Call.

Even with today's sharp rally, ODP is just back to where shares stood three weeks ago.

A Strong Buy is represented by 1 while 5 represent a Strong Sell within the 1 to 5 scale. M&T Bank Corp raised its position in Office Depot by 11.8% in the first quarter.

There are a handful of analysts covering the stock.

Office Depot, Inc. had its "market perform" rating reiterated by analysts at Telsey Advisory Group. During such technical setups, fundamental investors usually stay away and are careful buying the stock. Now shares have been rated as "Buy" from 2 Analysts. (NASDAQ:ODP) dropped to -4.89% from $6.13 to $5.83. TheStreet raised shares of Office Depot from a "sell" rating to a "hold" rating in a research note on Wednesday, August 10th. (NASDAQ:ODP) to report earnings of about $0.06 per share on $3,208.96M in revenue. The Corporation has average brokerage recommendation (ABR) of 3 based on consensus of the brokerage firms issuing ratings.

Office Depot, Inc. (Office Depot), incorporated on September 12, 1986, is a well-known provider of office services and products.

In addition to approving the sale of the European business, the Office Depot board also approved a plan to sell substantially all of its remaining worldwide businesses located in Australia, New Zealand, South Korea and mainland China. These forward-looking statements are subject to various risks and uncertainties, many of which are outside of Office Depot's control.

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