Clearline Capital LP Has $4.90 Million Stake in The ODP Co. (NASDAQ:ODP)

Clearline Capital LP boosted its stake in shares of The ODP Co. (NASDAQ:ODP) by 108.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 124,886 shares of the specialty retailer’s stock after acquiring an additional 65,033 shares during the quarter. Clearline Capital LP owned 0.35% of ODP worth $4,904,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Maverick Capital Ltd. acquired a new stake in shares of ODP during the 2nd quarter worth about $1,786,000. DME Capital Management LP increased its holdings in shares of ODP by 29.9% during the second quarter. DME Capital Management LP now owns 2,222,470 shares of the specialty retailer’s stock worth $87,276,000 after buying an additional 511,890 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of ODP by 22.3% in the second quarter. AQR Capital Management LLC now owns 75,134 shares of the specialty retailer’s stock valued at $2,951,000 after acquiring an additional 13,721 shares during the last quarter. Caxton Associates LP acquired a new position in shares of ODP in the 2nd quarter worth approximately $2,788,000. Finally, AREX Capital Management LP grew its position in ODP by 26.2% during the 2nd quarter. AREX Capital Management LP now owns 240,500 shares of the specialty retailer’s stock worth $9,444,000 after acquiring an additional 50,000 shares during the last quarter. 99.56% of the stock is owned by institutional investors.

Insider Buying and Selling at ODP

In other ODP news, Director Wendy Lee Schoppert acquired 3,875 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were acquired at an average cost of $25.77 per share, for a total transaction of $99,858.75. Following the completion of 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.60% of the company’s stock.

ODP Stock Performance

Shares of ODP stock opened at $29.37 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.90 and a quick ratio of 0.43. The firm has a 50 day simple moving average of $31.59 and a 200 day simple moving average of $40.05. The ODP Co. has a fifty-two week low of $23.69 and a fifty-two week high of $58.98. The firm has a market cap of $1.05 billion, a P/E ratio of 14.19, a P/E/G ratio of 0.48 and a beta of 1.51.

ODP (NASDAQ:ODP) last released its earnings results on Wednesday, August 7th. The specialty retailer reported $0.56 EPS for the quarter, missing the consensus estimate of $1.20 by ($0.64). The firm 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 quarterly revenue was down 10.0% on a year-over-year basis. During the same period last year, the business posted $0.99 earnings per share. Sell-side analysts predict that The ODP Co. will post 4.29 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ODP. 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 note on Thursday, August 8th. StockNews.com downgraded shares of ODP from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th.

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.