ACCO Brands (ACCO) Upgraded to “Hold” by Zacks Investment Research

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ACCO Brands (NYSE:ACCO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.

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 research reports. Barrington Research restated a “buy” rating and set a $16.00 price objective on shares of ACCO Brands in a report on Thursday, June 14th. ValuEngine upgraded shares of ACCO Brands from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, Noble Financial reiterated a “buy” rating and issued a $15.00 price target on shares of ACCO Brands in a report on Monday, August 6th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. ACCO Brands has a consensus rating of “Buy” and a consensus price target of $15.40.

NYSE ACCO traded down $0.03 during trading on Wednesday, reaching $12.20. 9,391 shares of the stock traded hands, compared to its average volume of 465,963. The stock has a market cap of $1.33 billion, a P/E ratio of 10.25, a P/E/G ratio of 0.93 and a beta of 1.19. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.15 and a current ratio of 1.74. ACCO Brands has a fifty-two week low of $10.68 and a fifty-two week high of $14.63.

ACCO Brands (NYSE:ACCO) last issued its quarterly earnings data on Tuesday, July 31st. The industrial products company reported $0.32 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.02). The firm had revenue of $498.80 million for the quarter, compared to analyst estimates of $493.85 million. ACCO Brands had a net margin of 7.02% and a return on equity of 17.95%. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.31 EPS. analysts predict that ACCO Brands will post 1.34 earnings per share for the current fiscal year.

In other news, SVP Joseph S. Pekala sold 20,473 shares of the company’s stock in a transaction that occurred on Monday, June 11th. The shares were sold at an average price of $13.52, for a total value of $276,794.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Gregory J. Mccormack sold 15,678 shares of the company’s stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $12.42, for a total transaction of $194,720.76. Following the completion of the transaction, the senior vice president now owns 81,079 shares of the company’s stock, valued at approximately $1,007,001.18. The disclosure for this sale can be found here. 4.10% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. New York State Common Retirement Fund boosted its holdings in ACCO Brands by 37.3% during the first quarter. New York State Common Retirement Fund now owns 156,937 shares of the industrial products company’s stock worth $1,970,000 after purchasing an additional 42,637 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in ACCO Brands by 15.6% during the first quarter. Russell Investments Group Ltd. now owns 1,573,507 shares of the industrial products company’s stock worth $19,747,000 after purchasing an additional 212,130 shares during the last quarter. Hartford Investment Management Co. acquired a new position in ACCO Brands during the second quarter worth $183,000. Cornerstone Wealth Management LLC bought a new stake in ACCO Brands during the second quarter worth $1,152,000. Finally, Oppenheimer & Co. Inc. bought a new stake in ACCO Brands during the first quarter worth $144,000. Institutional investors and hedge funds own 89.54% of the company’s stock.

ACCO Brands Company Profile

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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