ACCO Brands (NYSE:ACCO) Announces Quarterly Earnings Results

ACCO Brands (NYSE:ACCO) released its quarterly earnings data on Thursday. The industrial products company reported $0.23 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.23, Briefing.com reports. The firm had revenue of $420.90 million for the quarter, compared to analyst estimates of $418.20 million. ACCO Brands had a negative net margin of 10.15% and a positive return on equity of 13.32%. The business’s quarterly revenue was down 6.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.24 earnings per share. 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

ACCO traded up $0.36 during midday trading on Friday, hitting $5.26. 1,769,445 shares of the company traded hands, compared to its average volume of 620,800. The company has a market capitalization of $503.91 million, a price-to-earnings ratio of -2.87, a PEG ratio of 0.40 and a beta of 1.62. The business has a 50 day simple moving average of $5.24 and a two-hundred day simple moving average of $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 has a 52-week low of $4.36 and a 52-week high of $6.62.

ACCO Brands Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Friday, November 15th will be given a dividend of $0.075 per share. The ex-dividend date is Friday, November 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 5.70%. ACCO Brands’s dividend payout ratio (DPR) is -16.39%.

Insider Activity at ACCO Brands

In related news, SVP Pamela R. Schneider sold 19,166 shares of the business’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 completion of the sale, the senior vice president now directly owns 243,899 shares in the company, valued at approximately $1,334,127.53. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. StockNews.com raised ACCO Brands from a “hold” rating to a “buy” rating in a report on Saturday, August 10th. Barrington Research reissued an “outperform” rating and set a $7.00 price target on shares of ACCO Brands in a report on Wednesday, September 4th.

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.