Exploring The ODP Corporation (ODP) Investor Profile: Who’s Buying and Why?

You're looking at The ODP Corporation, a company that just reported Q3 2025 revenue of $1.63 billion, down roughly 9% year-over-year, and you're probably asking: who is still holding this stock, and why? Honestly, the investor profile is defintely not what you'd expect for a company navigating a tough retail and B2B market; institutions own a staggering 95.2% to 99.56% of the shares, which means the smart money is deeply entrenched here. But here's the quick math: while ODP delivered a strong Adjusted EPS of $1.14 in Q3 2025, major holders like Vanguard Group Inc. were trimming their positions by 13.3%, yet others, like JPMorgan Chase & Co., were increasing their stake by a massive 597.6%. So, is this a deep value play, a bet on the B2B pivot, or just a slow-motion exit? We need to look past the top-line numbers and see which of the big funds-BlackRock, Inc. is still a top holder with over 2.5 million shares-are signaling a true turnaround, and what that means for your portfolio.

Who Invests in The ODP Corporation (ODP) and Why?

You're looking at The ODP Corporation (ODP) and trying to figure out who is actually buying this stock and what their endgame is. The direct takeaway is that The ODP Corporation is overwhelmingly owned by large institutions and activist insiders, not your typical retail investor, and their primary motivation is a value play driven by a major strategic shift and a pending transaction.

The ownership structure is defintely top-heavy, with institutional investors holding a dominant position. As of late 2025, institutional ownership sits near the 100% mark of the float, with some sources citing it as high as 101.56% of the shares outstanding, which just means a huge portion of the stock is locked up by big money. Retail investors, the 'you' and 'me' of the market, hold a negligible percentage.

The real story, though, is the massive insider and activist stake. Starboard Value LP, a major activist hedge fund, is the largest single shareholder, holding approximately 65.24 million shares. This position is so large it represents over 200% of the company's reported shares outstanding. This kind of concentration tells you the stock's direction is heavily influenced by a few strategic players pushing for significant change.

Key Investor Types and Their Footprint

The institutional base is a mix of passive index funds and active managers. The passive giants like BlackRock, Inc. and Vanguard Group Inc. hold large positions because The ODP Corporation is a component of various indices, such as small-cap and value-focused exchange-traded funds (ETFs).

For example, as of September 30, 2025, BlackRock, Inc. held over 2.54 million shares. These passive holdings are stable, but the active managers-like D. E. Shaw & Co., Inc. and Dimensional Fund Advisors LP-are the ones making the real decisions based on the company's transformation.

• Institutional Investors: Own nearly 100% of the float.
• Activist Hedge Funds: Starboard Value LP is the largest shareholder, driving strategic change.
• Retail Investors: Minimal ownership, not a driver of price action.

Here's a snapshot of the largest institutional holders as of the third quarter of 2025:

Investment Motivations: Value and Strategic Change

Investors are attracted to The ODP Corporation for two main reasons: a deep value proposition and an activist-driven strategic catalyst. The company is currently trading at a low valuation, a classic value investing signal. As of Q2 2025, the stock was trading at an attractive price-to-earnings (P/E) ratio of 11.77x and an Enterprise Value-to-EBITDA (EV/EBITDA) multiple of 5.22x. That's cheap for a profitable business.

The other, more immediate motivation is the company's 'Optimize for Growth' restructuring plan and the potential for a transaction. The ODP Corporation is aggressively shifting its focus from a struggling retail operation (Office Depot Division) to a higher-margin, B2B distribution and services platform (ODP Business Solutions and Veyer). This is a classic turnaround story.

Honestly, the biggest near-term opportunity is the potential sale. News reports from late 2025 indicate a previously announced transaction is expected to close by year-end 2025, with a proposed acquisition valuing the company at roughly $1 billion. This event, driven by activist pressure, is the ultimate catalyst for many of the current holders. You can read more about the company's divisions and history here: The ODP Corporation (ODP): History, Ownership, Mission, How It Works & Makes Money.

