ODP (NASDAQ:ODP) Issues Earnings Results

ODP (NASDAQ:ODP - Get Free Report) posted its quarterly earnings results on Wednesday. The specialty retailer reported $1.05 EPS for the quarter, missing the consensus estimate of $1.64 by ($0.59), Briefing.com reports. The firm had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.96 billion. ODP had a return on equity of 19.45% and a net margin of 1.77%. The company's revenue was down 11.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.78 EPS. ODP updated its FY24 guidance to $6.30-6.60 EPS and its FY 2024 guidance to 6.300-6.600 EPS.

ODP Price Performance

Shares of ODP traded down $8.68 during trading hours on Wednesday, reaching $43.22. The company had a trading volume of 1,118,810 shares, compared to its average volume of 311,875. The company has a current ratio of 0.99, a quick ratio of 0.54 and a debt-to-equity ratio of 0.15. ODP has a 12-month low of $39.36 and a 12-month high of $58.98. The firm has a 50 day simple moving average of $51.59 and a 200-day simple moving average of $50.75. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of 13.36, a PEG ratio of 0.65 and a beta of 1.68.

Analysts Set New Price Targets

ODP has been the subject of a number of research reports. StockNews.com raised shares of ODP from a "hold" rating to a "buy" rating in a report on Tuesday, March 12th. TheStreet downgraded shares of ODP from a "b-" rating to a "c+" rating in a report on Wednesday, February 28th. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $62.00.

ODP announced that its Board of Directors has approved a stock repurchase program on Wednesday, February 28th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the specialty retailer to purchase up to 48.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling

In related news, CFO Diego Anthony Scaglione sold 25,000 shares of ODP stock in a transaction on Friday, March 1st. The stock was sold at an average price of $55.00, for a total transaction of $1,375,000.00. Following the completion of the transaction, the chief financial officer now directly owns 96,104 shares of the company's stock, valued at $5,285,720. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 3.60% of the stock is owned by insiders.

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.