Kanen Wealth Management LLC lowered its stake in shares of The ODP Co. (NASDAQ:ODP – Get Rating) by 5.1% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 510,996 shares of the specialty retailer's stock after selling 27,538 shares during the quarter. ODP accounts for 8.4% of Kanen Wealth Management LLC's investment portfolio, making the stock its 6th largest position. Kanen Wealth Management LLC's holdings in ODP were worth $15,453,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ODP. Mascoma Wealth Management LLC purchased a new stake in ODP in the first quarter valued at $74,000. Nisa Investment Advisors LLC raised its position in ODP by 15.7% in the second quarter. Nisa Investment Advisors LLC now owns 3,470 shares of the specialty retailer's stock valued at $105,000 after purchasing an additional 470 shares during the period. KBC Group NV purchased a new stake in ODP in the second quarter valued at $119,000. PNC Financial Services Group Inc. raised its position in ODP by 9.7% in the first quarter. PNC Financial Services Group Inc. now owns 3,052 shares of the specialty retailer's stock valued at $139,000 after purchasing an additional 270 shares during the period. Finally, Gladius Capital Management LP raised its position in ODP by 31.4% in the first quarter. Gladius Capital Management LP now owns 3,523 shares of the specialty retailer's stock valued at $162,000 after purchasing an additional 842 shares during the period. Institutional investors and hedge funds own 92.15% of the company's stock.
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Analysts Set New Price Targets
A number of equities research analysts have commented on ODP shares. UBS Group reduced 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 ODP from a "buy" rating to a "strong-buy" rating in a report on Wednesday, August 31st.
Insiders Place Their Bets
In other ODP news, EVP Zoe Maloney sold 6,800 shares of the company's stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $36.86, for a total transaction of $250,648.00. Following the sale, the executive vice president now owns 21,932 shares in the company, valued at approximately $808,413.52. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 3.00% of the stock is owned by company insiders.
ODP Trading Up 1.3 %
Shares of ODP stock traded up $0.45 on Wednesday, hitting $35.98. The stock had a trading volume of 17,646 shares, compared to its average volume of 412,737. The company's 50 day moving average price is $34.72 and its 200-day moving average price is $39.76. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.06 and a quick ratio of 0.55. The ODP Co. has a 1 year low of $28.85 and a 1 year high of $48.00. The firm has a market capitalization of $1.77 billion, a P/E ratio of -19.96 and a beta of 1.85.
ODP (NASDAQ:ODP – Get Rating) last issued its quarterly earnings results on Wednesday, August 3rd. The specialty retailer reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.33. ODP had a positive return on equity of 14.99% and a negative net margin of 1.08%. The company had revenue of $2.03 billion for the quarter, compared to the consensus estimate of $2.04 billion. During the same quarter in the prior year, the business earned $0.51 EPS. ODP's revenue was down 11.0% on a year-over-year basis. Analysts anticipate that The ODP Co. will post 4.3 earnings per share for the current year.
About ODP
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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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