Investment Strategies: Activist Value and Cash Flow Focus

The dominant strategy here is Activist Value Investing. Starboard Value LP and other hedge funds are not just buying the stock; they are actively dictating the strategy to unlock the underlying value of the B2B and supply chain assets by separating them from the legacy retail business. This means they are long-term holders focused on a strategic exit, not short-term traders.

Another key strategy is focusing on the company's improving cash flow. Despite a revenue decrease of 9% in Q3 2025 compared to the prior year, management is guiding for adjusted free cash flow of over $115 million for the full year 2025. This strong cash generation-Q3 2025 saw $89 million in adjusted free cash flow-provides a solid floor for the valuation, even as the company navigates a challenging retail environment and restructuring costs.

Since the company does not pay a dividend, income-focused investors are out. The play is purely on capital appreciation from the successful execution of the B2B pivot and the strategic sale. What this estimate hides, of course, is the risk of the transaction falling through or the B2B growth stalling. Still, the cash flow is a good sign. Finance: track the transaction closing date and the Q4 2025 free cash flow guidance for any updates.

Institutional Ownership and Major Shareholders of The ODP Corporation (ODP)

You're looking at The ODP Corporation (ODP) and trying to figure out who really calls the shots, and honestly, the answer is simple: institutional investors. They own nearly all of it. As a seasoned analyst, I can tell you that as of the most recent filings, approximately 99.56% of ODP's stock is held by institutions like mutual funds, pension funds, and asset managers.

This level of concentration means the stock's price and corporate strategy are defintely driven by the decisions of a few large players. It's a classic case where the retail investor is simply riding the coattails of giants like BlackRock and Vanguard. The total value of these institutional holdings was around $824 million as of the third quarter of 2025.

Top Institutional Investors: Who Holds the Keys?

When you see ownership numbers this high, you know the major index funds and quantitative shops are heavily involved. The top institutional investors in The ODP Corporation are a familiar list of global asset managers who hold shares primarily for passive index tracking or targeted value strategies. Here is a snapshot of the largest holders based on their September 30, 2025, 13F filings, which is the most recent comprehensive data available for the 2025 fiscal year.

BlackRock, Inc. and Vanguard Group Inc. alone account for a significant portion of the float, mostly through their index and exchange-traded funds (ETFs). This is typical for a company of ODP's size and market profile. You can learn more about how this ownership structure developed by looking at The ODP Corporation (ODP): History, Ownership, Mission, How It Works & Makes Money.

Changes in Ownership: The Merger Arbitrage Play

The recent ownership changes are less about a long-term strategic shift and more about a near-term event: the pending acquisition. The ODP Corporation announced on September 22, 2025, that it would be acquired by an affiliate of Atlas Holdings for $28 per share in an all-cash transaction. This deal is expected to close by the end of 2025.

So, what you see in the Q3 2025 filings is a mixed bag of activity, which is exactly what you'd expect during a merger arbitrage situation.

• Buyers: Funds like BlackRock, Inc. increased their stake by 2.279%, and Allianz Asset Management GmbH added 21.2% of shares. These are often merger arbitrageurs or index funds rebalancing to maintain their target weight in the stock, as the acquisition price sets a clear ceiling for the stock.
• Sellers: Firms like Vanguard Group Inc. and Dimensional Fund Advisors Lp reduced their positions, selling off 13.3% and 6.232% of their shares, respectively. They are likely taking profits or rotating capital out of the stock since the upside is capped at the $28 offer price.

The net result is that the institutional shares held (long) decreased slightly by 3.26% in the most recent quarter, totaling approximately 39.3 million shares. This small decline shows some investors are exiting early, but the overall institutional presence remains dominant.

Impact of Institutional Investors: From Strategy to Arbitrage

The role of these large investors has fundamentally changed since the acquisition announcement. Before September 2025, institutional investors played a critical role in corporate governance and strategy, pushing for operational improvements or a spin-off of the CompuCom business. Now, their impact is almost entirely focused on the transaction's completion.

