ODP (NASDAQ:ODP) Updates FY24 Earnings Guidance

ODP (NASDAQ:ODP) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $6.30-6.60 for the period, compared to the consensus EPS estimate of $5.67. ODP also updated its FY 2024 guidance to 6.300-6.600 EPS.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. TheStreet cut ODP from a b- rating to a c+ rating in a research report on Wednesday, February 28th. StockNews.com raised ODP from a hold rating to a buy rating in a research report on Tuesday, March 12th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $62.00.

ODP Stock Performance

Shares of ODP traded down $8.76 during mid-day trading on Wednesday, hitting $43.14. The stock had a trading volume of 618,101 shares, compared to its average volume of 305,841. The firm has a market cap of $1.58 billion, a P/E ratio of 13.36, a PEG ratio of 0.65 and a beta of 1.68. The business has a fifty day moving average price of $51.59 and a 200-day moving average price of $50.75. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.99 and a quick ratio of 0.54. ODP has a 52 week low of $39.36 and a 52 week high of $58.98.

ODP (NASDAQ:ODP) last issued its earnings results on Wednesday, May 8th. The specialty retailer reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.64 by ($0.59). The firm had revenue of $1.87 billion during the quarter, compared to the consensus estimate of $1.96 billion. ODP had a net margin of 1.77% and a return on equity of 19.45%. The business’s quarterly revenue was down 11.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.78 earnings per share. On average, equities research analysts expect that ODP will post 5.64 EPS for the current year.

ODP announced that its board has initiated a share repurchase plan on Wednesday, February 28th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the specialty retailer to repurchase up to 48.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insider Activity at ODP

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

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.