Vanguard Group Inc. Sells 655,029 Shares of The ODP Corporation $ODP

Key Points

• Vanguard Group Inc. has reduced its stake in The ODP Corporation by 18.3%, now owning 2,926,353 shares valued at approximately $41.9 million.
• Several institutional investors significantly increased their holdings in ODP, with Federated Hermes Inc. growing their position by 7,849.9% in the first quarter.
• The ODP Corporation reported quarterly earnings of $0.51 per share, exceeding analyst expectations, despite a 7.6% year-over-year revenue decline.

Vanguard Group Inc. lessened its holdings in shares of The ODP Corporation (NASDAQ:ODP - Free Report) by 18.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,926,353 shares of the specialty retailer's stock after selling 655,029 shares during the period. Vanguard Group Inc. owned 9.81% of ODP worth $41,935,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Wells Fargo & Company MN raised its stake in ODP by 16.2% during the fourth quarter. Wells Fargo & Company MN now owns 19,539 shares of the specialty retailer's stock worth $444,000 after buying an additional 2,717 shares during the last quarter. MetLife Investment Management LLC increased its position in shares of ODP by 4.8% during 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 in the last quarter. Tower Research Capital LLC TRC boosted its holdings 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 worth $98,000 after purchasing an additional 1,198 shares during the last quarter. Northern Trust Corp grew its holdings in shares of ODP by 13.0% in the fourth quarter. Northern Trust Corp now owns 600,027 shares of the specialty retailer's stock valued at $13,645,000 after acquiring an additional 69,198 shares in the last quarter. Finally, Atlas FRM LLC bought a new position in shares of ODP in the fourth quarter valued at approximately $17,856,000. Institutional investors and hedge funds own 99.56% of the company's stock.

ODP Stock Performance

Shares of ODP stock traded down $0.45 during trading on Friday, reaching $20.26. 346,209 shares of the company's stock traded hands, compared to its average volume of 485,666. The ODP Corporation has a 1 year low of $11.85 and a 1 year high of $32.21. 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 company has a market capitalization of $609.42 million, a P/E ratio of 30.70, a PEG ratio of 0.50 and a beta of 1.38. The firm's 50-day moving average is $18.96 and its 200 day moving average is $16.84.

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

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. UBS Group boosted their target price on shares of ODP from $17.00 to $19.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Wall Street Zen cut shares of ODP from a "buy" rating to a "hold" rating in a research note on Sunday, June 22nd. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, ODP 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.