ODP (NASDAQ:ODP) Sets New 1-Year Low on Disappointing Earnings

The ODP Co. (NASDAQ:ODP) shares hit a new 52-week low on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $13.44 and last traded at $15.02, with a volume of 1685401 shares. The stock had previously closed at $19.19.

The specialty retailer reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.14). ODP had a positive return on equity of 12.15% and a negative net margin of 0.52%. The business had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.61 billion.

Wall Street Analysts Forecast Growth

ODP has been the topic of several research analyst reports. StockNews.com downgraded ODP from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. UBS Group lowered their price target on ODP from $30.00 to $28.00 and set a “neutral” rating for the company in a research report on Thursday, November 7th.

Institutional Trading of ODP

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jane Street Group LLC lifted its position in ODP by 31.1% during the 3rd quarter. Jane Street Group LLC now owns 192,184 shares of the specialty retailer’s stock worth $5,717,000 after acquiring an additional 45,627 shares during the period. Geode Capital Management LLC lifted its position in ODP by 0.4% during the 3rd quarter. Geode Capital Management LLC now owns 813,895 shares of the specialty retailer’s stock worth $24,219,000 after acquiring an additional 3,041 shares during the period. Weiss Asset Management LP lifted its position in ODP by 2,219.3% during the 3rd quarter. Weiss Asset Management LP now owns 571,151 shares of the specialty retailer’s stock worth $16,992,000 after acquiring an additional 546,525 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in ODP by 1.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 82,606 shares of the specialty retailer’s stock worth $2,458,000 after acquiring an additional 790 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in ODP by 13.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 481,450 shares of the specialty retailer’s stock worth $14,323,000 after acquiring an additional 58,062 shares during the period. Institutional investors and hedge funds own 99.56% of the company’s stock.

ODP Trading Down 21.7 %

The firm has a market cap of $452.37 million, a price-to-earnings ratio of -16.51, a PEG ratio of 0.30 and a beta of 1.38. The company has a fifty day moving average price of $22.04 and a 200-day moving average price of $26.31. The company has a current ratio of 0.92, a quick ratio of 0.47 and a debt-to-equity ratio of 0.28.

About ODP

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.