Cornercap Investment Counsel Inc. Reduces Stake in ACCO Brands Co. (NYSE:ACCO)

Cornercap Investment Counsel Inc. lowered its holdings in ACCO Brands Co. (NYSE:ACCO) by 50.1% during the third quarter, HoldingsChannel reports. The fund owned 49,236 shares of the industrial products company’s stock after selling 49,359 shares during the period. Cornercap Investment Counsel Inc.’s holdings in ACCO Brands were worth $269,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. BNP Paribas Financial Markets grew its stake in ACCO Brands by 96.7% during the 1st quarter. BNP Paribas Financial Markets now owns 134,397 shares of the industrial products company’s stock worth $754,000 after buying an additional 66,070 shares during the last quarter. SG Americas Securities LLC purchased a new position in ACCO Brands during the 1st quarter worth approximately $71,000. Jupiter Asset Management Ltd. purchased a new position in ACCO Brands during the 1st quarter worth approximately $88,000. Hillsdale Investment Management Inc. grew its stake in ACCO Brands by 7.4% during the 1st quarter. Hillsdale Investment Management Inc. now owns 29,000 shares of the industrial products company’s stock worth $163,000 after buying an additional 2,000 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC purchased a new position in ACCO Brands during the 1st quarter worth approximately $810,000. Hedge funds and other institutional investors own 84.56% of the company’s stock.

Analysts Set New Price Targets

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

ACCO Brands Trading Down 3.5 %

Shares of ACCO stock opened at $5.82 on Monday. The business’s 50 day moving average is $5.36 and its two-hundred day moving average is $5.10. ACCO Brands Co. has a twelve month low of $4.36 and a twelve month high of $6.62. The company has a market capitalization of $540.57 million, a P/E ratio of -3.08, a price-to-earnings-growth ratio of 0.47 and a beta of 1.63. The company has a current ratio of 1.60, a quick ratio of 0.94 and a debt-to-equity ratio of 1.38.

ACCO Brands (NYSE:ACCO) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $0.23 EPS for the quarter, meeting the consensus estimate of $0.23. The business had revenue of $420.90 million during the quarter, compared to analysts’ expectations of $418.20 million. ACCO Brands had a positive return on equity of 14.30% and a negative net margin of 10.64%. The company’s quarterly revenue was down 6.0% compared to the same quarter last year. During the same period last year, the firm earned $0.24 EPS. Equities analysts forecast that ACCO Brands Co. will post 1.04 EPS for the current year.

ACCO Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 15th will be issued a dividend of $0.075 per share. The ex-dividend date is Friday, November 15th. This represents a $0.30 annualized dividend and a yield of 5.15%. ACCO Brands’s dividend payout ratio is presently -15.87%.

Insider Buying and Selling

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 7.29 % 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 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.