Short interest for ODP gives investors a sense of the degree to which investors are betting on the decline of ODP's stock. Short interest data is updated every two weeks.

ODP Stock (NASDAQ:ODP), Short Interest Report

The ODP Corp operates an integrated B2B distribution platform with divisions focusing on various sectors: ODP Business Solutions serves small to enterprise-level companies with office supplies, technology, furniture, and services. Office Depot Division caters to retail consumers and small businesses through retail locations and eCommerce platforms, offering office supplies, technology, and business services. Veyer Division specializes in supply chain, distribution, and procurement services for both internal and third-party customers, with a focus on global operations. Varis Division offers a tech-enabled B2B indirect procurement marketplace, providing a seamless buying experience and advanced spend management tools. Revenue primarily stems from the Veyer division.

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ODP Corp reported 14.3% sales decline in Q4 of fiscal 2023, with lower sales in Office Depot division and adjusted EPS of $0.92 beating consensus.

Office Depot Parent ODP Faces Revenue Dip In Q4, Counters With Ambitious &#39;Project Core&#39; Initiative

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The ODP Corp (NASDAQ: ODP) reported a Q3 FY23 sales decline of 8% Y/Y to $2.01 billion, missing the 

Office Depot Parent ODP Cuts FY23 Revenue Guidance Amid Challenging Macro Environment: Here&#39;s Details

General

The ODP Corp (NASDAQ: ODP) reported a second-quarter FY23 sales decline of 6% year-on-year to $1.908 billion,

Office Depot Parent ODP Corp.&#39;s Q2 Earnings Beats Expectations Despite Sales Decline, Raises Annual Outlook

The ODP Corp

Driving efficiency of share repurchases under new $1 billion share repurchase authorization
The ODP Corporation ("ODP," or the "Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODP#NASDAQ">ODP</a>), a leading provider of products, services, and technology solutions to businesses and consumers, today announced that it has partnered with Matthews South to assist in optimizing the initial quarterly execution of its share repurchases under its newly authorized $1 billion share repurchase program. Matthews South is a leading capital markets advisory and software firm transforming the way public and private companies make capital markets decisions through data-driven analytics.
"We partnered with Matthews South to enhance the initial execution of our new share repurchase plan, which further emphasizes our commitment to our low-cost business model and capital allocation strategy," said Tim Perrott, vice president of investor relations and treasurer of The ODP Corporation. "We are leveraging their expertise and analytical framework to further optimize the execution of our new $1 billion share repurchase plan, aligning seamlessly with our focus on maximizing long-term value for shareholders."
"We're excited to work with ODP on their share repurchase plan and are confident that our data-driven analytics and software solutions will be a great asset in assisting in optimizing the execution under its new share repurchase plan," said Vijay Culas, co-founder of Matthews South.
The share repurchase program may be suspended or discontinued at any time. The exact number and timing of stock repurchases will depend on market conditions and other factors and will be funded through available liquidity.

The ODP Corporation Partners With Matthews South For Execution Of New $1B Share Repurchase Authorization

The ODP Corp&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODP#NASDAQ">ODP</a>) reported a fourth-quarter fiscal 2023 sales decline of 14.3% year-over-year to $1.81 billion,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/02/b37359008/the-odp-corporation-announces-fourth-quarter-and-full-year-2023-results" rel="noreferrer noopener">missing the consensus of $1.84 billion.&nbsp;</a>&nbsp;
The year-over-year revenue decline was due to lower sales in its Office Depot consumer division, primarily due to 64 fewer retail locations in service versus the prior year and lower retail and online consumer traffic and transactions.&nbsp;
ODP Business Solutions Division reported sales (external) of $902 million, down 10% Y/Y. Office Depot Division reported sales (external) of $893 million, down 18% Y/Y in the quarter.
Adjusted operating income was $43 million, down from $58 million a year ago, and the margin contracted by 37 bps to 2.4%.
Adjusted EBITDA in the quarter totaled $73 million (-18% Y/Y), and the margin contracted by 18 bps to 4%.
ODP&#8217;s adjusted EPS improved to $0.92 from $0.85 a year ago,&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">beating the analyst consensus of $0.78.</a>
Operating cash flow from continuing operations for the year totaled $331 million and adjusted free cash flow was $235 million, versus $237 million and $201 million, respectively, in the prior year.
At the end of the quarter, the company had $1.1 billion of total available liquidity, including $392 million in cash and equivalents.
ODP announced &#8220;Project Core,&#8221; an enterprise-wide program focused on streamlining operations and enhancing focus on core business.
Buyback:&nbsp;The company repurchased 6 million shares for $298 million in 2023. Additionally, as a component of Project Core, the company announced a new $1 billion, 3-year share repurchase authorization, replacing its prior authorization, valid through 2025, which had approximately $530 million available at the end of February 2024.
2024 Outlook: ODP expects a sales decline of 2%-5% and Adjusted EPS of $5.60 &#8211; $5.80 versus the $5.70 consensus. It sees adjusted EBITDA of $410 million to $430 million and adjusted operating income of $280 million to $300 million.
&nbsp;&#8220;While our guidance assumes incremental improvement in the overall macroeconomic environment throughout 2024, we remain cautious on the state of the overall US economy, primarily workforce employment and the consumer, as well as international trade policies and agreements that could further impact the level of consumer and business activity,&#8221; commented Anthony Scaglione, executive vice president, and chief financial officer of ODP.
Price Action: ODP shares are trading higher by 6.179% at $56.25 on the last check Wednesday.
Photo: Lukas from Pixabay.

