Fir Tree Capital Management LP boosted its holdings in The ODP Co. (NASDAQ:ODP – Get Rating) by 474.8% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 723,899 shares of the specialty retailer's stock after acquiring an additional 597,964 shares during the quarter. ODP accounts for about 0.9% of Fir Tree Capital Management LP's investment portfolio, making the stock its 12th largest position. Fir Tree Capital Management LP's holdings in ODP were worth $33,176,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Credit Suisse AG grew its position in ODP by 1,349.0% in the fourth quarter. Credit Suisse AG now owns 701,554 shares of the specialty retailer's stock worth $27,558,000 after acquiring an additional 653,137 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of ODP in the 1st quarter worth about $21,341,000. Greenlight Capital Inc. increased its position in shares of ODP by 25.3% during the 4th quarter. Greenlight Capital Inc. now owns 1,437,590 shares of the specialty retailer's stock valued at $56,469,000 after purchasing an additional 290,658 shares during the last quarter. EVR Research LP purchased a new position in shares of ODP during the 1st quarter valued at about $9,166,000. Finally, SCW Capital Management LP bought a new stake in ODP in the 1st quarter worth approximately $7,217,000. Hedge funds and other institutional investors own 92.15% of the company's stock.
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Insider Activity
In other news, EVP Zoe Maloney sold 6,800 shares of ODP stock in a transaction dated Wednesday, August 17th. The shares were 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 of the company's stock, valued at approximately $808,413.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.00% of the company's stock.
Wall Street Analyst Weigh In
ODP has been the topic of several research reports. UBS Group decreased their price target on shares of ODP from $50.00 to $41.00 and set a "neutral" rating on the stock in a research note on Thursday, August 4th. StockNews.com raised shares of ODP from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, August 31st.
ODP Trading Up 3.6 %
Shares of ODP opened at $37.90 on Tuesday. The stock has a market capitalization of $1.86 billion, a P/E ratio of -21.29 and a beta of 1.85. 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 fifty day simple moving average of $35.50 and a two-hundred day simple moving average of $39.31. The ODP Co. has a twelve month low of $28.85 and a twelve month high of $48.00.
ODP (NASDAQ:ODP – Get Rating) last announced its earnings results on Wednesday, August 3rd. The specialty retailer reported $0.79 earnings per share for the quarter, beating analysts' consensus estimates of $0.46 by $0.33. The firm had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.04 billion. ODP had a negative net margin of 1.08% and a positive return on equity of 14.99%. The company's revenue for the quarter was down 11.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.51 EPS. On average, research analysts anticipate that The ODP Co. will post 4.3 EPS 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.
Further Reading
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