Mackenzie Financial Corp Increases Stock Holdings in The ODP Corporation (NASDAQ:ODP)

Key Points

• Mackenzie Financial Corp increased its stake in The ODP Corporation by 375.6% in the first quarter, acquiring an additional 51,933 shares, bringing its total to 65,758 shares valued at approximately $942,000.
• ODP's latest earnings report showed a surprising earnings per share (EPS) of $1.06, exceeding analyst expectations of $0.65, despite a revenue drop of 9.2% year-over-year.
• After a recent downgrade, Wall Street Zen changed ODP's rating from "buy" to "hold".

Mackenzie Financial Corp raised its stake in The ODP Corporation (NASDAQ:ODP - Free Report) by 375.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 65,758 shares of the specialty retailer's stock after acquiring an additional 51,933 shares during the quarter. Mackenzie Financial Corp owned approximately 0.22% of ODP worth $942,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Neuberger Berman Group LLC raised its stake in shares of ODP by 0.5% during the 4th quarter. Neuberger Berman Group LLC now owns 911,604 shares of the specialty retailer's stock worth $20,697,000 after buying an additional 4,569 shares during the period. Allianz Asset Management GmbH raised its stake in shares of ODP by 28.2% during the 1st quarter. Allianz Asset Management GmbH now owns 821,669 shares of the specialty retailer's stock worth $11,775,000 after buying an additional 180,758 shares during the period. D. E. Shaw & Co. Inc. raised its stake in shares of ODP by 105.2% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 788,084 shares of the specialty retailer's stock worth $17,921,000 after buying an additional 404,041 shares during the period. Atlas FRM LLC acquired a new position in shares of ODP during the 4th quarter worth approximately $17,856,000. Finally, Northern Trust Corp raised its stake in ODP by 13.0% in the 4th quarter. Northern Trust Corp now owns 600,027 shares of the specialty retailer's stock valued at $13,645,000 after purchasing an additional 69,198 shares during the last quarter. 99.56% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ODP has been the subject of several recent research reports. Wall Street Zen downgraded ODP from a "buy" rating to a "hold" rating in a research note on Sunday, June 22nd. UBS Group increased their price objective on ODP from $17.00 to $19.00 and gave the company a "neutral" rating in a research note on Thursday.

ODP Price Performance

NASDAQ ODP traded down $0.22 during mid-day trading on Friday, hitting $19.41. The stock had a trading volume of 353,956 shares, compared to its average volume of 502,535. The firm's 50 day moving average is $18.08 and its 200 day moving average is $17.04. The ODP Corporation has a twelve month low of $11.85 and a twelve month high of $32.21. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.94 and a quick ratio of 0.45. The stock has a market capitalization of $583.85 million, a price-to-earnings ratio of 29.41, a PEG ratio of 0.47 and a beta of 1.38.

ODP (NASDAQ:ODP - Get Free Report) last issued its earnings results on Wednesday, August 6th. The specialty retailer reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.18. The company had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.59 billion. ODP had a return on equity of 11.22% and a net margin of 0.39%. The firm's quarterly revenue was down 7.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.56 EPS. Equities research analysts forecast that The ODP Corporation will post 3.26 earnings per share for the current fiscal year.

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.