New York State Teachers Retirement System Sells 3,423 Shares of The ODP Co. (NASDAQ:ODP)

New York State Teachers Retirement System decreased its holdings in shares of The ODP Co. (NASDAQ:ODP) by 5.6% in the fourth quarter, Holdings Channel reports. The firm owned 58,028 shares of the specialty retailer’s stock after selling 3,423 shares during the quarter. New York State Teachers Retirement System’s holdings in ODP were worth $3,267,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ODP. Citigroup Inc. raised its stake in shares of ODP by 4.8% in the first quarter. Citigroup Inc. now owns 44,619 shares of the specialty retailer’s stock valued at $2,045,000 after acquiring an additional 2,046 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of 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 acquiring an additional 270 shares during the last quarter. MetLife Investment Management LLC raised its stake in shares of ODP by 40.6% in the first quarter. MetLife Investment Management LLC now owns 24,211 shares of the specialty retailer’s stock valued at $1,110,000 after acquiring an additional 6,986 shares during the last quarter. Panagora Asset Management Inc. bought a new position in shares of ODP in the first quarter valued at approximately $220,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of ODP by 14.1% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 39,569 shares of the specialty retailer’s stock valued at $1,813,000 after acquiring an additional 4,878 shares during the last quarter. Institutional investors own 99.56% of the company’s stock.

Insider Activity

In other news, CFO Diego Anthony Scaglione sold 25,000 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $55.00, for a total value of $1,375,000.00. Following the completion of the transaction, the chief financial officer now owns 96,104 shares of the company’s stock, valued at approximately $5,285,720. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. StockNews.com upgraded shares of ODP from a “hold” rating to a “buy” rating in a research report on Tuesday, March 12th. TheStreet cut shares of ODP from a “b-” rating to a “c+” rating in a research report on Wednesday, February 28th. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $62.00.

ODP Price Performance

ODP opened at $50.31 on Tuesday. The company has a fifty day moving average price of $52.20 and a two-hundred day moving average price of $50.11. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.54 and a current ratio of 0.99. The ODP Co. has a 52 week low of $39.36 and a 52 week high of $58.98. The firm has a market capitalization of $1.84 billion, a PE ratio of 14.88, a P/E/G ratio of 0.63 and a beta of 1.62.

ODP (NASDAQ:ODP) last released its earnings results on Wednesday, February 28th. The specialty retailer reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.76 by $0.16. ODP had a net margin of 1.77% and a return on equity of 19.45%. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.84 billion. During the same quarter in the previous year, the business earned $0.85 EPS. The business’s quarterly revenue was down 14.2% compared to the same quarter last year. As a group, analysts anticipate that The ODP Co. will post 5.71 earnings per share for the current year.

ODP declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, February 28th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the specialty retailer to buy up to 48.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.

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.