Bank of New York Mellon Corp Cuts Stake in Acco Brands Corporation (NYSE:ACCO)

Bank of New York Mellon Corp reduced its position in Acco Brands Corporation (NYSE:ACCO) by 1.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 930,111 shares of the industrial products company’s stock after selling 16,581 shares during the period. Bank of New York Mellon Corp owned approximately 1.03% of Acco Brands worth $3,897,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. grew its stake in Acco Brands by 25.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 16,322 shares of the industrial products company’s stock worth $68,000 after purchasing an additional 3,276 shares in the last quarter. Diversified Trust Co lifted its holdings in Acco Brands by 18.4% in the first quarter. Diversified Trust Co now owns 30,058 shares of the industrial products company’s stock worth $126,000 after acquiring an additional 4,669 shares during the last quarter. Nebula Research & Development LLC lifted its holdings in Acco Brands by 8.6% in the fourth quarter. Nebula Research & Development LLC now owns 59,572 shares of the industrial products company’s stock worth $313,000 after acquiring an additional 4,732 shares during the last quarter. EP Wealth Advisors LLC lifted its holdings in Acco Brands by 44.1% in the fourth quarter. EP Wealth Advisors LLC now owns 16,188 shares of the industrial products company’s stock worth $85,000 after acquiring an additional 4,958 shares during the last quarter. Finally, HighTower Advisors LLC lifted its holdings in Acco Brands by 7.1% in the fourth quarter. HighTower Advisors LLC now owns 77,190 shares of the industrial products company’s stock worth $405,000 after acquiring an additional 5,148 shares during the last quarter. 84.56% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ACCO. Wall Street Zen upgraded Acco Brands from a “hold” rating to a “buy” rating in a research report on Wednesday, May 14th. Barrington Research cut their target price on Acco Brands from $7.00 to $6.00 and set an “outperform” rating on the stock in a research note on Friday, May 23rd.

Acco Brands Trading Up 1.7%

Acco Brands stock opened at $4.00 on Friday. The company has a debt-to-equity ratio of 1.48, a quick ratio of 1.02 and a current ratio of 1.76. The firm has a market cap of $359.95 million, a price-to-earnings ratio of -3.54, a price-to-earnings-growth ratio of 0.38 and a beta of 1.35. Acco Brands Corporation has a 1 year low of $3.32 and a 1 year high of $6.43. The firm’s 50 day moving average price is $3.69 and its two-hundred day moving average price is $4.21.

Acco Brands (NYSE:ACCO) last announced its earnings results on Thursday, May 1st. The industrial products company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.02. Acco Brands had a negative net margin of 6.68% and a positive return on equity of 15.48%. The company had revenue of $317.40 million for the quarter, compared to the consensus estimate of $318.75 million. On average, research analysts predict that Acco Brands Corporation will post 1.02 EPS for the current fiscal year.

Acco Brands Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 22nd will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 7.51%. Acco Brands’s payout ratio is -26.55%.

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.