Allspring Global Investments Holdings LLC Sells 20,718 Shares of ACCO Brands Co. (NYSE:ACCO)

Allspring Global Investments Holdings LLC reduced its position in ACCO Brands Co. (NYSE:ACCO) by 0.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,751,351 shares of the industrial products company’s stock after selling 20,718 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 6.02% of ACCO Brands worth $27,031,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Bank of New York Mellon Corp lifted its holdings in shares of ACCO Brands by 6.3% in the second quarter. Bank of New York Mellon Corp now owns 1,299,759 shares of the industrial products company’s stock worth $6,109,000 after buying an additional 76,840 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of ACCO Brands by 841.0% in the second quarter. Nisa Investment Advisors LLC now owns 16,232 shares of the industrial products company’s stock worth $76,000 after buying an additional 14,507 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of ACCO Brands by 160.6% in the second quarter. Assenagon Asset Management S.A. now owns 819,268 shares of the industrial products company’s stock worth $3,851,000 after buying an additional 504,876 shares in the last quarter. Wedge Capital Management L L P NC lifted its holdings in shares of ACCO Brands by 5.1% in the second quarter. Wedge Capital Management L L P NC now owns 177,017 shares of the industrial products company’s stock worth $832,000 after buying an additional 8,633 shares in the last quarter. Finally, DMC Group LLC lifted its holdings in shares of ACCO Brands by 15.5% in the second quarter. DMC Group LLC now owns 23,749 shares of the industrial products company’s stock worth $112,000 after buying an additional 3,192 shares in the last quarter. 84.56% of the stock is currently owned by institutional investors.

ACCO Brands Price Performance

ACCO Brands stock opened at $5.53 on Wednesday. The company has a market cap of $528.67 million, a price-to-earnings ratio of -20.48, a PEG ratio of 0.40 and a beta of 1.62. The firm’s fifty day moving average is $4.86 and its 200 day moving average is $5.14. The company has a quick ratio of 0.95, a current ratio of 1.69 and a debt-to-equity ratio of 1.18. ACCO Brands Co. has a 52-week low of $4.36 and a 52-week high of $6.62.

ACCO Brands (NYSE:ACCO) last released its quarterly earnings results on Thursday, August 1st. The industrial products company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.06. The company had revenue of $438.30 million for the quarter, compared to the consensus estimate of $452.73 million. ACCO Brands had a negative net margin of 10.15% and a positive return on equity of 12.57%. ACCO Brands’s revenue was down 11.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.38 earnings per share. Sell-side analysts forecast that ACCO Brands Co. will post 1.04 EPS for the current fiscal year.

ACCO Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 4th. Shareholders of record on Friday, August 16th will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 5.42%. The ex-dividend date of this dividend is Friday, August 16th. ACCO Brands’s dividend payout ratio (DPR) is -111.11%.

Analysts Set New Price Targets

Several research firms have recently commented on ACCO. StockNews.com raised shares of ACCO Brands from a “hold” rating to a “buy” rating in a report on Saturday, August 10th. Barrington Research decreased their price target on shares of ACCO Brands from $7.50 to $7.00 and set an “outperform” rating on the stock in a research note on Thursday, June 6th.

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.