Office Depot Parent ODP Faces Revenue Dip In Q4, Counters With Ambitious 'Project Core' Initiative

ODP&nbsp;expect this broad-based plan to generate annualized savings in the range of&nbsp;$50 million&nbsp;to&nbsp;$60 million&nbsp;when fully implemented, achieved through cost efficiency measures across the entire enterprise including all routes to market, including Varis, as well as corporate support functions, leading to further optimization of our organization and supporting future profitable growth.&nbsp;

ODP Expects Project Core Enterprise-Wide Program Focused On Streamlining Operations And Enhancing Focus On Core Business

ODP Expects FY24 Sales Decline Of 2%-5%; Adjusted EPS Of $5.60-$5.80, Est $5.70

ODP Board Approves New $1B Share Repurchase Authorization

ODP (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODP#NASDAQ">ODP</a>) reported quarterly Adj earnings of $0.92 per share which beat the analyst consensus estimate of $0.78 by 17.95 percent. This is a 8.24 percent increase over earnings of $0.85 per share from the same period last year. The company reported quarterly sales of $1.81 billion which missed the analyst consensus estimate of $1.84 billion by 1.85 percent. This is a 14.25 percent decrease over sales of $2.11 billion the same period last year.

ODP Q4 Adj EPS $0.92 Beats $0.78 Estimate, Sales $1.81B Miss $1.84B Estimate

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Earnings Scheduled For February 28, 2024

Upon Smith&#39;s return, Joseph S. Vassalluzzo, who had been appointed by the Company&#39;s Board of Directors to assume Smith&#39;s authority and responsibilities during his medical leave, will return to his sole role as independent non-executive Chairman of the Board.&nbsp;In addition, David Szymanski, a member of ODP&#39;s Board of Directors, notified the Company of his intention to retire from the Board, with his resignation effective February 13, 2024.&nbsp;

Management

ODP Says Gerry Smith Will Return From Temporary Medical Leave And Resume His Position As CEO, Effective February 1, 2024

Marcus Dunlop, partner at HG Vora, has stepped down from the ODP Board of Directors, effective December 31, 2023.HG Vora owns 3.0 million shares, or approximately&nbsp;8%&nbsp;of the Company&#39;s outstanding common stock.

ODP Says HG Vora Representative Steps Down From Board Following Expiration Of January 2021 Cooperation Agreement

ODP Comments on AREX Capital Letter; Says Board Regularly And Actively Evaluates Company's Strategic Plan

Hedge Funds

AREX Capital Issues Letter To ODP Board Of Directors Seeking Relaunch Of Office Depot Separation Process And Sale Of Varis

UBS analyst Michael Lasser maintains ODP (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODP#NASDAQ">ODP</a>) with a Neutral and raises the price target from $53 to $56.

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Analyst Ratings

UBS Maintains Neutral on ODP, Raises Price Target to $56

The ODP Corp&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/odp#NASDAQ">ODP</a>) reported a Q3 FY23 sales decline of 8% Y/Y to $2.01 billion, missing the&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/11/b35669044/the-odp-corporation-announces-third-quarter-2023-results" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">consensus of $2.04 billion</a>.
The year-over-year revenue decline was due to lower sales in its Office Depot consumer division, primarily due to 71 fewer retail locations in service versus the prior year and lower retail and online consumer traffic and transactions.&nbsp;
ODP Business Solutions Division reported sales of $1.0 billion, down 3% Y/Y. Office Depot Division reported sales of $1.0 billion, down 12% Y/Y in the quarter.
Adjusted operating income was $95 million, flat Y/Y, and adjusted EBITDA in the quarter under review was $125 million, lower than $131 million in the year-ago period.
The business services provider registered an adjusted EPS of $1.88,&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/calendars/earnings" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">beating the analyst consensus of $1.56</a>.
Operating cash flow from continuing operations came in at $112 million in Q3.
At quarter end, the company had $1.2 billion of total available liquidity, including $384 million in cash and equivalents.
ODP bought back 659 thousand shares for $32 million in Q3 under its previously announced $1 billion share repurchase authorization, available through year-end 2025.
Outlook: ODP lowered the FY23 revenue guidance to $7.8 billion-$7.9 billion&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/news/earnings/23/08/33671055/office-depot-parent-odp-corp-s-q2-earnings-beats-expectations-despite-sales-decline-raises-annual-o" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">from $8 billion</a>&nbsp;(vs. cons. $8 billion) and raised Adjusted EPS to $5.30-$5.60 (from $5.00- $5.30)&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/calendars/guidance" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">vs. $5.20 estimate</a>.
Price Action:&nbsp;ODP shares are trading lower by 3.34% at $45.87 on the last check Wednesday.

