ACCO Brands (ACCO) Sets New 52-Week Low Following Weak Earnings

ACCO Brands Co. (NYSE:ACCO) shares hit a new 52-week low during mid-day trading on Tuesday following a dissappointing earnings announcement. The company traded as low as $7.39 and last traded at $7.64, with a volume of 55767 shares trading hands. The stock had previously closed at $9.97.

The industrial products company reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.01). The firm had revenue of $507.30 million for the quarter, compared to analyst estimates of $533.26 million. ACCO Brands had a return on equity of 17.95% and a net margin of 7.02%. The firm’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.35 earnings per share.

Several research analysts have recently weighed in on ACCO shares. Zacks Investment Research lowered shares of ACCO Brands from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th. ValuEngine lowered shares of ACCO Brands from a “sell” rating to a “strong sell” rating in a research note on Tuesday, October 2nd. Finally, Noble Financial restated a “buy” rating and set a $15.00 price objective on shares of ACCO Brands in a research note on Monday, August 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $15.40.



In related news, SVP Gregory J. Mccormack sold 15,678 shares of the company’s stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $12.42, for a total value of $194,720.76. Following the transaction, the senior vice president now owns 81,079 shares in the company, valued at approximately $1,007,001.18. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 4.10% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. OppenheimerFunds Inc. grew its stake in ACCO Brands by 2.7% in the 2nd quarter. OppenheimerFunds Inc. now owns 2,298,734 shares of the industrial products company’s stock valued at $31,837,000 after buying an additional 59,472 shares during the last quarter. SG Americas Securities LLC grew its stake in ACCO Brands by 90.3% in the 2nd quarter. SG Americas Securities LLC now owns 39,844 shares of the industrial products company’s stock valued at $552,000 after buying an additional 18,907 shares during the last quarter. KBC Group NV grew its stake in ACCO Brands by 54.3% in the 2nd quarter. KBC Group NV now owns 80,887 shares of the industrial products company’s stock valued at $1,120,000 after buying an additional 28,454 shares during the last quarter. Raymond James & Associates grew its stake in ACCO Brands by 17.2% in the 2nd quarter. Raymond James & Associates now owns 120,606 shares of the industrial products company’s stock valued at $1,670,000 after buying an additional 17,715 shares during the last quarter. Finally, ICM Asset Management Inc. WA grew its position in shares of ACCO Brands by 35.6% during the 3rd quarter. ICM Asset Management Inc. WA now owns 139,000 shares of the industrial products company’s stock worth $1,571,000 after purchasing an additional 36,500 shares in the last quarter. Institutional investors and hedge funds own 91.92% of the company’s stock.

The stock has a market capitalization of $1.08 billion, a PE ratio of 6.68, a P/E/G ratio of 0.75 and a beta of 1.21. The company has a current ratio of 1.74, a quick ratio of 1.15 and a debt-to-equity ratio of 1.35.

About ACCO Brands (NYSE:ACCO)

ACCO Brands Corporation designs, manufactures, and markets, consumer and business products. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The company offers school notebooks, calendars, and whiteboards; storage and organization products, such as lever-arch binders, sheet protectors, and indexes; stapling, punching, laminating, binding, and shredding products; do-it-yourself tools; and computer accessories and others, which are primarily used in schools, homes, and businesses.

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