ODP (NASDAQ:ODP) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of ODP (NASDAQ:ODP) from a hold rating to a buy rating in a report issued on Thursday.

Separately, UBS Group cut their price target on ODP from $30.00 to $28.00 and set a “neutral” rating for the company in a research note on Thursday.

ODP Stock Up 1.2 %

Shares of ODP traded up $0.32 during trading hours on Thursday, hitting $28.05. The company had a trading volume of 239,788 shares, compared to its average volume of 463,218. ODP has a 52-week low of $23.69 and a 52-week high of $58.98. The firm has a fifty day moving average price of $29.89 and a 200-day moving average price of $35.95. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.43 and a current ratio of 0.90. The stock has a market capitalization of $941.95 million, a price-to-earnings ratio of -30.88, a P/E/G ratio of 0.52 and a beta of 1.48.

ODP (NASDAQ:ODP) last issued its earnings results on Wednesday, August 7th. The specialty retailer reported $0.56 earnings per share for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.64). ODP had a positive return on equity of 15.93% and a negative net margin of 0.34%. The business had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the firm posted $0.99 EPS. ODP’s quarterly revenue was down 10.0% compared to the same quarter last year. On average, equities research analysts forecast that ODP will post 4.29 EPS for the current fiscal year.

Institutional Trading of ODP

Hedge funds have recently modified their holdings of the company. Texas Permanent School Fund Corp boosted its holdings in ODP by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 29,114 shares of the specialty retailer’s stock valued at $1,544,000 after acquiring an additional 375 shares during the period. Duality Advisers LP lifted its holdings in ODP by 189.0% during the 1st quarter. Duality Advisers LP now owns 26,269 shares of the specialty retailer’s stock valued at $1,394,000 after buying an additional 17,179 shares in the last quarter. Quantbot Technologies LP boosted its position in ODP by 60.0% in the 1st quarter. Quantbot Technologies LP now owns 21,695 shares of the specialty retailer’s stock valued at $1,151,000 after buying an additional 8,135 shares during the period. Empowered Funds LLC grew its stake in ODP by 8.1% in the 1st quarter. Empowered Funds LLC now owns 163,447 shares of the specialty retailer’s stock worth $8,671,000 after acquiring an additional 12,262 shares in the last quarter. Finally, Illinois Municipal Retirement Fund grew its stake in ODP by 4.3% in the 1st quarter. Illinois Municipal Retirement Fund now owns 20,745 shares of the specialty retailer’s stock worth $1,101,000 after acquiring an additional 853 shares in the last quarter. 99.56% of the stock is owned by hedge funds and other institutional investors.

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.