HighTower Advisors LLC Sells 826 Shares of The ODP Co. (NASDAQ:ODP)

HighTower Advisors LLC lessened its holdings in shares of The ODP Co. (NASDAQ:ODP) by 9.3% in the third quarter, HoldingsChannel.com reports. The fund owned 8,045 shares of the specialty retailer’s stock after selling 826 shares during the period. HighTower Advisors LLC’s holdings in ODP were worth $239,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Bank of New York Mellon Corp increased its holdings in shares of ODP by 2.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 304,279 shares of the specialty retailer’s stock worth $11,949,000 after buying an additional 8,618 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of ODP during the 2nd quarter worth $68,000. Picton Mahoney Asset Management purchased a new position in ODP in the second quarter worth $164,000. Rhumbline Advisers raised its position in ODP by 0.9% during the second quarter. Rhumbline Advisers now owns 109,855 shares of the specialty retailer’s stock valued at $4,314,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of ODP by 121.1% during the 2nd quarter. Victory Capital Management Inc. now owns 51,501 shares of the specialty retailer’s stock valued at $2,022,000 after buying an additional 28,210 shares in the last quarter. Hedge funds and other institutional investors own 99.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. UBS Group reduced their price target on shares of ODP from $30.00 to $28.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. StockNews.com raised ODP from a “hold” rating to a “buy” rating in a research note on Thursday, November 7th.

ODP Stock Performance

NASDAQ:ODP opened at $24.06 on Wednesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.47 and a current ratio of 0.92. 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 $724.64 million, a PE ratio of -26.44, a price-to-earnings-growth ratio of 0.60 and a beta of 1.40. The business has a 50 day moving average price of $27.68 and a 200-day moving average price of $31.72.

ODP (NASDAQ:ODP) last announced its quarterly earnings results on Wednesday, November 6th. The specialty retailer reported $0.71 earnings per share for the quarter, missing the consensus estimate of $1.60 by ($0.89). ODP had a negative net margin of 0.52% and a positive return on equity of 12.15%. The firm had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.82 billion. During the same period in the previous year, the company earned $1.88 EPS. The company’s quarterly revenue was down 11.3% on a year-over-year basis. Equities research analysts predict that The ODP Co. will post 3.26 earnings per share for the current year.

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.