ODP (NASDAQ:ODP) Posts Quarterly Earnings Results, Beats Estimates By $0.32 EPS

ODP (NASDAQ:ODP) issued its quarterly earnings data on Wednesday. The specialty retailer reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.32, Zacks reports. ODP had a return on equity of 11.22% and a net margin of 0.39%.The business’s revenue was down 8.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.75 earnings per share.

ODP Stock Up 0.4%

NASDAQ:ODP traded up $0.11 during trading hours on Wednesday, reaching $27.91. The company’s stock had a trading volume of 634,437 shares, compared to its average volume of 699,073. The company has a market cap of $839.49 million, a price-to-earnings ratio of 42.28, a price-to-earnings-growth ratio of 0.69 and a beta of 1.43. ODP has a one year low of $11.85 and a one year high of $29.14. The business’s 50-day moving average is $25.37 and its 200-day moving average is $20.27. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.94 and a quick ratio of 0.45.

Institutional Investors Weigh In On ODP

A number of hedge funds have recently bought and sold shares of the company. Millennium Management LLC boosted its holdings in ODP by 673.7% during the first quarter. Millennium Management LLC now owns 698,169 shares of the specialty retailer’s stock valued at $10,005,000 after acquiring an additional 607,935 shares during the period. Bridgeway Capital Management LLC boosted its holdings in ODP by 1.9% during the second quarter. Bridgeway Capital Management LLC now owns 366,853 shares of the specialty retailer’s stock valued at $6,651,000 after acquiring an additional 6,730 shares during the period. Cubist Systematic Strategies LLC bought a new stake in ODP during the second quarter valued at about $4,905,000. Arrowstreet Capital Limited Partnership bought a new stake in ODP during the second quarter valued at about $4,901,000. Finally, Empowered Funds LLC boosted its holdings in ODP by 3.7% during the first quarter. Empowered Funds LLC now owns 202,111 shares of the specialty retailer’s stock valued at $2,896,000 after acquiring an additional 7,236 shares during the period. 99.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on ODP. Weiss Ratings restated a “sell (d)” rating on shares of ODP in a research report on Wednesday, October 8th. UBS Group upped their target price on ODP from $17.00 to $19.00 and gave the stock a “neutral” rating in a research report on Thursday, August 7th. Finally, Noble Financial downgraded ODP from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday, September 23rd. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $19.00.

ODP Company 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.