ODP (NASDAQ:ODP) Reaches New 52-Week Low – Here’s What Happened

The ODP Co. (NASDAQ:ODP) shares hit a new 52-week low during mid-day trading on Friday . The company traded as low as $21.60 and last traded at $22.12, with a volume of 354658 shares traded. The stock had previously closed at $22.00.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ODP shares. UBS Group dropped their price objective on shares of ODP from $30.00 to $28.00 and set a “neutral” rating for the company in a research note on Thursday, November 7th. StockNews.com raised shares of ODP from a “hold” rating to a “buy” rating in a research note on Thursday, November 7th.

ODP Stock Performance

The firm has a market capitalization of $666.21 million, a P/E ratio of -24.31, a P/E/G ratio of 0.60 and a beta of 1.40. The firm has a 50-day moving average price of $26.38 and a two-hundred day moving average price of $30.87. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.92 and a quick ratio of 0.47.

ODP (NASDAQ:ODP) last issued its earnings results on Wednesday, November 6th. The specialty retailer reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.89). The company had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.82 billion. ODP had a positive return on equity of 12.15% and a negative net margin of 0.52%. The business’s revenue was down 11.3% compared to the same quarter last year. During the same period last year, the business posted $1.88 earnings per share. On average, analysts forecast that The ODP Co. will post 3.26 EPS for the current fiscal year.

Institutional Investors Weigh In On ODP

Several large investors have recently modified their holdings of ODP. Bank of New York Mellon Corp raised its stake in ODP by 2.9% in the second quarter. Bank of New York Mellon Corp now owns 304,279 shares of the specialty retailer’s stock worth $11,949,000 after buying an additional 8,618 shares in the last quarter. Rhumbline Advisers raised its position in shares of ODP by 0.9% in the 2nd quarter. Rhumbline Advisers now owns 109,855 shares of the specialty retailer’s stock worth $4,314,000 after acquiring an additional 1,000 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of ODP by 121.1% during the 2nd quarter. Victory Capital Management Inc. now owns 51,501 shares of the specialty retailer’s stock worth $2,022,000 after purchasing an additional 28,210 shares during the last quarter. Arizona State Retirement System boosted its position in ODP by 10.9% during the second quarter. Arizona State Retirement System now owns 10,251 shares of the specialty retailer’s stock valued at $403,000 after purchasing an additional 1,006 shares in the last quarter. Finally, Texas Permanent School Fund Corp grew its stake in ODP by 15.1% in the second quarter. Texas Permanent School Fund Corp now owns 33,507 shares of the specialty retailer’s stock valued at $1,316,000 after purchasing an additional 4,393 shares during the last quarter. Institutional investors own 99.56% of the company’s stock.

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.