AREX Capital Management LP Raises Holdings in The ODP Co. (NASDAQ:ODP)

AREX Capital Management LP increased its holdings in shares of The ODP Co. (NASDAQ:ODP) by 26.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 240,500 shares of the specialty retailer’s stock after acquiring an additional 50,000 shares during the quarter. ODP makes up about 10.8% of AREX Capital Management LP’s holdings, making the stock its 3rd largest position. AREX Capital Management LP’s holdings in ODP were worth $9,444,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Oliver Luxxe Assets LLC raised its stake in shares of ODP by 1.5% during the 1st quarter. Oliver Luxxe Assets LLC now owns 22,070 shares of the specialty retailer’s stock valued at $1,171,000 after purchasing an additional 334 shares during the period. ProShare Advisors LLC raised its stake in shares of ODP by 5.7% during the 1st quarter. ProShare Advisors LLC now owns 6,462 shares of the specialty retailer’s stock valued at $343,000 after purchasing an additional 348 shares during the period. Texas Permanent School Fund Corp raised its stake in shares of ODP by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 29,114 shares of the specialty retailer’s stock valued at $1,544,000 after purchasing an additional 375 shares during the period. SummerHaven Investment Management LLC raised its stake in shares of ODP by 2.6% during the 2nd quarter. SummerHaven Investment Management LLC now owns 15,830 shares of the specialty retailer’s stock valued at $622,000 after purchasing an additional 399 shares during the period. Finally, CWM LLC grew its position in ODP by 81.3% during the second quarter. CWM LLC now owns 941 shares of the specialty retailer’s stock worth $37,000 after buying an additional 422 shares in the last quarter. 99.56% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ODP shares. StockNews.com cut ODP from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. UBS Group reduced their target price on ODP from $53.00 to $30.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th.

Insider Transactions at ODP

In related news, Director Wendy Lee Schoppert bought 3,875 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was bought at an average cost of $25.77 per share, for a total transaction of $99,858.75. Following the acquisition, the director now directly owns 3,875 shares of the company’s stock, valued at approximately $99,858.75. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.60% of the company’s stock.

ODP Price Performance

ODP opened at $28.64 on Monday. The stock has a 50-day moving average price of $32.80 and a 200-day moving average price of $40.75. The ODP Co. has a 12-month low of $23.69 and a 12-month high of $58.98. The company has a current ratio of 0.90, a quick ratio of 0.43 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $1.03 billion, a P/E ratio of 13.84, a PEG ratio of 0.47 and a beta of 1.51.

ODP (NASDAQ:ODP) last posted its quarterly earnings data on Wednesday, August 7th. The specialty retailer reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.64). ODP had a positive return on equity of 15.93% and a negative net margin of 0.34%. The firm had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the previous year, the company posted $0.99 earnings per share. ODP’s revenue for the quarter was down 10.0% compared to the same quarter last year. Equities analysts predict that The ODP Co. will post 4.29 earnings per share for the current fiscal year.

ODP 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.