Shares of office products retailer OfficeMax have hit a 52-week low after Standard & Poor's said it would replace it on the S&P 500.

S&P said the change is being made because OfficeMax's market capitalization of about $1.34 billion is more appropriate to the S&P SmallCap 600.

The S&P 500 includes 500 of the most widely held U.S. common stocks, chosen by the S&P Index Committee for market size, liquidity and sector representation. It requires companies have a market capitalization of over $5 billion.