Zacks Investment Research Lowers Acco Brands Corporation (NYSE:ACCO) to Hold

Zacks Investment Research lowered shares of Acco Brands Corporation (NYSE:ACCO) from a buy rating to a hold rating in a research note published on Friday, August 4th.

According to Zacks, “ACCO Brands Corporation is a world leader in branded office products. Its industry-leading brands include Swingline, Kensington, Wilson Jones, Quartet, GBC, and Day-Timer, among others. Under the GBC brand, the Company is also a leader in the professional printing market. “

ACCO has been the subject of a number of other reports. BidaskClub downgraded shares of Acco Brands Corporation from a sell rating to a strong sell rating in a research note on Friday, July 28th. ValuEngine raised shares of Acco Brands Corporation from a hold rating to a buy rating in a research note on Wednesday, August 2nd. Finally, BWS Financial reaffirmed a buy rating and set a $18.00 target price on shares of Acco Brands Corporation in a research note on Thursday, April 6th.

Acco Brands Corporation (NYSE ACCO) remained flat at $10.75 during mid-day trading on Friday. The stock had a trading volume of 499,413 shares. The company has a market cap of $1.17 billion, a P/E ratio of 21.41 and a beta of 1.30. The firm has a 50 day moving average of $11.50 and a 200 day moving average of $12.41. Acco Brands Corporation has a 1-year low of $9.06 and a 1-year high of $14.75.

Acco Brands Corporation (NYSE:ACCO) last released its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $0.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.04. Acco Brands Corporation had a net margin of 3.25% and a return on equity of 15.03%. The company had revenue of $490 million during the quarter, compared to the consensus estimate of $497.17 million. During the same period in the prior year, the firm earned $0.25 earnings per share. Acco Brands Corporation’s revenue was up 19.5% on a year-over-year basis. Equities analysts forecast that Acco Brands Corporation will post $1.10 earnings per share for the current year.

COPYRIGHT VIOLATION WARNING: This piece of content was originally posted by BNB Daily and is the property of of BNB Daily. If you are viewing this piece of content on another website, it was stolen and republished in violation of international copyright and trademark laws. The correct version of this piece of content can be read at https://www.baseball-news-blog.com/2017/08/19/zacks-investment-research-downgrades-acco-brands-corporation-nyseacco-to-hold-updated.html.

In other Acco Brands Corporation news, VP Neal V. Fenwick bought 12,313 shares of the firm’s stock in a transaction on Thursday, August 3rd. The stock was acquired at an average price of $10.60 per share, with a total value of $130,517.80. Following the completion of the purchase, the vice president now owns 423,311 shares of the company’s stock, valued at $4,487,096.60. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Kathy D. Schnaedter sold 68,653 shares of the firm’s stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $11.26, for a total transaction of $773,032.78. Following the transaction, the senior vice president now directly owns 68,655 shares of the company’s stock, valued at approximately $773,055.30. The disclosure for this sale can be found here. 4.50% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its stake in Acco Brands Corporation by 16,978.3% in the first quarter. BlackRock Inc. now owns 7,403,606 shares of the industrial products company’s stock worth $97,358,000 after buying an additional 7,360,255 shares during the last quarter. Boston Partners purchased a new stake in Acco Brands Corporation during the second quarter worth approximately $20,976,000. Teachers Advisors LLC boosted its stake in Acco Brands Corporation by 196.3% in the fourth quarter. Teachers Advisors LLC now owns 1,045,492 shares of the industrial products company’s stock worth $13,644,000 after buying an additional 692,590 shares during the last quarter. Systematic Financial Management LP boosted its stake in Acco Brands Corporation by 493.6% in the first quarter. Systematic Financial Management LP now owns 796,030 shares of the industrial products company’s stock worth $10,468,000 after buying an additional 661,930 shares during the last quarter. Finally, Boston Advisors LLC purchased a new stake in Acco Brands Corporation during the first quarter worth approximately $5,708,000. Hedge funds and other institutional investors own 93.12% of the company’s stock.

About Acco Brands Corporation

ACCO Brands Corporation is engaged in designing, marketing and manufacturing of branded business, academic and selected consumer products. The Company operates through three segments: ACCO Brands North America, ACCO Brands International and Computer Products Group. The Company’s brands include Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Kensington, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra and Wilson Jones.

Get a free copy of the Zacks research report on Acco Brands Corporation (ACCO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Acco Brands Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Acco Brands Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply