Clearline Capital Lp Lowers stake in Office Depot Inc (ODP)

Office Depot Inc (ODP) : Clearline Capital Lp reduced its stake in Office Depot Inc by 6.17% during the most recent quarter end. The investment management company now holds a total of 3,289,778 shares of Office Depot Inc which is valued at $14,244,739 after selling 216,407 shares in Office Depot Inc , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Office Depot Inc makes up approximately 4.61% of Clearline Capital Lp’s portfolio.

Other Hedge Funds, Including , Paulson reduced its stake in ODP by selling 339,100 shares or 2.16% in the most recent quarter. The Hedge Fund company now holds 15,370,657 shares of ODP which is valued at $66,554,945. Office Depot Inc makes up approx 0.77% of Paulson’s portfolio.California State Teachers Retirement System boosted its stake in ODP in the latest quarter, The investment management firm added 10,800 additional shares and now holds a total of 1,171,419 shares of Office Depot Inc which is valued at $4,521,677. Office Depot Inc makes up approx 0.01% of California State Teachers Retirement System’s portfolio. First Trust Advisors Lp sold out all of its stake in ODP during the most recent quarter. The investment firm sold 1,296,264 shares of ODP which is valued $4,549,887.Oakbrook Investments boosted its stake in ODP in the latest quarter, The investment management firm added 24,700 additional shares and now holds a total of 44,900 shares of Office Depot Inc which is valued at $149,068. Office Depot Inc makes up approx 0.01% of Oakbrook Investments’s portfolio.

Office Depot Inc opened for trading at $4.67 and hit $4.76 on the upside on Monday, eventually ending the session at $4.68, with a gain of 0.21% or 0.01 points. The heightened volatility saw the trading volume jump to 57,80,374 shares. Company has a market cap of $2,473 M.

On the company’s financial health, Office Depot Inc reported $0.16 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Nov 2, 2016. Analyst had a consensus of $0.15. The company had revenue of $2836.00 million for the quarter, compared to analysts expectations of $3491.85 million. The company’s revenue was down -6.9 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.16 EPS.

Many Wall Street Analysts have commented on Office Depot Inc. Shares were Reiterated by Telsey Advisory Group on Oct 28, 2016 to “Market Perform” and Lowered the Price Target to $ 4.50 from a previous price target of $5 .

Office Depot Inc. is a supplier of office products and services. The Company sells products and services to consumers through three segments: North American Retail Division North American Business Solutions Division and International Division. The North American Retail Division sells an assortment of merchandise through its chain of office supply stores throughout the United States including Puerto Rico and the U.S. Virgin Islands. The North American Business Solutions Division sells office supplies technology products cleaning and breakroom supplies office furniture certain services and other solutions to customers. The International Division sells office products and services through direct mail catalogs contract sales forces Internet sites and retail stores. The Company also operates a network of distribution centers (DC) and crossdock facilities across the United States Puerto Rico and Canada.

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