Envestnet Asset Management Inc. Has $1.86 Million Stock Holdings in Acco Brands Corporation (NYSE:ACCO)

Key Points

• Envestnet Asset Management Inc. increased its stake in Acco Brands Corporation by 29.9%, owning approximately 0.49% of the company's stock, now valued at $1.86 million.
• Acco Brands announced a quarterly dividend of $0.075 per share, equating to a 7.94% dividend yield, with the payment set for September 10th.
• Analysts have recently revised their price targets, with Barrington Research lowering it from $7.00 to $6.00 but maintaining an "outperform" rating, while Wall Street Zen upgraded it from "hold" to "buy".

Envestnet Asset Management Inc. grew its stake in shares of Acco Brands Corporation (NYSE:ACCO - Free Report) by 29.9% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 443,737 shares of the industrial products company's stock after buying an additional 102,213 shares during the period. Envestnet Asset Management Inc. owned approximately 0.49% of Acco Brands worth $1,859,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its stake in Acco Brands by 4.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 6,378,499 shares of the industrial products company's stock valued at $27,109,000 after acquiring an additional 257,608 shares during the period. Vanguard Group Inc. increased its stake in Acco Brands by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 6,369,804 shares of the industrial products company's stock valued at $33,441,000 after acquiring an additional 106,256 shares during the period. American Century Companies Inc. increased its stake in Acco Brands by 37.4% in the fourth quarter. American Century Companies Inc. now owns 2,067,924 shares of the industrial products company's stock valued at $10,857,000 after acquiring an additional 562,985 shares during the period. Millennium Management LLC increased its stake in Acco Brands by 127.8% in the fourth quarter. Millennium Management LLC now owns 1,532,460 shares of the industrial products company's stock valued at $8,045,000 after acquiring an additional 859,787 shares during the period. Finally, Two Sigma Advisers LP increased its stake in Acco Brands by 2.6% in the fourth quarter. Two Sigma Advisers LP now owns 1,193,265 shares of the industrial products company's stock valued at $6,265,000 after acquiring an additional 30,800 shares during the period. Institutional investors and hedge funds own 84.56% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ACCO. Barrington Research lowered their target price on shares of Acco Brands from $7.00 to $6.00 and set an "outperform" rating on the stock in a research note on Friday, May 23rd. Wall Street Zen raised shares of Acco Brands from a "hold" rating to a "buy" rating in a research note on Wednesday, May 14th.

Acco Brands Price Performance

Acco Brands stock traded down $0.31 during trading hours on Friday, hitting $3.44. 1,464,041 shares of the stock were exchanged, compared to its average volume of 805,149. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.02 and a current ratio of 1.76. The stock has a market capitalization of $309.94 million, a P/E ratio of -3.04, a P/E/G ratio of 0.40 and a beta of 1.35. Acco Brands Corporation has a 12 month low of $3.32 and a 12 month high of $6.43. The business's 50-day moving average is $3.70 and its two-hundred day moving average is $4.18.

Acco Brands (NYSE:ACCO - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The industrial products company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.01). Acco Brands had a negative net margin of 6.68% and a positive return on equity of 15.48%. The business had revenue of $394.80 million during the quarter, compared to analyst estimates of $389.81 million. Equities research analysts expect that Acco Brands Corporation will post 1.02 EPS for the current fiscal year.

Acco Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 22nd will be issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 8.7%. The ex-dividend date is Friday, August 22nd. Acco Brands's dividend payout ratio is currently -26.55%.

Acco Brands Profile

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.