Sand Grove Capital Management Llp Exits Position in Office Depot Inc (ODP)

Office Depot Inc (ODP) : Sand Grove Capital Management Llp has sold out all of its stake in Office Depot Inc during the most recent quarter, according to the disclosure filed by the company on Aug 8, 2016 with the SEC. The investment management company has sold out 765,500 shares of Office Depot Inc which is valued at $2,778,765.

Other Hedge Funds, Including , Central Trust Co added ODP to its portfolio by purchasing 175 company shares during the most recent quarter which is valued at $635. Bourgeon Capital Management added ODP to its portfolio by purchasing 40,000 company shares during the most recent quarter which is valued at $139,200. Office Depot Inc makes up approx 0.09% of Bourgeon Capital Management’s portfolio.Spot Trading L.l.c reduced its stake in ODP by selling 191,870 shares or 63.88% in the most recent quarter. The Hedge Fund company now holds 108,492 shares of ODP which is valued at $377,552. Office Depot Inc makes up approx 0.05% of Spot Trading L.l.c’s portfolio. Chicago Equity Partners sold out all of its stake in ODP during the most recent quarter. The investment firm sold 90,900 shares of ODP which is valued $314,514.Oakbrook Investments reduced its stake in ODP by selling 2,300 shares or 10.22% in the most recent quarter. The Hedge Fund company now holds 20,200 shares of ODP which is valued at $70,094.

Office Depot Inc opened for trading at $3.62 and hit $3.78 on the upside on Monday, eventually ending the session at $3.77, with a gain of 3.57% or 0.13 points. The heightened volatility saw the trading volume jump to 67,40,036 shares. Company has a market cap of $2,051 M.

On the company’s financial health, Office Depot Inc reported $0.03 EPS for the quarter, missing the analyst consensus estimate by $ -0.03 based on the information available during the earnings call on Aug 3, 2016. Analyst had a consensus of $0.06. The company had revenue of $3218.00 million for the quarter, compared to analysts expectations of $3208.70 million. The company’s revenue was down -6.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.06 EPS.

Investors should note that on Aug 3, 2016, Office Depot Inc announced a cash dividend of $0.0250. The company’s management has announced Aug 23, 2016 as the ex-dividend date and fixed the record date on Aug 25, 2016. The payable date has been fixed on Sep 15, 2016.

Many Wall Street Analysts have commented on Office Depot Inc. Shares were Downgraded by Telsey Advisory Group on May 11, 2016 to ” Market Perform” and Lowered the Price Target to $ 5 from a previous price target of $6.50 .Office Depot Inc was Downgraded by Jefferies to ” Hold” on May 11, 2016. Shares were Downgraded by UBS on May 11, 2016 to ” Sell” and Lowered the Price Target to $ 4 from a previous price target of $5.50 .

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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