Here's the quick math: The stock price hovers near the $28 offer price, so the primary opportunity for new institutional buyers is the small spread between the current price and the acquisition price. This is pure merger arbitrage. The Q3 2025 earnings report, which showed a 9% year-over-year revenue decline but a solid adjusted EPS of $1.14, was largely overshadowed by the acquisition update. The company even skipped their usual earnings call, which tells you everything-the market's focus is no longer on operations, but on the deal closing by year-end 2025.

For you, the actionable insight is that the stock's performance is now a binary event: either the Atlas Holdings deal closes at $28, or it doesn't. Institutional buying is simply a bet on the former.

Key Investors and Their Impact on The ODP Corporation (ODP)

You're looking at The ODP Corporation (ODP) and trying to figure out who's really calling the shots behind the scenes, and honestly, the answer is a few massive institutional players. Institutional investors-think mutual funds, pension funds, and asset managers-hold nearly all of the stock, around a staggering 99.56% of the company's shares. This means their collective moves, not individual retail traders, defintely drive the stock's direction.

The biggest names on the shareholder roster are the usual suspects, the funds that populate nearly every major US-listed company. These are mostly passive investments (Schedule 13G filings), meaning they hold the stock as part of a broader index or strategy, not to force an immediate takeover. Still, their sheer size gives them immense, quiet influence over governance and strategy.

• BlackRock, Inc.: A foundational, top-tier shareholder.
• Vanguard Group Inc.: Holds a significant stake of 1,783,992 shares as of November 7, 2025, valued at approximately $49.68 million.
• Dimensional Fund Advisors Lp: Another major passive fund manager.
• LSV Asset Management: Holds 1,109,027 shares, valued at about $30.89 million in early November 2025.

Recent Investor Activity: A Mixed Signal

In the near-term, we've seen a fascinating mix of conviction and caution in the 2025 fiscal year filings. Some funds are trimming their positions, while others are piling in, which shows a split view on the company's turnaround efforts before the big news hit. Vanguard Group Inc., for instance, reduced its position by -13.3% in the most recent reporting period.

But then you have the buyers. JPMorgan Chase & Co. made a massive statement, increasing its stake by an eye-popping +597.6% to hold 97,407 shares. That's a huge vote of confidence, or maybe a bet on an impending corporate action. Hillsdale Investment Management Inc. also boosted its stake by +22.8% to 288,902 shares, suggesting they see value in the current strategy or the underlying assets. This kind of divergence-heavy selling from one giant, aggressive buying from others-is a classic sign that a major strategic shift is on the horizon. Here's the quick math: institutional investors collectively hold over 39 million shares. That's a lot of capital riding on the company's direction.

The Ultimate Influence: The Atlas Holdings Acquisition

The most impactful investor-driven event in 2025 is the announced acquisition of The ODP Corporation by Atlas Holdings in an all-cash transaction, announced on September 22, 2025. This isn't just a stock movement; it's a complete change of ownership, a definitive strategic decision that activist investors often push for. While the search results don't explicitly name a single activist fund that forced this, this type of transaction is the ultimate outcome of a long-term strategic review, often spurred by pressure to unlock value from a market-cap of about $839 million. This is the final word on the company's direction.

The acquisition process itself is now the primary focus for shareholders. The company has filed a preliminary proxy statement (PREM14A) related to the merger as recently as October 15, 2025, meaning the deal is moving forward. This move essentially validates the long-held belief that the company's assets-its B2B distribution platform, supply chain, and Office Depot/OfficeMax retail network-were worth more to a private equity firm than as a publicly traded entity. For more details on the company's underlying financial health that led to this, you should check out Breaking Down The ODP Corporation (ODP) Financial Health: Key Insights for Investors.

The company's Q3 2025 results, announced November 5, 2025, showed adjusted earnings per share of $1.14, beating analyst consensus, and a strong adjusted free cash flow of $89 million for the quarter. But even strong cash flow can't stop a strategic sale if the board and major investors believe it's the best way to maximize shareholder return. The focus now shifts from operational performance to the final sale price and closing conditions, a clear signal of investor influence trumping day-to-day operations.