Office Depot Parent ODP Cuts FY23 Revenue Guidance Amid Challenging Macro Environment: Here's Details

ODP Revised FY23 Revenue Outlook To $7.8B-$7.9B From $8B (Vs. Cons. $8B), Raised Adj. EPS To $5.30-$5.60 (From $5.00- $5.30) Vs. $5.2 Est.

ODP (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODP#NASDAQ">ODP</a>) reported quarterly adjusted earnings of $1.88 per share which beat the analyst consensus estimate of $1.56 by 20.51 percent. This is a 27.03 percent increase over earnings of $1.48 per share from the same period last year. The company reported quarterly sales of $2.01 billion which missed the analyst consensus estimate of $2.04 billion by 1.52 percent. This is a 7.50 percent decrease over sales of $2.17 billion the same period last year.

ODP Q3 Adj. EPS $1.88 Beats $1.56 Estimate, Sales $2.01B Miss $2.04B Estimate

Effective immediately, the Board of Directors of the Company (the &ldquo;Board&rdquo;) has appointed Joseph S. Vassalluzzo, the Company&rsquo;s&nbsp;non-executive&nbsp;Chair of the Board, to assume Mr.&nbsp;Smith&rsquo;s authority and responsibilities until Mr.&nbsp;Smith returns from his medical leave.

On September 18, 2023, ODP CEO Gerry P. Smith Began Temporary Medical Leave Of Absence To Undergo Medical Procedure That Requires Several Weeks Of Recovery - Filing

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Benzinga's Top Ratings Upgrades, Downgrades For August 23, 2023

Noble Capital Markets analyst Joe Gomes initiates coverage on ODP (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODP#NASDAQ">ODP</a>) with a Outperform rating and announces Price Target of $65.

Noble Capital Markets Initiates Coverage On ODP with Outperform Rating, Announces Price Target of $65

ANTHONY DIEGO SCAGLIONE, EVP &amp; Chief Financial Officer at ODP (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODP#NASDAQ">ODP</a>), reported a large insider sell on August 15, according to a new SEC filing. 
What Happened: A Form 4 filing from the <a href="https://www.sec.gov/Archives/edgar/data/0000800240/000122520823008249//Archives/edgar/data/800240/000122520823008249/0001225208-23-008249-index.htm">U.S. Securities and Exchange Commission</a> on Tuesday showed that SCAGLIONE sold 20,000 shares of ODP. The total transaction amounted to $968,077. 
ODP shares are trading down 0.21% at $47.93 at the time of this writing on Wednesday morning.
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<h3>Why Insider Transactions Are Important</h3>
Insider transactions shouldn't be used primarily to make an investing decision, however, they can be an important factor for an investor to consider.
In legal terms, an "insider" refers to any shareholder who owns at least 10% of a company. This can include executives in the c-suite and large hedge funds. These insiders are required to let the public know of their transactions via a Form 4 filing, which must be filed within two business days of the transaction.
When a company insider makes a new purchase, that is an indication that they expect the stock to rise.
Insider sells, on the other hand, can be made for a variety of reasons, and may not necessarily mean that the seller thinks the stock will go down. 
<h3>Transaction Codes To Focus On</h3>
<a href="https://www.benzinga.com/money/investing-tools">Investors</a> prefer focusing on transactions that take place in the open market, indicated in Table I of the Form 4 filing. A P in Box 3 indicates a purchase, while S indicates a sale. Transaction code C indicates the conversion of an option, and transaction code A indicates the insider may have been forced to sell shares in order to receive compensation that had been promised upon being hired by the company.
<a href="https://www.benzinga.com/sec/insider-trades/search/index?company_cik=0000800240">Check Out The Full List Of ODP's Insider Trades.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Insider Trades

Trading Ideas

Massive Insider Trade At ODP

B. Riley Securities analyst Jeff Lick maintains ODP (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODP#NASDAQ">ODP</a>) with a Buy and raises the price target from $60 to $65.

B. Riley Securities Maintains Buy on ODP, Raises Price Target to $65

Noble Financial analyst Joe Gomes maintained a Buy rating on ODP (ODP – Research Report) today and set a price target of $65.00. The company's shar...

