Allspring Global Investments Holdings LLC Boosts Stock Holdings in The ODP Co. (NASDAQ:ODP)
Allspring Global Investments Holdings LLC increased its holdings in The ODP Co. by 169% during the 4th quarter, according to its 13F filing. Other large investors, including Pacer Advisors Inc. and CX Institutional, also modified their holdings. The ODP Co. has received mixed ratings from analysts. The stock price of ODP fell by 1.2% and the company reported a decrease in revenue compared to the previous year. These are the main highlights of the given information.
Allspring Global Investments Holdings LLC grew its holdings in shares of The ODP Co. (NASDAQ:ODP - Free Report) by 169.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 89,269 shares of the specialty retailer's stock after purchasing an additional 56,080 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.24% of ODP worth $5,026,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. Pacer Advisors Inc. boosted its stake in ODP by 49.9% during the fourth quarter. Pacer Advisors Inc. now owns 1,481,692 shares of the specialty retailer's stock worth $83,419,000 after buying an additional 493,233 shares during the last quarter. CX Institutional boosted its position in shares of ODP by 0.3% during the 4th quarter. CX Institutional now owns 69,795 shares of the specialty retailer's stock valued at $3,929,000 after acquiring an additional 204 shares during the last quarter. Gladius Capital Management LP raised its stake in ODP by 94.6% during the third quarter. Gladius Capital Management LP now owns 722 shares of the specialty retailer's stock worth $33,000 after purchasing an additional 351 shares during the period. American Century Companies Inc. boosted its holdings in ODP by 11.7% in the 3rd quarter. American Century Companies Inc. now owns 524,628 shares of the specialty retailer's stock valued at $24,212,000 after purchasing an additional 54,836 shares during the last quarter. Finally, Deutsche Bank AG grew its stake in shares of ODP by 12.6% in the 3rd quarter. Deutsche Bank AG now owns 17,844 shares of the specialty retailer's stock valued at $824,000 after buying an additional 1,991 shares during the period. Hedge funds and other institutional investors own 99.56% of the company's stock.
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ODP has been the subject of a number of research analyst reports. StockNews.com upgraded 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 research note on Wednesday, February 28th. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $62.00.
Read Our Latest Report on ODP
Insiders Place Their Bets
In other news, CFO Diego Anthony Scaglione sold 25,000 shares of ODP stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 96,104 shares in the company, valued at approximately $5,285,720. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.60% of the stock is owned by company insiders.
ODP Stock Down 1.2 %
Shares of NASDAQ:ODP opened at $49.38 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.99 and a quick ratio of 0.54. The firm has a market capitalization of $1.81 billion, a PE ratio of 14.61, a price-to-earnings-growth ratio of 0.63 and a beta of 1.62. The firm's 50-day moving average is $52.06 and its two-hundred day moving average is $50.13. The ODP Co. has a 1 year low of $39.36 and a 1 year high of $58.98.
ODP (NASDAQ:ODP - Get Free Report) last posted its quarterly earnings results on Wednesday, February 28th. The specialty retailer reported $0.92 EPS for the quarter, topping the consensus estimate of $0.76 by $0.16. The business 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 company's quarterly revenue was down 14.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.85 earnings per share. Analysts predict that The ODP Co. will post 5.71 EPS for the current year.
ODP announced that its Board of Directors has authorized a share buyback plan on Wednesday, February 28th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the specialty retailer to repurchase up to 48.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.
About ODP
(Free Report)
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.
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