ACCO Brands (NYSE:ACCO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
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. “
A number of other equities analysts also recently commented on the stock. BidaskClub raised shares of ACCO Brands from a “hold” rating to a “buy” rating in a report on Friday, October 13th. SunTrust Banks reissued a “hold” rating and set a $13.00 price target on shares of ACCO Brands in a report on Wednesday, November 1st. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. ACCO Brands currently has an average rating of “Buy” and a consensus price target of $15.00.
A number of institutional investors have recently modified their holdings of the business. Chartwell Investment Partners LLC raised its position in ACCO Brands by 55.1% in the fourth quarter. Chartwell Investment Partners LLC now owns 344,581 shares of the industrial products company’s stock worth $4,204,000 after acquiring an additional 122,471 shares in the last quarter. Bailard Inc. bought a new stake in ACCO Brands in the fourth quarter worth about $915,000. Teacher Retirement System of Texas bought a new stake in ACCO Brands in the fourth quarter worth about $454,000. C M Bidwell & Associates Ltd. bought a new stake in ACCO Brands in the fourth quarter worth about $250,000. Finally, Boston Partners raised its position in ACCO Brands by 61.3% in the fourth quarter. Boston Partners now owns 3,088,854 shares of the industrial products company’s stock worth $37,684,000 after acquiring an additional 1,174,067 shares in the last quarter. Hedge funds and other institutional investors own 91.34% of the company’s stock.
About ACCO Brands
ACCO Brands Corporation is engaged in designing, marketing and manufacturing of branded business, academic and selected consumer products. The Company operates through three segments: ACCO Brands North America, ACCO Brands International and Computer Products Group. The Company’s brands include Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Kensington, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra and Wilson Jones.
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