Mork Capital Management LLC Grows Stake in The ODP Corporation $ODP

Key Points

• Mork Capital Management LLC increased its stake in The ODP Corporation by 100%, now holding 150,000 shares worth $2.15 million.
• ODP Corporation reported a quarterly earnings per share of $0.51, exceeding analysts' estimates of $0.33, despite a 7.6% year-over-year revenue decline.
• UBS Group raised its price target for ODP shares from $17.00 to $19.00, maintaining a "neutral" rating on the stock.

Mork Capital Management LLC grew its stake in The ODP Corporation (NASDAQ:ODP - Free Report) by 100.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 150,000 shares of the specialty retailer's stock after purchasing an additional 75,000 shares during the quarter. ODP makes up about 1.7% of Mork Capital Management LLC's holdings, making the stock its 12th largest position. Mork Capital Management LLC owned approximately 0.50% of ODP worth $2,150,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of ODP. Millennium Management LLC raised its stake in shares of ODP by 673.7% in the first quarter. Millennium Management LLC now owns 698,169 shares of the specialty retailer's stock valued at $10,005,000 after buying an additional 607,935 shares during the period. Boothbay Fund Management LLC bought a new position in ODP during the 1st quarter valued at approximately $8,248,000. AQR Capital Management LLC raised its position in ODP by 81.5% during the 1st quarter. AQR Capital Management LLC now owns 123,276 shares of the specialty retailer's stock valued at $1,767,000 after purchasing an additional 55,350 shares during the last quarter. Royal Bank of Canada raised its position in ODP by 56.0% during the 1st quarter. Royal Bank of Canada now owns 54,098 shares of the specialty retailer's stock valued at $775,000 after purchasing an additional 19,419 shares during the last quarter. Finally, Graham Capital Management L.P. bought a new position in shares of ODP in the 1st quarter worth approximately $1,195,000. 99.56% of the stock is currently owned by institutional investors.

ODP Stock Performance

NASDAQ ODP traded up $1.00 on Thursday, hitting $21.32. 93,470 shares of the company traded hands, compared to its average volume of 587,400. The company has a market capitalization of $641.16 million, a price-to-earnings ratio of 32.30, a P/E/G ratio of 0.51 and a beta of 1.40. The company has a current ratio of 0.94, a quick ratio of 0.45 and a debt-to-equity ratio of 0.30. The business's 50 day moving average price is $19.40 and its 200-day moving average price is $16.95. The ODP Corporation has a 52-week low of $11.85 and a 52-week high of $32.21.

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

Analysts Set New Price Targets

Several equities research analysts have commented on ODP shares. Wall Street Zen downgraded ODP from a "buy" rating to a "hold" rating in a report on Sunday, June 22nd. UBS Group increased their target price on ODP from $17.00 to $19.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $19.00.

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.