ACCO Brands (NYSE:ACCO) Posts Earnings Results, Hits Estimates

ACCO Brands (NYSE:ACCO) announced its quarterly earnings results on Thursday. The industrial products company reported $0.23 EPS for the quarter, meeting the consensus estimate of $0.23, Briefing.com reports. ACCO Brands had a negative net margin of 10.15% and a positive return on equity of 13.32%. The company had revenue of $420.90 million for the quarter, compared to analyst estimates of $418.20 million. During the same period in the prior year, the firm posted $0.24 earnings per share. The firm’s revenue was down 6.0% on a year-over-year basis. 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 Price Performance

Shares of ACCO stock traded up $0.28 during mid-day trading on Friday, reaching $5.18. The stock had a trading volume of 586,056 shares, compared to its average volume of 614,940. The company has a current ratio of 1.77, a quick ratio of 1.09 and a debt-to-equity ratio of 1.49. The business has a 50-day simple moving average of $5.25 and a 200 day simple moving average of $5.02. ACCO Brands has a 12-month low of $4.36 and a 12-month high of $6.62. The company has a market cap of $496.24 million, a P/E ratio of -2.81, a price-to-earnings-growth ratio of 0.40 and a beta of 1.62.

ACCO Brands Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 15th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 5.79%. The ex-dividend date of this dividend is Friday, November 15th. ACCO Brands’s dividend payout ratio is currently -16.39%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other ACCO Brands news, SVP Pamela R. Schneider sold 19,166 shares of the firm’s stock in a transaction 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 completion of the transaction, the senior vice president now owns 243,899 shares of the company’s stock, valued at approximately $1,334,127.53. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 7.30% of the stock is currently owned by company insiders.

About ACCO Brands

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.