Edgestream Partners L.P. Decreases Position in The ODP Co. (NASDAQ:ODP)

Edgestream Partners L.P. trimmed its holdings in shares of The ODP Co. (NASDAQ:ODP) by 63.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,697 shares of the specialty retailer’s stock after selling 20,470 shares during the quarter. Edgestream Partners L.P.’s holdings in ODP were worth $459,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its holdings in shares of ODP by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 387,454 shares of the specialty retailer’s stock worth $21,814,000 after buying an additional 2,228 shares during the last quarter. Jump Financial LLC acquired a new stake in ODP during the 4th quarter worth about $315,000. Norges Bank purchased a new stake in ODP during the 4th quarter valued at about $21,070,000. Quest Partners LLC acquired a new position in shares of ODP in the fourth quarter valued at about $63,000. Finally, Allianz Asset Management GmbH raised its stake in shares of ODP by 27.9% in the fourth quarter. Allianz Asset Management GmbH now owns 240,541 shares of the specialty retailer’s stock worth $13,546,000 after purchasing an additional 52,427 shares during the last quarter. 99.56% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. StockNews.com lowered ODP from a “buy” rating to a “hold” rating in a research report on Thursday, August 8th. UBS Group cut their price objective on shares of ODP from $53.00 to $30.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th.

ODP Stock Down 3.7 %

Shares of ODP opened at $28.64 on Monday. The stock’s 50-day moving average price is $32.80 and its 200-day moving average price is $40.75. The company has a quick ratio of 0.43, a current ratio of 0.90 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of 13.84, a PEG ratio of 0.47 and a beta of 1.51. The ODP Co. has a 52 week low of $23.69 and a 52 week high of $58.98.

ODP (NASDAQ:ODP) last posted its earnings results on Wednesday, August 7th. The specialty retailer reported $0.56 earnings per share for the quarter, missing the consensus estimate of $1.20 by ($0.64). ODP had a negative net margin of 0.34% and a positive return on equity of 15.93%. The firm had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the firm earned $0.99 earnings per share. ODP’s revenue for the quarter was down 10.0% compared to the same quarter last year. On average, sell-side analysts predict that The ODP Co. will post 4.29 EPS for the current year.

Insiders Place Their Bets

In other ODP news, Director Wendy Lee Schoppert bought 3,875 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were purchased at an average cost of $25.77 per share, for a total transaction of $99,858.75. Following the transaction, the director now directly owns 3,875 shares of the company’s stock, valued at $99,858.75. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 3.60% of the company’s stock.

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.