Fir Tree Capital Management LP Buys 597,964 Shares of The ODP Co. (NASDAQ:ODP)

Fir Tree Capital Management LP raised its stake in The ODP Co. (NASDAQ:ODPGet Rating) by 474.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 723,899 shares of the specialty retailer’s stock after purchasing an additional 597,964 shares during the period. ODP accounts for 0.9% of Fir Tree Capital Management LP’s holdings, making the stock its 12th biggest holding. Fir Tree Capital Management LP owned 1.47% of ODP worth $33,176,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Envestnet Asset Management Inc. bought a new position in shares of ODP in the 4th quarter worth $426,000. First Trust Advisors LP grew its holdings in shares of ODP by 374.2% during the fourth quarter. First Trust Advisors LP now owns 59,524 shares of the specialty retailer’s stock valued at $2,338,000 after buying an additional 46,971 shares during the last quarter. Teacher Retirement System of Texas increased its position in shares of ODP by 20.5% during the fourth quarter. Teacher Retirement System of Texas now owns 10,396 shares of the specialty retailer’s stock worth $408,000 after acquiring an additional 1,766 shares in the last quarter. Rafferty Asset Management LLC increased its position in shares of ODP by 11.1% during the fourth quarter. Rafferty Asset Management LLC now owns 24,904 shares of the specialty retailer’s stock worth $978,000 after acquiring an additional 2,497 shares in the last quarter. Finally, GABELLI & Co INVESTMENT ADVISERS INC. lifted its position in ODP by 9.0% in the 4th quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 26,699 shares of the specialty retailer’s stock valued at $1,049,000 after acquiring an additional 2,199 shares in the last quarter. Institutional investors and hedge funds own 92.15% of the company’s stock.

Analysts Set New Price Targets

ODP has been the topic of several analyst reports. UBS Group cut their target price on ODP from $50.00 to $41.00 and set a “neutral” rating on the stock in a research report on Thursday, August 4th. StockNews.com upgraded shares of ODP from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 31st.

Insider Buying and Selling

In other news, EVP Zoe Maloney sold 6,800 shares of the stock in a transaction that occurred on Wednesday, August 17th. The shares were sold at an average price of $36.86, for a total transaction of $250,648.00. Following the completion of the transaction, the executive vice president now directly owns 21,932 shares of the company’s stock, valued at approximately $808,413.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.00% of the stock is currently owned by corporate insiders.

ODP Stock Performance

ODP stock opened at $37.90 on Tuesday. The company has a quick ratio of 0.55, a current ratio of 1.06 and a debt-to-equity ratio of 0.12. The firm has a market cap of $1.86 billion, a PE ratio of -21.29 and a beta of 1.85. The business has a 50 day moving average of $35.50 and a 200-day moving average of $39.31. The ODP Co. has a 12-month low of $28.85 and a 12-month high of $48.00.

ODP (NASDAQ:ODPGet Rating) last announced its quarterly earnings data on Wednesday, August 3rd. The specialty retailer reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.33. The firm had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.04 billion. ODP had a positive return on equity of 14.99% and a negative net margin of 1.08%. The business’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.51 EPS. As a group, sell-side analysts expect that The ODP Co. will post 4.3 earnings per share for the current year.

ODP Profile

(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.

Further Reading

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Institutional Ownership by Quarter for ODP (NASDAQ:ODP)

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