ODP (NASDAQ:ODP) Stock Price Passes Above Two Hundred Day Moving Average of $49.93

Shares of The ODP Co. (NASDAQ:ODP) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $49.93 and traded as high as $51.20. ODP shares last traded at $50.72, with a volume of 371,650 shares.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. StockNews.com raised shares of ODP from a “hold” rating to a “buy” rating in a report on Tuesday, March 12th. TheStreet downgraded shares of ODP from a “b-” rating to a “c+” rating in a report on Wednesday, February 28th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $62.00.

ODP Stock Down 0.1 %

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 stock has a market cap of $1.86 billion, a P/E ratio of 15.01, a P/E/G ratio of 0.63 and a beta of 1.62. The stock’s fifty day simple moving average is $52.29 and its 200-day simple moving average is $49.93.

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

ODP announced that its Board of Directors has authorized a share buyback program on Wednesday, February 28th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the specialty retailer to reacquire up to 48.7% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Insider Transactions at ODP

In other news, CFO Diego Anthony Scaglione sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $55.00, for a total transaction of $1,375,000.00. Following the completion of the sale, 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 legal filing with the SEC, which is accessible through this hyperlink. 3.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ODP

A number of institutional investors have recently added to or reduced their stakes in the stock. CX Institutional increased its position in ODP by 0.3% during the 4th quarter. CX Institutional now owns 69,795 shares of the specialty retailer’s stock worth $3,929,000 after purchasing an additional 204 shares in the last quarter. SummerHaven Investment Management LLC increased its position in ODP by 1.4% during the 4th quarter. SummerHaven Investment Management LLC now owns 15,247 shares of the specialty retailer’s stock worth $858,000 after purchasing an additional 213 shares in the last quarter. PNC Financial Services Group Inc. increased its position in ODP by 9.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,052 shares of the specialty retailer’s stock worth $139,000 after purchasing an additional 270 shares in the last quarter. Sei Investments Co. increased its position in ODP by 4.5% during the 2nd quarter. Sei Investments Co. now owns 6,457 shares of the specialty retailer’s stock worth $302,000 after purchasing an additional 278 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its position in ODP by 10.2% during the 2nd quarter. Point72 Asset Management L.P. now owns 3,501 shares of the specialty retailer’s stock worth $164,000 after purchasing an additional 325 shares in the last quarter. 99.56% of the stock is currently owned by institutional investors and hedge funds.

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.