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.
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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