ACCO Brands (NYSE:ACCO) Releases Quarterly Earnings Results, Hits Expectations

ACCO Brands (NYSE:ACCO) posted its quarterly earnings data on Thursday. The industrial products company reported $0.23 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.23, Briefing.com reports. The firm had revenue of $420.90 million for the quarter, compared to analysts’ expectations of $418.20 million. ACCO Brands had a positive return on equity of 13.32% and a negative net margin of 10.15%. The business’s quarterly revenue was down 6.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.24 EPS. ACCO Brands updated its FY24 guidance to $1.04-1.09 EPS and its FY 2024 guidance to 1.040-1.090 EPS.

ACCO Brands Trading Up 7.3 %

Shares of ACCO stock traded up $0.36 during trading hours on Friday, reaching $5.26. 1,769,445 shares of the stock were exchanged, compared to its average volume of 620,800. The firm has a market capitalization of $503.91 million, a price-to-earnings ratio of -2.87, a price-to-earnings-growth ratio of 0.40 and a beta of 1.62. ACCO Brands has a 12-month low of $4.36 and a 12-month high of $6.62. The company’s 50-day moving average price is $5.24 and its 200-day moving average price is $5.02. The company has a current ratio of 1.77, a quick ratio of 1.09 and a debt-to-equity ratio of 1.49.

ACCO Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 15th will be paid a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 5.70%. The ex-dividend date of this dividend is Friday, November 15th. ACCO Brands’s dividend payout ratio is currently -16.39%.

Analyst Ratings Changes

Several analysts have commented on ACCO shares. StockNews.com upgraded shares of ACCO Brands from a “hold” rating to a “buy” rating in a research note on Saturday, August 10th. Barrington Research restated an “outperform” rating and issued a $7.00 target price on shares of ACCO Brands in a report on Wednesday, September 4th.

Insiders Place Their Bets

In other news, SVP Pamela R. Schneider sold 19,166 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $5.47, for a total transaction of $104,838.02. Following the transaction, the senior vice president now owns 243,899 shares of the company’s stock, valued at approximately $1,334,127.53. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 7.30% of the stock is owned by insiders.

ACCO Brands Company 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.