ACCO Brands (NYSE:ACCO) Issues Q3 Earnings Guidance

ACCO Brands (NYSE:ACCO) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.21-$0.24 for the period, compared to the consensus estimate of $0.28. The company issued revenue guidance of $416.6-$425.6 million, compared to the consensus revenue estimate of $431.63 million. ACCO Brands also updated its FY 2024 guidance to 1.040-1.090 EPS.

ACCO Brands Stock Down 6.6 %

ACCO stock traded down $0.33 during trading on Friday, hitting $4.65. 986,340 shares of the company’s stock were exchanged, compared to its average volume of 485,606. The company has a current ratio of 1.69, a quick ratio of 0.95 and a debt-to-equity ratio of 1.18. The business has a 50-day moving average price of $4.84 and a two-hundred day moving average price of $5.29. The stock has a market capitalization of $444.54 million, a price-to-earnings ratio of -17.22, a PEG ratio of 0.40 and a beta of 1.62. ACCO Brands has a 52-week low of $4.46 and a 52-week high of $6.62.

ACCO Brands (NYSE:ACCO) last posted its earnings results on Thursday, August 1st. The industrial products company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.31 by $0.06. The business had revenue of $438.30 million for the quarter, compared to analysts’ expectations of $452.73 million. ACCO Brands had a positive return on equity of 12.57% and a negative net margin of 10.15%. The business’s revenue was down 11.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.38 earnings per share. As a group, equities research analysts expect that ACCO Brands will post 1.04 EPS for the current year.

ACCO Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 4th. Investors of record on Friday, August 16th will be given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 6.45%. The ex-dividend date of this dividend is Friday, August 16th. ACCO Brands’s dividend payout ratio (DPR) is presently -111.11%.

Analyst Ratings Changes

ACCO has been the subject of several analyst reports. Barrington Research cut their price target on ACCO Brands from $7.50 to $7.00 and set an outperform rating for the company in a research note on Thursday, June 6th. StockNews.com lowered ACCO Brands from a buy rating to a hold rating in a report on Friday.

Insiders Place Their Bets

In related news, SVP Angela Y. Jones sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $4.96, for a total transaction of $74,400.00. Following the completion of the transaction, the senior vice president now owns 18,621 shares of the company’s stock, valued at $92,360.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 7.30% of the stock is owned by corporate insiders.

About ACCO Brands

ACCO Brands Corporation designs, manufactures, and markets consumer, school, technology, and office products. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The company provides computer and gaming accessories, planners, dry erase boards, school notebooks, and janitorial supplies; storage and organization products, such as lever-arch binders, sheet protectors, and indexes; sheet protectors and indexes; laminating, binding, and shredding machines; writing instruments and art products; stapling and punching products; and do-it-yourself tools.