Noble Financial Keeps Their Buy Rating on ODP (ODP)

ODP Corp (ODP) receives a strong  valuation ranking of 74 from InvestorsObserver data analysis. The proprietary ranking system focuses on the underlying health of a company through analysis of its stock price, earnings, and growth rate. ODP has a better value than 74% of stocks based on these valuation analytics. Investors

ODP Corp (ODP) Stock by the Numbers

Tracking David Einhorn's Greenlight Capital Portfolio - Q4 2023 Update

The 60 rating InvestorsObserver gives to ODP Corp (ODP)  stock puts it near the top of the Specialty Retail industry. In addition to scoring higher than 84 percent of stocks in the Specialty Retail industry, ODP's 60 overall rating means the stock scores better than 60 percent of all stocks. ODP has an Overall Score of 60.

Is ODP Corp (ODP) Stock at the Top of the Specialty Retail Industry?

The specialty retailer sector embraces technological innovation and resilient sales trends, navigating changing consumer preferences with adaptability. Therefore, investors could consider buying quality specialty retailer stocks SK Murphy USA (MUSA), Torrid Holdings (CURV), and The ODP Corporation (ODP) in April for solid gains. Read more… The specialty retailer industry is expanding significantly due to rapid urbanization, rising disposable incomes, and continued technological innovation. Also, there is an increasing demand for niche products and personalized shopping experiences among consumers, boosting the sector's growth.
Considering these factors, investors eyeing April gains may consider investing in fundamentally sound specialty retailer stocks SK Murphy USA Inc. (<a href="https://stocknews.com/stock/MUSA/">MUSA</a>), Torrid Holdings Inc. (<a href="https://stocknews.com/stock/CURV/">CURV</a>), and The ODP Corporation (<a href="https://stocknews.com/stock/ODP/">ODP</a>).
Investments in e-commerce platforms, digital marketing, and omnichannel integration enable specialty retailers to reach a broader customer base, offer seamless shopping experiences, and capitalize on the increasing trend of online shopping worldwide. Last year, global retail e-commerce sales reached $5.80 trillion.
Further, projections suggest a 39% growth in this figure, with expectations to exceed <a href="https://www.statista.com/statistics/379046/worldwide-retail-e-commerce-sales/">$8 trillion by 2027</a>. In 2024, retail e-commerce sales are estimated to <a href="https://www.statista.com/topics/871/online-shopping/#topicOverview">surpass $6.30 trillion</a>, continuing the upward trend.
Besides, U.S. retail sales bounced back in February amid higher gas prices. The Commerce Department reported a <a href="https://edition.cnn.com/2024/03/14/economy/retail-sales-february/index.html">0.6% increase in retail sales,</a> following January's 1.1% decline. While slightly below economists' expectations, these figures indicate a positive trend in consumer spending.
Moreover, the specialty retailer sector in the U.S. is poised for continued growth as retailers adapt to changing consumer preferences, embrace e-commerce opportunities, prioritize experiential retail, and respond to sustainability trends. The global <a href="https://growthmarketreports.com/report/specialty-retailers-market-global-industry-analysis">specialty retailers market</a> is projected to reach $42.70 billion by 2031, expanding at a CAGR of 4%.
Considering these conducive trends, let's assess the fundamentals of the three <a href="https://stocknews.com/category/specialty-retailers/">Specialty Retailers</a> industry stock picks, beginning with the third choice.
Stock #3: Murphy USA Inc. (<a href="https://stocknews.com/stock/MUSA/">MUSA</a>)
MUSA specializes in retailing motor fuel and convenience items through its Murphy USA, Murphy Express, and QuickChek brands. The company's extensive network of retail gasoline stores spans the Southeast, Southwest, and Midwest regions of the United States.
On March 7, 2024, MUSA paid a quarterly <a href="https://www.investopedia.com/terms/c/cashdividend.asp#:~:text=A%20cash%20dividend%20is%20a,such%20as%20after%20a%20settlement.">cash dividend</a> of $0.42 per common share. The company pays $1.68 annually, which translates to a yield of 0.40% on the prevailing price level, higher than its four-year average dividend yield of 0.39%. The company's dividend payouts have grown at a CAGR of 47.4% over the past three years.
On February 7, the company announced that it repurchased approximately 442.20 thousand common shares for $162 million at an average price of $366.42 per share during the fourth quarter of 2023. For the fiscal year 2023, the company repurchased slightly more than 1 million shares for a total of $336.20 million at an average of $327.55 per share.
MUSA's trailing-12-month ROTA of 12.83% is 205.1% higher than the industry average of 4.20%. Likewise, the stock's trailing-12-month asset turnover ratio of 4.55x is 355.1% higher than the 1x industry average.
During the fourth quarter, which ended December 31, 2023, MUSA reported total operating revenues of $5.07 billion. The company's income from operations and net income grew 25.2% and 27.4% year-over-year to $217.20 million and $150 million, respectively. Moreover, its adjusted EBITDA rose 19.5% from the prior-year quarter to $275.20 million.
Further, MUSA's total fuel contribution increased 6.2% from the previous year's quarter to 32.5 cpg.