Market Impact and Investor Sentiment

You're looking at The ODP Corporation (ODP) and wondering if the institutional money is buying in or heading for the exits. The quick answer is that sentiment is defintely mixed, leaning toward a cautious 'Hold' from the analyst community, even as the stock sees massive institutional ownership.

Institutional investors-the big funds like BlackRock, Inc. and Vanguard Group Inc.-hold nearly all the stock, with institutional ownership sitting at an astonishing 99.56% of the company. This high concentration means any major move by a few key players can create significant volatility. For example, in the quarter ending September 30, 2025, BlackRock, Inc. increased its position by 2.279%, adding 56,605 shares, while Dimensional Fund Advisors Lp cut its stake by over 6%. The smart money is actively re-evaluating their positions.

The core investor sentiment is currently neutral to slightly negative, which is why the stock has a consensus analyst rating of 'Reduce.' It's a classic case of a company trading at a low price-to-earnings (P/E) ratio, but with muted growth expectations. You need to look past the large ownership numbers and focus on the change in holdings to gauge the real conviction.

Recent Market Reactions to Ownership Shifts

The market's reaction to The ODP Corporation (ODP)'s news has been highly sensitive and volatile in 2025. When a stock is so heavily institutionally owned, the reaction to a slight earnings miss or a major investor filing can be outsized. For instance, in the 30 days leading up to April 2025, the share price tumbled 27%, reflecting deep market pessimism and a year-long loss of 76% for shareholders.

However, the stock shows resilience when it delivers a surprise. The Q2 2025 earnings release saw the company beat its earnings per share (EPS) consensus, reporting $0.51 against a forecast of $0.36. The market reacted with a pre-market increase of 2.51% to $17.99. But that relief is often short-lived because the revenue picture remains challenging.

The near-term risk is that the stock is highly beta-sensitive, meaning it moves more dramatically than the broader market. You have to be ready for the swings. The current share price of $27.85/share (as of early November 2025) reflects this tightrope walk between value and operational headwinds.

Key Institutional Investors and Their Moves

A few major institutional players dominate The ODP Corporation (ODP)'s investor profile, and tracking their moves gives you a clear signal on what the largest pools of capital are thinking. These are the funds with the resources to do the deepest due diligence, so their actions are a good proxy for underlying value perception.

Here's the quick math on the top holders as of the Q3 2025 filings (September 30, 2025):

• BlackRock, Inc. is the largest holder, with 2,540,632 shares.
• Vanguard Group Inc. holds 1,783,992 shares, but reduced its stake by 273,857 shares.
• Dimensional Fund Advisors Lp also sold down, decreasing its position by 6.232%, or 123,648 shares.

The divergence is what matters. While passive index funds like Vanguard might sell due to index rebalancing, the active accumulation by others, like Connor Clark & Lunn Investment Management Ltd., which boosted its stake by a massive 132.9% in Q2 2025, suggests some active managers see a deep value play. This split indicates an internal debate on the company's long-term strategy, which you can read more about in their Mission Statement, Vision, & Core Values of The ODP Corporation (ODP).

Analyst Perspectives and the Value Proposition

The analyst community is not bullish, but they aren't calling for a collapse either. The consensus is a 'Reduce' rating, with a tight average 12-month price target of $28.00. What this estimate hides is the underlying challenge of shifting from a retail-heavy model to a B2B platform.

UBS Group, for instance, maintained a 'Neutral' rating and a $28.00 price target in November 2025, a sign that they see the stock as fairly valued at the current level. This neutral stance is largely due to the mixed financial results in 2025. Q3 2025 revenue was $1.63 billion, a decline of 8.7% year-over-year, reflecting ongoing macroeconomic headwinds and softer enterprise spending. However, the company's ability to beat EPS expectations (Q3 EPS of $1.14 vs. $0.82 consensus) suggests strong cost control and efficiency. Analysts are projecting a full-year 2025 EPS of $3.26, which gives the stock an attractive forward P/E ratio, but the revenue decline keeps them cautious.

The analyst view is that the stock is a value trap if the B2B growth doesn't accelerate, but a bargain if management can successfully execute the pivot away from its declining retail footprint.