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Zacks Investment Research Downgrades ACCO Brands (NYSE:ACCO) to Sell

Tuesday, June 30, 2020 | MarketBeat

ACCO Brands (NYSE:ACCO) was downgraded by Zacks Investment Research from a "hold" rating to a "sell" rating in a note issued to investors on Tuesday, Zacks.com reports.

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. ValuEngine downgraded shares of ACCO Brands from a "sell" rating to a "strong sell" rating in a research note on Tuesday, March 3rd. Barrington Research dropped their target price on shares of ACCO Brands from $13.00 to $9.00 and set an "outperform" rating on the stock in a report on Friday, May 8th. They noted that the move was a valuation call. Finally, TheStreet cut shares of ACCO Brands from a "b-" rating to a "c+" rating in a report on Monday, March 2nd. Two analysts have rated the stock with a sell rating and two have given a buy rating to the company's stock. ACCO Brands has an average rating of "Hold" and an average target price of $9.58.

NYSE ACCO traded up $0.14 on Tuesday, reaching $7.07. The company had a trading volume of 40,628 shares, compared to its average volume of 623,087. The firm has a market capitalization of $621.56 million, a price-to-earnings ratio of 6.15, a price-to-earnings-growth ratio of 1.64 and a beta of 2.13. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.95 and a current ratio of 1.57. ACCO Brands has a 1-year low of $3.51 and a 1-year high of $11.38. The company's fifty day moving average is $6.39 and its 200-day moving average is $7.37.

ACCO Brands (NYSE:ACCO) last announced its earnings results on Monday, May 4th. The industrial products company reported $0.07 earnings per share for the quarter, missing the Zacks' consensus estimate of $0.09 by ($0.02). ACCO Brands had a return on equity of 15.79% and a net margin of 5.93%. The company had revenue of $384.10 million during the quarter, compared to analyst estimates of $395.58 million. During the same period in the previous year, the company posted $0.08 earnings per share. ACCO Brands's revenue for the quarter was down 2.5% on a year-over-year basis. On average, research analysts forecast that ACCO Brands will post 0.57 earnings per share for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Invesco Ltd. increased its holdings in shares of ACCO Brands by 1.3% during the first quarter. Invesco Ltd. now owns 4,000,301 shares of the industrial products company's stock worth $20,202,000 after purchasing an additional 51,183 shares during the period. State Street Corp boosted its position in shares of ACCO Brands by 2.7% during the 1st quarter. State Street Corp now owns 2,345,029 shares of the industrial products company's stock worth $11,842,000 after acquiring an additional 60,712 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of ACCO Brands by 6.3% during the 1st quarter. Wells Fargo & Company MN now owns 2,293,334 shares of the industrial products company's stock worth $11,582,000 after acquiring an additional 136,603 shares in the last quarter. Norges Bank acquired a new stake in shares of ACCO Brands during the 4th quarter worth approximately $18,446,000. Finally, Grantham Mayo Van Otterloo & Co. LLC boosted its position in shares of ACCO Brands by 5.5% during the 1st quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,821,818 shares of the industrial products company's stock worth $9,200,000 after acquiring an additional 94,519 shares in the last quarter. 89.91% of the stock is currently owned by institutional investors.

About ACCO Brands

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, janitorial supplies, and whiteboards; storage and organization products, such as three-ring and lever-arch binders, sheet protectors, and indexes; laminating, binding, and shredding machines, as well as related consumable supplies; writing instruments; stapling and punching products; do-it-yourself tools; and computer accessories and others used in schools, homes, and businesses.

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