ODP (NASDAQ:ODP) Reaches New 1-Year Low Following Weak Earnings

The ODP Co. (NASDAQ:ODP) shares hit a new 52-week low during mid-day trading on Wednesday following a dissappointing earnings announcement. The stock traded as low as $13.44 and last traded at $15.02, with a volume of 1685401 shares. The stock had previously closed at $19.19.

The specialty retailer reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.14). The company had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.61 billion. ODP had a negative net margin of 0.52% and a positive return on equity of 12.15%.

Wall Street Analyst Weigh In

ODP has been the subject of several recent analyst reports. 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, November 7th. StockNews.com lowered ODP from a “buy” rating to a “hold” rating in a research note on Friday, January 31st.

Hedge Funds Weigh In On ODP

Several institutional investors and hedge funds have recently modified their holdings of ODP. Atlas FRM LLC purchased a new position in shares of ODP in the 4th quarter valued at about $17,856,000. Weiss Asset Management LP increased its stake in ODP by 2,219.3% during the 3rd quarter. Weiss Asset Management LP now owns 571,151 shares of the specialty retailer’s stock worth $16,992,000 after buying an additional 546,525 shares in the last quarter. D. E. Shaw & Co. Inc. increased its stake in ODP by 105.2% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 788,084 shares of the specialty retailer’s stock worth $17,921,000 after buying an additional 404,041 shares in the last quarter. Toronto Dominion Bank purchased a new stake in ODP during the 4th quarter worth approximately $7,149,000. Finally, Findell Capital Management LLC purchased a new stake in ODP during the 4th quarter worth approximately $5,571,000. Hedge funds and other institutional investors own 99.56% of the company’s stock.

ODP Trading Down 21.7 %

The company has a 50 day simple moving average of $22.04 and a 200 day simple moving average of $26.31. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.47 and a current ratio of 0.92. The company has a market capitalization of $452.37 million, a PE ratio of -16.51, a price-to-earnings-growth ratio of 0.30 and a beta of 1.38.

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.