ODP (NASDAQ:ODP) Downgraded to “Buy” at StockNews.com

StockNews.com downgraded shares of ODP (NASDAQ:ODP – Get Rating) from a strong-buy rating to a buy rating in a research note published on Wednesday.

NASDAQ ODP opened at $28.96 on Wednesday. The stock has a 50-day simple moving average of $40.58 and a 200 day simple moving average of $42.05. The company has a market capitalization of $1.42 billion, a PE ratio of -7.35 and a beta of 1.84. The company has a current ratio of 1.04, a quick ratio of 0.60 and a debt-to-equity ratio of 0.12. ODP has a 12 month low of $28.89 and a 12 month high of $50.29.

ODP (NASDAQ:ODP – Get Rating) last released its quarterly earnings data on Wednesday, May 4th. The specialty retailer reported $1.27 EPS for the quarter. The business had revenue of $2.18 billion during the quarter, compared to the consensus estimate of $2.13 billion. ODP had a positive return on equity of 13.58% and a negative net margin of 2.37%. The firm’s revenue was down 7.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.21 earnings per share.

Several institutional investors have recently made changes to their positions in ODP. California State Teachers Retirement System increased its holdings in shares of ODP by 4.2% in the third quarter. California State Teachers Retirement System now owns 71,933 shares of the specialty retailer’s stock worth $2,889,000 after acquiring an additional 2,928 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of ODP in the third quarter worth about $1,719,000. Point72 Hong Kong Ltd bought a new stake in shares of ODP in the third quarter worth about $36,000. Millennium Management LLC increased its holdings in shares of ODP by 154.5% in the third quarter. Millennium Management LLC now owns 238,764 shares of the specialty retailer’s stock worth $9,589,000 after acquiring an additional 144,963 shares in the last quarter. Finally, Voloridge Investment Management LLC increased its holdings in shares of ODP by 11.9% in the third quarter. Voloridge Investment Management LLC now owns 98,420 shares of the specialty retailer’s stock worth $3,953,000 after acquiring an additional 10,430 shares in the last quarter. Institutional investors own 94.48% of the company’s stock.

About ODP (Get Rating)

The ODP Corporation provides business services and supplies, products, and digital workplace technology solutions for small, medium, and enterprise businesses. The company operates in two divisions, Business Solutions and Retail. The Business Solutions division offers office supply products and services, cleaning and breakroom supplies, technology services, copy and print services, and office furniture products and services through sales forces, catalogs, and telesales, as well as through Internet Websites in the United States, Puerto Rico, the U.S.

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