Analysts expect MUSA's revenue to be $21.34 billion for the fiscal year ending December 2024. Its EPS for the same period is estimated to grow 7.6% year-over-year to $27.57. Moreover, the company surpassed consensus EPS estimates in three of the trailing four quarters, which is promising.
MUSA's shares have surged 63.9% over the past year and 33% over the past nine months to close the last trading session at $413.22.
MUSA's <a href="https://stocknews.com/powr-ratings/">POWR</a><a href="https://stocknews.com/powr-ratings/"> Ratings</a> reflect this strong outlook. The stock has an overall rating of B, equating to a Buy in our proprietary rating system. The POWR Ratings are calculated by considering 118 different factors, each weighted optimally.
The stock has a B grade for Quality. In the <a href="https://stocknews.com/category/specialty-retailers/">Specialty Retailers</a> industry, MUSA is ranked #9 among 43 stocks.
To access additional ratings for MUSA's Growth, Value, Momentum, Stability, and Sentiment, <a href="https://stocknews.com/stock/MUSA/">click here</a>.
Stock #2: Torrid Holdings Inc. (<a href="https://stocknews.com/stock/CURV/">CURV</a>)
CURV specializes in women's plus-size apparel and intimates in the North American market, offering products under the Torrid and Torrid Curve brand names. Its diverse range includes tops, bottoms, dresses, activewear, intimates, accessories, footwear, and beauty products, available both online and in physical stores.
CURV's trailing-12-month levered FCF margin of 6.67% is 19.3% higher than the industry average of 5.59%. Also, the stock's trailing-12-month asset turnover ratio of 2.29x is 129.7% higher than the 1x industry average.
CURV reported net sales of $293.54 million in the fourth quarter that ended February 3, 2024. The company's gross profit and income from operations rose 5.2% and 59.6% from the year-ago quarter to $101.16 million and $4.02 million, respectively. As of February 3, 2024, its total liabilities reduced to $688.66 million, compared to its total liabilities of $757.49 million as of January 28, 2023.
For the fiscal year ending January 2025, analysts expect CURV's revenue to be $1.14 billion. Its EPS for the same period is estimated to grow 56.1% year-over-year to $0.17. Additionally, the company surpassed consensus revenue estimates in three of the trailing four quarters.
Shares of CURV have soared 132.3% over the past six months to close the last trading session at $4.60.
CURV's POWR Ratings reflect this optimistic outlook. The stock has an overall rating of B, equating to a Buy in our proprietary rating system.
CURV has a B grade for Sentiment and Quality. Within the same industry, it is ranked #8.
<a href="https://stocknews.com/stock/CURV/">Click here</a> for CURV's additional ratings for Growth, Value, Momentum, and Stability.
Stock #1: The ODP Corporation (<a href="https://stocknews.com/stock/ODP/">ODP</a>)
ODP provides business services, supplies, and digital workplace solutions to a diverse range of businesses. The company offers office essentials, technology products, and procurement services through business segments, including ODP Business Solutions and Office Depot.
On March 4, 2024, ODP teamed up with Matthews South to optimize its $1 billion share repurchase program, focusing on capital allocation strategy and shareholder value. They aim to leverage data-driven analytics for efficient execution while remaining flexible to market conditions.
Also, on February 28, the company reported that it had repurchased 672 thousand shares for $32 million during the fourth quarter of 2023, totaling 6 million shares at $298 million for the full fiscal year.
ODP's trailing-12-month asset turnover ratio of 1.95x is 95.1% higher than the industry average of 1x. Similarly, the stock's trailing-12-month cash per share of $10.61 is 285.5% higher than the $2.75 industry average.
In the fourth quarter that ended December 30, 2023, ODP reported sales of $1.81 billion. The company posted adjusted EBITDA and free cash flow of $73 million and $43 million, respectively. Moreover, its adjusted EPS from continuing operations grew 8.2% year-over-year to $0.92.
For the fiscal year 2024, the company anticipates adjusted EBITDA of $410 million to $430 million and adjusted operating income of $280 million to $300 million, with adjusted EPS expected to range between $5.60 and $5.80. In addition, adjusted free cash flow is projected to exceed $200 million for the year.
Street anticipates ODP to report revenue of $7.57 billion for the fiscal year ending December 2024. Its EPS for the same fiscal year is expected to grow 2.3% year-over-year to $5.73. Also, the company topped consensus EPS estimates in each of the trailing four quarters, which is impressive.
The stock has gained 8.6% over the past six months and 16% over the past year to close the last trading session at $50.88.
ODP's robust fundamentals are reflected in its POWR Ratings. The stock has an overall rating of B, equating to a Buy in our proprietary rating system.
ODP has a B grade for Value and Quality. Within the same industry, ODP is ranked #6.
In addition to the POWR Ratings stated above, access ODP's Growth, Momentum, Stability, and Sentiment ratings <a href="https://stocknews.com/stock/ODP/">here</a>.
What To Do Next?
Get your hands on this special report with 3 low priced companies with tremendous upside potential even in today's volatile markets:
<a href="https://report.stocknews.com/free-report/3stocks/?formplacement=artbotad_3s">3 Stocks to DOUBLE This Year &gt;</a>

