ODP (NASDAQ:ODP) Issues Quarterly Earnings Results

ODP (NASDAQ:ODP) announced its quarterly earnings data on Wednesday. The specialty retailer reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.59), Briefing.com reports. ODP had a net margin of 1.77% and a return on equity of 19.45%. The company had revenue of $1.87 billion for the quarter, compared to the consensus estimate of $1.96 billion. During the same period last year, the business posted $1.78 earnings per share. The firm’s quarterly revenue was down 11.2% compared to the same quarter last year. ODP updated its FY24 guidance to $6.30-6.60 EPS.

ODP Trading Down 0.7 %

NASDAQ ODP opened at $51.90 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.54 and a current ratio of 0.99. ODP has a fifty-two week low of $39.36 and a fifty-two week high of $58.98. The stock has a market cap of $1.90 billion, a P/E ratio of 15.36, a price-to-earnings-growth ratio of 0.65 and a beta of 1.68. The stock has a 50 day simple moving average of $51.59 and a two-hundred day simple moving average of $50.75.

Insider Activity at ODP

In other news, CFO Diego Anthony Scaglione sold 25,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $55.00, for a total value of $1,375,000.00. Following the completion of the sale, the chief financial officer now directly owns 96,104 shares of the company’s stock, valued at approximately $5,285,720. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 3.60% of the stock is owned by corporate insiders.

ODP declared that its board has approved a share repurchase plan on Wednesday, February 28th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the specialty retailer to reacquire up to 48.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ODP. StockNews.com upgraded ODP from a “hold” rating to a “buy” rating in a research 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 research analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $62.00.

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.