ODP (NASDAQ:ODP) Approves Stock Repurchase Program

ODP (NASDAQ:ODPGet Free Report) announced that its Board of Directors has authorized a stock buyback program on Wednesday, February 28th, RTT News reports. The company plans to buyback $1.00 billion in outstanding shares. This buyback authorization permits the specialty retailer to purchase up to 48.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

ODP has been the topic of a number of research reports. UBS Group upped their target price on shares of ODP from $53.00 to $56.00 and gave the stock a “neutral” rating in a research report on Thursday, November 9th. TheStreet upgraded shares of ODP from a “c” rating to a “b-” rating in a research report on Wednesday, January 17th. One research analyst has rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, ODP currently has an average rating of “Moderate Buy” and a consensus target price of $62.00.

Check Out Our Latest Analysis on ODP

ODP Trading Up 3.7 %

NASDAQ ODP traded up $1.98 during trading hours on Wednesday, hitting $54.96. The company’s stock had a trading volume of 763,210 shares, compared to its average volume of 217,398. The stock has a fifty day moving average of $53.17 and a 200 day moving average of $49.16. ODP has a twelve month low of $39.36 and a twelve month high of $58.98. The firm has a market capitalization of $2.05 billion, a P/E ratio of 11.62, a PEG ratio of 0.67 and a beta of 1.64. The company has a quick ratio of 0.55, a current ratio of 1.00 and a debt-to-equity ratio of 0.14.

ODP (NASDAQ:ODPGet Free Report) last announced its quarterly earnings data on Wednesday, February 28th. The specialty retailer reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.20. ODP had a net margin of 2.37% and a return on equity of 19.11%. The business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.84 billion. During the same period in the prior year, the business posted $0.85 earnings per share. ODP’s revenue was down 14.2% compared to the same quarter last year. Equities research analysts forecast that ODP will post 5.43 earnings per share for the current fiscal year.

Insider Transactions at ODP

In other news, EVP Kevin Moffitt sold 1,930 shares of ODP stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $50.10, for a total transaction of $96,693.00. Following the transaction, the executive vice president now directly owns 68,711 shares of the company’s stock, valued at $3,442,421.10. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 3.10% of the company’s stock.

About ODP

(Get Free Report)

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.

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