Finance

Staples to close 70 stores as it copes with shrinking sales

Staples to close 70 stores as it copes with shrinking sales”

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 13th. The fund owned 800,736 shares of the company's stock after selling 31,339 shares during the period. QV Investors Inc. increased its stake in shares of Staples by 0.6% in the third quarter. Legal & General Group Plc now owns 3,539,895 shares of the company's stock worth $30,507,000 after buying an additional 109,013 shares in the last quarter. The average 1 year price objective among analysts that have covered the stock in the last year is $9.94. Amalgamated Bank now owns 88,609 shares of the company's stock worth $823,000 after buying an additional 65,661 shares in the last quarter. Finally, Tocqueville Asset Management L.P. boosted its stake in Staples by 227.3% in the second quarter. OMERS ADMINISTRATION Corp now owns 250,100 shares of the company's stock valued at $2,138,000 after buying an additional 50,600 shares in the last quarter.

In her statement Thursday, CEO Shira Goodman sought to assure investors that the company's turnaround is on track.

Jefferies Group LLC reaffirmed their hold rating on shares of Staples, Inc. These holdings make up 63.65% of the company's outstanding shares. Five analysts surveyed by Zacks expected $5.02 billion. The firm's 50-day moving average is $9.12 and its 200 day moving average is $8.82. Staples has a 12 month low of $7.24 and a 12 month high of $11.37.

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The Staples closing stores announcement wasn't the only data for 2017 that the company revealed in its recent earnings report. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by $0.01. Staples had a negative net margin of 2.25% and a positive return on equity of 11.46%.

The company said on Thursday that same-store sales in the region fell seven percent during the fourth quarter.

Staples, Inc. (NASDAQ:SPLS) early Thursday posted mixed fourth quarter earnings results and offered an in-line outlook for 2017, as it makes progress in its delivery business but continues to struggle on the brick-and-mortar side. Staples's revenue was down 4.3% compared to the same quarter a year ago. Pzena Investment Management, LLC is the second biggest holder with 32 million shares now valued at 290.74 million whilst Fidelity Management and Research Company has 30 million shares valued at 288.49 million. That is compared with the $0.26 in EPS it reported during the same period a year ago. This represents a $0.48 annualized dividend and a yield of 5.19%. The ex-dividend date is Wednesday, March 22nd. Staples's dividend payout ratio (DPR) is -66.67%.

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Staples, Inc. (NASDAQ:SPLS) has received an average recommendation of "Hold" from the fourteen ratings firms that are now covering the company. Loop Capital assumed coverage on Staples in a report on Tuesday, December 13th. They issued a "hold" rating and a $10.00 price objective for the company. TheStreet upgraded Staples from a sell rating to a hold rating in a report on Monday, December 5th. Fourteen analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company's stock. The stock has a consensus rating of "Hold" and an average price target of $10.05.

Staples, Inc. (NASDAQ:SPLS) soared 2.05% or +0.18 points during previous trade after opening at the price of $8.77, a total of 7,029,500 shares exchanged hands compared with its average trading volume of 6.04M shares. The firm now has a $9.00 price objective on the stock.

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