ODP (NASDAQ:ODP) Sets New 1-Year Low - Here's Why

The ODP Co. (NASDAQ:ODP - Get Free Report) shares reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $23.61 and last traded at $23.80, with a volume of 6191 shares trading hands. The stock had previously closed at $24.06.

Analysts Set New Price Targets

Several research analysts recently commented on ODP shares. UBS Group reduced their target price on ODP from $30.00 to $28.00 and set a "neutral" rating for the company in a research report on Thursday, November 7th. StockNews.com raised shares of ODP from a "hold" rating to a "buy" rating in a report on Thursday, November 7th.

ODP Stock Performance

The firm has a fifty day simple moving average of $27.41 and a 200-day simple moving average of $31.61. The stock has a market cap of $700.54 million, a price-to-earnings ratio of -25.56, a P/E/G ratio of 0.60 and a beta of 1.40. The company has a current ratio of 0.92, a quick ratio of 0.47 and a debt-to-equity ratio of 0.28.

ODP (NASDAQ:ODP - Get Free Report) last issued its earnings results on Wednesday, November 6th. The specialty retailer reported $0.71 EPS for the quarter, missing the consensus estimate of $1.60 by ($0.89). ODP had a negative net margin of 0.52% and a positive return on equity of 12.15%. The business had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter in the previous year, the firm posted $1.88 EPS. The business's revenue was down 11.3% on a year-over-year basis. Analysts forecast that The ODP Co. will post 3.26 EPS for the current fiscal year.

Hedge Funds Weigh In On ODP

A number of hedge funds and other institutional investors have recently made changes to their positions in ODP. DME Capital Management LP grew its position in shares of ODP by 29.9% in the 2nd quarter. DME Capital Management LP now owns 2,222,470 shares of the specialty retailer's stock valued at $87,276,000 after purchasing an additional 511,890 shares during the period. State Street Corp boosted its holdings in shares of ODP by 5.0% in the third quarter. State Street Corp now owns 1,542,725 shares of the specialty retailer's stock valued at $45,896,000 after buying an additional 74,015 shares during the period. American Century Companies Inc. boosted its holdings in shares of 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 buying an additional 136,730 shares during the period. Geode Capital Management LLC increased its position in shares of ODP by 0.4% during the third quarter. Geode Capital Management LLC now owns 813,895 shares of the specialty retailer's stock worth $24,219,000 after acquiring an additional 3,041 shares in the last quarter. Finally, Weiss Asset Management LP raised its holdings in shares of ODP by 2,219.3% during the third quarter. Weiss Asset Management LP now owns 571,151 shares of the specialty retailer's stock worth $16,992,000 after acquiring an additional 546,525 shares during the period. 99.56% of the stock is owned by institutional investors.

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.