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MUSA shares were trading at $413.74 per share on Friday morning, up $0.52 (+0.13%). Year-to-date, MUSA has gained 16.16%, versus a 8.80% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Kritika Sarmah</h2> <img src='https:/wp-content/uploads/2022/08/Kritika-Sarmah_Image-3.jpg' style="float:left; padding:5px;width:125px;">Her interest in risky instruments and passion for writing made Kritika an analyst and financial journalist. She earned her bachelor's degree in commerce and is currently pursuing the CFA program. With her fundamental approach, she aims to help investors identify untapped investment opportunities.<a href="https://stocknews.com/authors/?author=kritika-sarmah">More...</a>The post <a href=https://stocknews.com/news/musa-odp-curv-3-specialty-retailer-stocks-setting-the-pace-for-april-gains/>3 Specialty Retailer Stocks Setting the Pace for April Gains</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 Specialty Retailer Stocks Setting the Pace for April Gains

3 Reasons To Consider ODP Corporation

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With <a href="https://thehill.com/business/4561631-corporate-hit-record-high-as-economy-boomed-in-fourth-quarter-of-2023/">corporate profits at record highs</a>, many companies are returning much of that cash to investors through share repurchase programs. You can profit from this trend by entering long-term positions in buyback stocks.



Share repurchases may have their social and political critics, but from the investor&rsquo;s standpoint, stock buybacks can be an effective tool for a company to maximize shareholder value. By <a href="https://www.investopedia.com/terms/s/sharerepurchase.asp">reducing the amount of shares outstanding</a>, repurchases can provide a lift for earnings per share.



As stocks typically rise over the long term in tandem with increases in per-share earnings, share repurchase programs can ultimately boost long-term total returns.



So, what are some examples of top buyback stocks right now? Consider these seven. Each of them has initiated or expanded a large-scale share repurchase program in recent months.



<h2>Buyback Stocks: Adobe (ADBE)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/04/adbe-1600-1-300x169.png" alt="Adobe logo on the smartphone screen is placed on the Apple macbook keyboard on red desk background. ADBE stock."><div>Source: Tattoboo / Shutterstock</div></div>Last month, software giant Adobe (NASDAQ:<a href="https://investorplace.com/stock-quotes/adbe-stock-quote/">ADBE</a>) announced plans to repurchase up to <a href="https://news.adobe.com/news/news-details/2024/Adobe-Announces-New-25-Billion-Stock-Repurchase-Program/default.aspx">$25 billion</a> worth of shares between now and 2028. Based on Adobe&rsquo;s current market cap, this represents around 11.8% of ADBE&rsquo;s outstanding share count.



This buyback news has thus far had zero impact on ADBE stock. In fact, waning excitement about the generative AI growth trend has overshadowed it. Nevertheless, in time, this buyback could play a role in getting ADBE moving in the right direction once again.



Why? Steadily decreasing the share count won&rsquo;t be the main driver, but alongside organic growth, it may contribute to Adobe delivering earnings growth in line with forecasts. 



The sell-side estimates that Adobe&rsquo;s earnings will grow by around <a href="https://www.wsj.com/market-data/quotes/adbe">13%</a> during the fiscal year ending November 2025, with earnings experiencing another 13.4% increase during the fiscal year ending November 2026.



<h2>Darden Restaurants (DRI)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/08/dri1600-300x169.jpg" alt="an Olive Garden sign on the front of the restaurant"><div>Source: Shutterstock</div></div>On March 21, Darden Restaurants (NYSE:<a href="https://investorplace.com/stock-quotes/dri-stock-quote/">DRI</a>) become one of the top buyback stocks, when the Olive Garden and Longhorn Steakhouse parent unveiled outside its latest earnings release plans to buy back up to <a href="https://investor.darden.com/news/news-details/2024/Darden-Restaurants-Reports-Fiscal-2024-Third-Quarter-Results-Declares-Quarterly-Dividend-Authorizes-New-1-Billion-Share-Repurchase-Program-And-Updates-Fiscal-2024-Financial-Outlook/default.aspx">$1 billion</a> worth of DRI shares.



Admittedly, while $1 billion is a significant sum, for those aware of Darden&rsquo;s market cap, it may sound like a drop in the bucket. If the company were to repurchase DRI stock worth $1 billion today, this would only decrease DRI&rsquo;s outstanding share count by around 5.5%. 



However, it&rsquo;s not as if Darden&rsquo;s share repurchase program is the only catalyst at play for the stock. InvestorPlace&rsquo;s Joel Baglole recently argued that the company&rsquo;s recent acquisition of Ruth Chris Steak House, plus the possibility of better-than-feared results following mixed results last quarter, are <a href="https://investorplace.com/2024/04/the-7-most-undervalued-sleeper-stocks-to-buy-in-april-2024/">two additional factors</a> that could give shares a lift down the road.



