ACCO Brands (NYSE:ACCO) Updates Q3 Earnings Guidance

ACCO Brands (NYSE:ACCO) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.21-$0.24 for the period, compared to the consensus earnings per share estimate of $0.28. The company issued revenue guidance of $416.6-$425.6 million, compared to the consensus revenue estimate of $431.63 million. ACCO Brands also updated its FY24 guidance to $1.04-$1.09 EPS.

ACCO Brands Stock Down 2.5 %

Shares of ACCO traded down $0.13 during mid-day trading on Thursday, hitting $4.98. 640,198 shares of the company’s stock were exchanged, compared to its average volume of 641,500. The company has a market cap of $476.09 million, a PE ratio of -18.30, a P/E/G ratio of 0.41 and a beta of 1.62. ACCO Brands has a 52 week low of $4.46 and a 52 week high of $6.62. The company has a 50-day simple moving average of $4.84 and a 200 day simple moving average of $5.31. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.69 and a quick ratio of 0.95.

ACCO Brands (NYSE:ACCO) last released its earnings results on Friday, May 3rd. The industrial products company reported $0.03 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.01. ACCO Brands had a negative net margin of 1.36% and a positive return on equity of 12.42%. The business had revenue of $358.90 million during the quarter, compared to analysts’ expectations of $371.80 million. During the same period last year, the business earned $0.09 earnings per share. The firm’s revenue was down 10.9% on a year-over-year basis. On average, research analysts forecast that ACCO Brands will post 1.04 earnings per share for the current fiscal year.

ACCO Brands Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 4th. Shareholders of record on Friday, August 16th will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 6.02%. The ex-dividend date is Friday, August 16th. ACCO Brands’s dividend payout ratio is -111.11%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Barrington Research dropped their target price on ACCO Brands from $7.50 to $7.00 and set an outperform rating for the company in a report on Thursday, June 6th. StockNews.com raised ACCO Brands from a hold rating to a buy rating in a research note on Saturday, June 22nd.

Insider Buying and Selling at ACCO Brands

In other news, SVP Angela Y. Jones sold 15,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $4.96, for a total transaction of $74,400.00. Following the sale, the senior vice president now directly owns 18,621 shares in the company, valued at $92,360.16. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 7.30% of the company’s stock.

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.