Arizona State Retirement System Trims Stock Holdings in The ODP Co. (NASDAQ:ODP)

Arizona State Retirement System lowered its holdings in The ODP Co. (NASDAQ:ODP) by 3.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,573 shares of the specialty retailer’s stock after selling 318 shares during the period. Arizona State Retirement System’s holdings in ODP were worth $539,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ODP. Gladius Capital Management LP boosted its holdings in ODP by 94.6% in the third quarter. Gladius Capital Management LP now owns 722 shares of the specialty retailer’s stock valued at $33,000 after purchasing an additional 351 shares during the last quarter. First Capital Advisors Group LLC. bought a new position in ODP during the 2nd quarter worth approximately $33,000. Headlands Technologies LLC bought a new position in ODP during the 3rd quarter worth approximately $34,000. Point72 Asset Management L.P. bought a new position in ODP during the 2nd quarter worth approximately $42,000. Finally, Tower Research Capital LLC TRC lifted its holdings in ODP by 875.4% during the 1st quarter. Tower Research Capital LLC TRC now owns 1,785 shares of the specialty retailer’s stock worth $80,000 after buying an additional 1,602 shares during the last quarter. Hedge funds and other institutional investors own 99.56% of the company’s stock.

Insider Activity at ODP

In related news, CFO Diego Anthony Scaglione sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $55.00, for a total value of $1,375,000.00. Following the sale, the chief financial officer now directly owns 96,104 shares in the company, valued at approximately $5,285,720. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 3.60% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have commented on ODP shares. StockNews.com raised ODP from a “hold” rating to a “buy” rating in a report on Tuesday, March 12th. TheStreet cut ODP from a “b-” rating to a “c+” rating in a research report on Wednesday, February 28th. One analyst has rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.00.

ODP Stock Up 1.8 %

Shares of ODP stock opened at $50.28 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.54 and a debt-to-equity ratio of 0.15. The business’s 50 day simple moving average is $51.99 and its 200-day simple moving average is $50.15. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of 14.88, a PEG ratio of 0.63 and a beta of 1.62. The ODP Co. has a twelve month low of $39.36 and a twelve month high of $58.98.

ODP (NASDAQ:ODP) last announced its quarterly earnings results on Wednesday, February 28th. The specialty retailer reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.16. ODP had a return on equity of 19.45% and a net margin of 1.77%. The business had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.84 billion. During the same period in the prior year, the firm earned $0.85 EPS. The business’s quarterly revenue was down 14.2% on a year-over-year basis. Equities research analysts forecast that The ODP Co. will post 5.71 earnings per share for the current year.

ODP declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, February 28th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the specialty retailer to purchase up to 48.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

ODP Profile

The ODP Corporation provides business services and supplies, products, and digital workplace technology solutions for small, medium, and enterprise businesses in the United States, Puerto Rico, and the U.S. Virgin Islands. The company operates through four divisions: ODP Business Solutions, Office Depot, Veyer, and Varis.