<h2>Buyback Stocks: eBay (EBAY)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/ebay1600c-300x169.jpg" alt="an ebay shipping box. cheap stocks"><div>Source: ShutterStockStudio / Shutterstock.com</div></div>Back in February, alongside its latest fiscal results, eBay (NASDAQ:<a href="https://investorplace.com/stock-quotes/ebay-stock-quote/">EBAY</a>) announced that it had increased its share repurchase program by <a href="https://www.investopedia.com/ebay-among-top-s-and-p-500-gainers-with-8-surge-on-buoyant-results-buyback-plan-8601481">$2 billion</a>. 



This means that the online auction marketplace operator is now authorized to buy back as much as $3.4 billion worth of its outstanding shares.



Considering EBAY&rsquo;s current market cap of $26.6 billion, this means the company could retire as much as 12.8% of its outstanding shares. Decreasing the share count would help to counter the company&rsquo;s weak earnings growth in recent years, which has had a negative impact on the performance of EBAY stock.



That&rsquo;s not all. Ebay is also aggressively reducing operating expenses, including <a href="https://www.bloomberg.com/news/articles/2024-01-24/ebay-to-cut-1-000-jobs-reduce-contractors-to-sharpen-focus">mass layoffs</a>, which stand to increase profitability. Even if growth remains slow, enhancements to the bottom line may lead to a re-rating for this undervalued tech stock, which currently trades for only 11 times forward earnings.



<h2>FedEx (FDX)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/08/fdx1600-300x169.jpg" alt="A FedEx employee loads a FedEx Express truck in Manhattan."><div>Source: Antonio Gravante / Shutterstock.com</div></div>FedEx&rsquo;s (NYSE:<a href="https://investorplace.com/stock-quotes/fdx-stock-quote/">FDX</a>) post-pandemic slump may end soon. At least based on the shipping company&rsquo;s most recently released fiscal results. 



Although growth has yet to re-accelerate to Covid-era levels, much like other companies facing a growth slowdown, FedEx is making up for it through cost reduction efforts.



These efforts <a href="https://www.investopedia.com/fedex-stock-surges-as-earnings-get-a-boost-from-cost-cutting-efforts-8613003">were material in last quarter&rsquo;s earnings beat</a>. However, it wasn&rsquo;t just better-than-expected results that resulted in FDX stock surging following the March 21 earnings release. Rather, it was news of Fedex&rsquo;s latest share repurchase plans. 



Adding to the $1 billion in share repurchases last quarter, the company announced it would buy back another $5 billion in stock. Against FDX&rsquo;s current market cap of $65.9 billion, this means that Fedex is authorized to buy back as much as 7.6% of its outstanding shares. With this in mind, consider FDX one of the top buyback stocks to buy.



<h2>Buyback Stocks: ODP Corporation (ODP)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/04/office-1600-300x169.png" alt="Group of colleagues discuss something in an office conference room. commercial real estate"><div>Source: GaudiLab / Shutterstock</div></div>ODP Corporation (NASDAQ:<a href="https://investorplace.com/stock-quotes/odp-stock-quote/">ODP</a>) is the parent company of office supply retailers OfficeMax and Office Depot. Even as the company has reported declining sales and lackluster earnings growth in recent years, shares have performed well over the past few months.



While not certain, a reason for this may be recent activist investor involvement. Back in December, hedge fund Arex Capital Management <a href="https://www.globenewswire.com/news-release/2023/12/18/2797890/0/en/AREX-Capital-Issues-Letter-to-Board-of-Directors-of-The-ODP-Corporation.html">started pushing</a> for ODP&rsquo;s board to make sweeping changes to unlock value out of ODP stock, which trades at a highly discounted 8.9 times forward earnings.



In February, the company responded with its own set of proposed big moves. These included cost-cutting plans, as well as plans to buy back <a href="https://www.theodpcorp.com/news-releases/news-release-details/odp-corporation-announces-fourth-quarter-and-full-year-2023">$1 billion</a> worth of shares. For reference, ODP has a market cap of just $1.85 billion. Implementation of this share repurchase plan could go a long way in sending ODP to much higher prices. 



<h2>PVH (PVH)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/04/retail-shopping-1600-300x169.png" alt="Friends sit on a ledge with shopping bags after shopping retail stores. Retail Stocks to Buy"><div>Source: Rawpixel.com / Shutterstock</div></div>Earlier this month, PVH&rsquo;s (NYSE:<a href="https://investorplace.com/stock-quotes/pvh-stock-quote/">PVH</a>) latest quarterly earnings release elicited a negative reaction from the market.



On the heels of lackluster guidance, shares in the apparel company tumbled by over 22%. However, there was a silver lining contained within the earnings release.



