Bank of New York Mellon Corp Sells 16,263 Shares of The ODP Corporation (NASDAQ:ODP)

Key Points

• Bank of New York Mellon Corp reduced its stake in The ODP Corporation by 7.2%, selling 16,263 shares, and now holds 209,988 shares valued at approximately $3 million.
• Despite the reduction, institutional investors own 99.56% of ODP's stock, with several firms, like GAMMA Investing LLC, significantly increasing their stakes in the company during the same quarter.
• ODP reported quarterly earnings of $1.06 per share, exceeding expectations, but its revenue was down 9.2% year-over-year, prompting a rating downgrade from "buy" to "hold" by Wall Street analysts.

Bank of New York Mellon Corp reduced its holdings in The ODP Corporation (NASDAQ:ODP - Free Report) by 7.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 209,988 shares of the specialty retailer's stock after selling 16,263 shares during the quarter. Bank of New York Mellon Corp owned about 0.70% of ODP worth $3,009,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Rockefeller Capital Management L.P. raised its stake in shares of ODP by 2.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 28,189 shares of the specialty retailer's stock worth $641,000 after purchasing an additional 568 shares during the last quarter. MetLife Investment Management LLC boosted its stake in shares of ODP by 4.8% in the fourth quarter. MetLife Investment Management LLC now owns 21,601 shares of the specialty retailer's stock worth $491,000 after acquiring an additional 994 shares during the period. Yousif Capital Management LLC boosted its stake in shares of ODP by 7.8% in the first quarter. Yousif Capital Management LLC now owns 15,228 shares of the specialty retailer's stock worth $218,000 after acquiring an additional 1,101 shares during the period. Tower Research Capital LLC TRC boosted its stake in ODP by 38.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,324 shares of the specialty retailer's stock valued at $98,000 after buying an additional 1,198 shares during the last quarter. Finally, New York State Teachers Retirement System lifted its stake in shares of ODP by 5.7% in the 1st quarter. New York State Teachers Retirement System now owns 45,112 shares of the specialty retailer's stock valued at $646,000 after purchasing an additional 2,446 shares during the last quarter. 99.56% of the stock is currently owned by institutional investors.

ODP Stock Performance

Shares of NASDAQ ODP traded down $0.30 during midday trading on Thursday, reaching $18.43. 83,342 shares of the company were exchanged, compared to its average volume of 612,970. The company has a current ratio of 0.94, a quick ratio of 0.45 and a debt-to-equity ratio of 0.32. The ODP Corporation has a 1 year low of $11.85 and a 1 year high of $43.31. The stock has a fifty day simple moving average of $17.76 and a 200 day simple moving average of $17.33. The stock has a market cap of $554.22 million, a P/E ratio of -13.25, a PEG ratio of 0.44 and a beta of 1.34.

ODP (NASDAQ:ODP - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The specialty retailer reported $1.06 EPS for the quarter, topping the consensus estimate of $0.65 by $0.41. ODP had a positive return on equity of 11.50% and a negative net margin of 0.69%. The business had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same quarter in the previous year, the company earned $1.05 EPS. The company's quarterly revenue was down 9.2% on a year-over-year basis. On average, research analysts forecast that The ODP Corporation will post 3.26 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, Wall Street Zen downgraded ODP from a "buy" rating to a "hold" rating in a report on Sunday, June 22nd.

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.