Seven Eight Capital LP Takes $555,000 Position in The ODP Co. (NASDAQ:ODP)

Seven Eight Capital LP purchased a new stake in The ODP Co. (NASDAQ:ODP) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 14,131 shares of the specialty retailer’s stock, valued at approximately $555,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its position in ODP by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 387,454 shares of the specialty retailer’s stock worth $21,814,000 after acquiring an additional 2,228 shares during the last quarter. Jump Financial LLC bought a new stake in ODP during the 4th quarter worth $315,000. Norges Bank bought a new stake in ODP during the 4th quarter worth $21,070,000. Quest Partners LLC bought a new stake in ODP during the 4th quarter worth $63,000. Finally, Allianz Asset Management GmbH grew its position in ODP by 27.9% during the 4th quarter. Allianz Asset Management GmbH now owns 240,541 shares of the specialty retailer’s stock worth $13,546,000 after acquiring an additional 52,427 shares during the last quarter. Institutional investors own 99.56% of the company’s stock.

Wall Street Analysts Forecast Growth

ODP has been the topic of a number of research reports. UBS Group reduced their price objective on ODP from $53.00 to $30.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. StockNews.com downgraded ODP from a “buy” rating to a “hold” rating in a report on Thursday, August 8th.

ODP Stock Down 3.7 %

Shares of ODP opened at $28.64 on Friday. The company has a market capitalization of $1.03 billion, a PE ratio of 13.84, a PEG ratio of 0.47 and a beta of 1.51. The ODP Co. has a 12 month low of $23.69 and a 12 month high of $58.98. The stock’s 50-day moving average price is $32.80 and its two-hundred day moving average price is $40.83. The company has a current ratio of 0.90, a quick ratio of 0.43 and a debt-to-equity ratio of 0.19.

ODP (NASDAQ:ODP) last announced 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). The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.76 billion. ODP had a negative net margin of 0.34% and a positive return on equity of 15.93%. The firm’s revenue for the quarter was down 10.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.99 earnings per share. On average, analysts anticipate that The ODP Co. will post 4.29 EPS for the current year.

Insider Activity at ODP

In other news, Director Wendy Lee Schoppert bought 3,875 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was acquired at an average cost of $25.77 per share, with a total value of $99,858.75. Following the transaction, the director now directly owns 3,875 shares of the company’s stock, valued at approximately $99,858.75. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 3.60% of the stock is currently owned by corporate 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.