That would be the Tommy Hilfiger and Calvin Klein parent&rsquo;s plans to buy back <a href="https://www.pvh.com/news/press-releases/PVH-Corp-Reports-2023-Fourth-Quarter-Revenue-and-Earnings-Above-Guidance-and-Provides-2024-Outlook">$2 billion</a> worth of PVH stock between now and July 2028. 



As $2 billion represents nearly a third of PVH&rsquo;s current valuation, this development makes it one of the top buyback stocks. Sure, the impact of this buyback will play out slowly. However, a rebound could happen far sooner



How so? As a Seeking Alpha commentator Seeking Profits argued in a post-earnings write-up on PVH, the aforementioned <a href="https://seekingalpha.com/article/4681764-pvh-2024-guidance-may-be-overly-conservative">weak guidance may have been overly conservative</a>. This suggests the strong possibility that the company delivers positive surprises with its next few earnings releases.



<h2>Buyback Stocks: Ulta Beauty (ULTA)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/07/ULTA1600-300x169.jpg" alt="Orange Ulta Beauty (ULTA) logo on storefront"><div>Source: Jonathan Weiss / Shutterstock.com</div></div>Ulta Beauty (NASDAQ:<a href="https://investorplace.com/stock-quotes/ulta-stock-quote/">ULTA</a>) is another example of buyback news getting overshadowed by disappointing guidance. 



In its Q4 2023 earnings release, Ulta reported results that exceeded expectations. The beauty retailer also said that it was launching a new $2 billion share repurchase program.



However, instead of focusing on these positives, investors <a href="https://www.investopedia.com/ulta-beauty-stock-falls-on-weak-margin-forecast-8609574">focused mostly on Ulta&rsquo;s guidance calling for weak margins</a>. To make matters worse, ULTA stock has continued to tank over concerns about a <a href="https://seekingalpha.com/news/4086868-cosmetics-stocks-slump-after-ulta-beauty-warns-on-beauty-sales-slowdown">beauty sales slowdown</a>. 



However, in response to this sell off Loop Capital&rsquo;s Anthony Chukumba has upgraded ULTA from &ldquo;hold&rdquo; to &ldquo;buy,&rdquo; stating this <a href="https://www.barrons.com/articles/ulta-beauty-stock-upgrade-42c069c0">selloff was &ldquo;overdone.&rdquo;</a>



While not citing the buyback plans in his upgrade, Chukumba did note that Ulta may soon start to return cash to shareholders in another way: by starting to pay a quarterly dividend. The analyst believes making such a move could result in a positive response from the market.



On the date of publication, Thomas Niel did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines</a>.
<div>Thomas Niel, contributor for InvestorPlace.com, has been writing single-stock analysis for web-based publications since 2016.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/04/7-buyback-kings-to-buy-as-corporate-cash-floods-market/">7 Buyback Kings to Buy as Corporate Cash Floods the Market</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

7 Buyback Kings to Buy as Corporate Cash Floods the Market

ADBE

ALIT

CEIX

CURV

EBAY

FCNCA

GLRE

GPOR

GRBK

KVUE

LIVN

MUSA

NPWR

NYCB

PSCD

ULTA

WFRD

Press Releases

The ODP Corporation Comments on AREX Capital Letter

The ODP Corporation Announces HG Vora Representative Steps Down from Board of Directors

Office Depot Improves In-Store Task Completion Rate by 42% with Zebra Workcloud

The ODP Corporation Provides Leadership Update

The ODP Corporation to Announce Fourth Quarter and Full Year 2023 Results Wednesday, February 28, 2024

The ODP Corporation Announces Fourth Quarter and Full Year 2023 Results

The ODP Corporation Partners with Matthews South for Execution of New Share Repurchase Program

The ODP Corporation to Participate in the UBS Global Consumer & Retail Conference Wednesday, March 13th, 2024

Mark Cuban Foundation and The ODP Corporation Bring AI Bootcamp to Fort Lauderdale Teens

The ODP Corporation to Announce First Quarter 2024 Results Wednesday, May 8, 2024

ZBRA

Academy Sports and Outdoors, Inc. - Common Stock

Academy Sports

BARK

Build-A-Bear Workshop

Bath & Body Works

Big 5 Sporting Goods Corporation - Common Stock

Big 5 Sporting Goods

Chewy

Dick's Sporting Goods

Envela

National Vision Holdings, Inc. - Common Stock

National Vision Holdings

Five Below

1-800-FLOWERS.COM, Inc. - Class A Common Stock

1-800-Flowers.com

Fitell

Grove Collaborative Holdings, Inc. Class A Common Stock

Grove Collaborative Hldgs

Hibbett

MarineMax

Leslies

PetMed Express

Sally Beauty Holdings, Inc. (Name to be changed from Sally Holdings, Inc.) Common Stock

Sally Beauty Holdings

Signet Jewelers

Sportsman's Warehouse Holdings, Inc. - Common Stock

Sportsman's Warehouse

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