ODP (NASDAQ:ODP) Upgraded by StockNews.com to “Buy” Rating

ODP (NASDAQ:ODP) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Thursday.

Separately, UBS Group decreased their target price on ODP from $30.00 to $28.00 and set a “neutral” rating for the company in a research report on Thursday.

ODP Trading Up 0.6 %

NASDAQ:ODP traded up $0.16 during mid-day trading on Thursday, reaching $27.73. 757,184 shares of the company’s stock traded hands, compared to its average volume of 464,314. ODP has a 12-month low of $23.69 and a 12-month high of $58.98. The firm has a market capitalization of $931.17 million, a price-to-earnings ratio of -32.62, a PEG ratio of 0.52 and a beta of 1.48. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.90 and a quick ratio of 0.43. The company has a 50 day moving average price of $29.93 and a 200-day moving average price of $36.01.

ODP (NASDAQ:ODP) last announced its quarterly earnings results on Wednesday, August 7th. The specialty retailer reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.64). ODP had a negative net margin of 0.34% and a positive return on equity of 15.93%. The business had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the prior year, the firm earned $0.99 EPS. The firm’s revenue for the quarter was down 10.0% on a year-over-year basis. On average, sell-side analysts predict that ODP will post 4.29 earnings per share for the current year.

Insider Buying and Selling at ODP

In other ODP news, Director Wendy Lee Schoppert bought 3,875 shares of the business’s stock in a transaction on Friday, August 9th. The shares were acquired at an average cost of $25.77 per share, for a total transaction of $99,858.75. Following the purchase, the director now owns 3,875 shares in the company, valued at approximately $99,858.75. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On ODP

A number of institutional investors and hedge funds have recently modified their holdings of the company. CWM LLC raised its holdings in ODP by 81.3% in the 2nd quarter. CWM LLC now owns 941 shares of the specialty retailer’s stock worth $37,000 after purchasing an additional 422 shares during the period. Quarry LP raised its holdings in ODP by 170.3% during the second quarter. Quarry LP now owns 1,092 shares of the specialty retailer’s stock valued at $43,000 after acquiring an additional 688 shares during the period. KBC Group NV raised its holdings in ODP by 88.9% during the third quarter. KBC Group NV now owns 1,844 shares of the specialty retailer’s stock valued at $55,000 after acquiring an additional 868 shares during the period. Innealta Capital LLC bought a new stake in ODP during the second quarter valued at about $68,000. Finally, Gladius Capital Management LP raised its holdings in ODP by 227.8% during the second quarter. Gladius Capital Management LP now owns 2,180 shares of the specialty retailer’s stock valued at $86,000 after acquiring an additional 1,515 shares during the period. 99.56% of the stock is currently owned by hedge funds and other institutional investors.

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.