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 research report sent to investors on Thursday morning.

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

ODP Stock Performance

Shares of NASDAQ:ODP opened at $27.95 on Thursday. The firm’s 50 day simple moving average is $29.83 and its 200 day simple moving average is $35.68. ODP has a fifty-two week low of $23.69 and a fifty-two week high of $58.98. The company has a market capitalization of $938.56 million, a price-to-earnings ratio of -30.71, a P/E/G ratio of 0.57 and a beta of 1.48. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.92 and a quick ratio of 0.43.

ODP (NASDAQ:ODP) last posted its earnings results on Wednesday, November 6th. The specialty retailer reported $0.71 earnings per share for the quarter, missing the consensus estimate of $1.60 by ($0.89). ODP had a positive return on equity of 12.15% and a negative net margin of 0.52%. The firm had revenue of $1.78 billion during the quarter, compared to analyst estimates of $1.82 billion. During the same quarter last year, the business posted $1.88 earnings per share. The company’s revenue for the quarter was down 11.3% on a year-over-year basis. As a group, sell-side analysts forecast that ODP will post 3.45 earnings per share for the current year.

Hedge Funds Weigh In On ODP

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. DME Capital Management LP boosted its position in ODP by 29.9% during the 2nd quarter. DME Capital Management LP now owns 2,222,470 shares of the specialty retailer’s stock worth $87,276,000 after acquiring an additional 511,890 shares during the last quarter. Thompson Siegel & Walmsley LLC grew its position in ODP by 106.3% in the second quarter. Thompson Siegel & Walmsley LLC now owns 330,177 shares of the specialty retailer’s stock valued at $12,966,000 after purchasing an additional 170,149 shares in the last quarter. American Century Companies Inc. grew its position in ODP by 19.6% in the second quarter. American Century Companies Inc. now owns 832,871 shares of the specialty retailer’s stock valued at $32,707,000 after purchasing an additional 136,730 shares in the last quarter. Caxton Associates LP acquired a new stake in ODP in the 2nd quarter valued at $2,788,000. Finally, Clearline Capital LP boosted its stake in shares of ODP by 108.7% during the 2nd quarter. Clearline Capital LP now owns 124,886 shares of the specialty retailer’s stock worth $4,904,000 after buying an additional 65,033 shares during the last quarter. 99.56% of the stock is owned by institutional investors and hedge funds.

ODP Company Profile

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.