Wedge Capital Management L L P NC Buys 6,563 Shares of The ODP Co. (NASDAQ:ODP)

Wedge Capital Management L L P NC grew its stake in shares of The ODP Co. (NASDAQ:ODP) by 50.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,598 shares of the specialty retailer’s stock after buying an additional 6,563 shares during the period. Wedge Capital Management L L P NC’s holdings in ODP were worth $1,103,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ODP. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of ODP by 87.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,201 shares of the specialty retailer’s stock valued at $743,000 after purchasing an additional 6,142 shares in the last quarter. Cornercap Investment Counsel Inc. boosted its position in ODP by 97.1% during the 4th quarter. Cornercap Investment Counsel Inc. now owns 22,231 shares of the specialty retailer’s stock worth $1,252,000 after acquiring an additional 10,953 shares during the last quarter. Louisiana State Employees Retirement System acquired a new position in ODP during the 4th quarter worth approximately $935,000. Allspring Global Investments Holdings LLC boosted its position in ODP by 169.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 89,269 shares of the specialty retailer’s stock worth $5,026,000 after acquiring an additional 56,080 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its position in ODP by 49.9% during the 4th quarter. Pacer Advisors Inc. now owns 1,481,692 shares of the specialty retailer’s stock worth $83,419,000 after acquiring an additional 493,233 shares during the last quarter. Institutional investors own 99.56% of the company’s stock.

ODP Trading Up 0.4 %

Shares of ODP stock opened at $51.43 on Friday. The ODP Co. has a 12-month low of $39.36 and a 12-month high of $58.98. The stock has a market cap of $1.88 billion, a P/E ratio of 15.22, a P/E/G ratio of 0.64 and a beta of 1.62. The company has a quick ratio of 0.54, a current ratio of 0.99 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average is $51.86 and its 200-day moving average is $50.28.

ODP (NASDAQ:ODP) last posted its quarterly earnings results on Wednesday, February 28th. The specialty retailer reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.16. ODP had a return on equity of 19.45% and a net margin of 1.77%. The business had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.84 billion. During the same quarter in the prior year, the business earned $0.85 EPS. The firm’s revenue for the quarter was down 14.2% on a year-over-year basis. Equities research analysts predict that The ODP Co. will post 5.71 earnings per share for the current fiscal year.

ODP declared that its board has authorized a stock repurchase program on Wednesday, February 28th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the specialty retailer to reacquire up to 48.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ODP. TheStreet downgraded ODP from a “b-” rating to a “c+” rating in a research report on Wednesday, February 28th. StockNews.com upgraded ODP from a “hold” rating to a “buy” rating in a research note on Tuesday, March 12th. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, ODP currently has an average rating of “Moderate Buy” and a consensus price target of $62.00.

Insider Activity at ODP

In related news, CFO Diego Anthony Scaglione sold 25,000 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $55.00, for a total value of $1,375,000.00. Following the sale, the chief financial officer now owns 96,104 shares in the company, valued at approximately $5,285,720. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.60% of the stock is owned by company insiders.

ODP Company Profile

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.