ABN Amro Investment Solutions Invests $1.11 Million in Old Dominion Freight Line, Inc. $ODFL

Key Points

• ABN Amro Investment Solutions opened a new position in Old Dominion Freight Line, buying 7,092 shares valued at about $1.11 million in the fourth quarter.
• Old Dominion Freight Line reported better-than-expected quarterly earnings, posting $1.14 EPS on revenue of $1.33 billion, both ahead of analyst estimates. Revenue still declined 2.9% year over year.
• The company recently declared a quarterly dividend of $0.29 per share, which equates to a 0.6% annual yield. Meanwhile, Wall Street currently has a consensus rating of Hold on the stock.

ABN Amro Investment Solutions purchased a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 7,092 shares of the transportation company's stock, valued at approximately $1,112,000.

Other hedge funds have also made changes to their positions in the company. Brighton Jones LLC lifted its stake in Old Dominion Freight Line by 5.3% during the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock worth $275,000 after purchasing an additional 79 shares during the last quarter. Empowered Funds LLC lifted its stake in Old Dominion Freight Line by 134.9% during the first quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company's stock worth $1,690,000 after purchasing an additional 5,866 shares during the last quarter. Marshall Wace LLP bought a new position in Old Dominion Freight Line during the second quarter worth $7,478,000. Jump Financial LLC bought a new position in Old Dominion Freight Line during the second quarter worth $2,891,000. Finally, AXA S.A. lifted its stake in Old Dominion Freight Line by 1.2% during the second quarter. AXA S.A. now owns 20,253 shares of the transportation company's stock worth $3,287,000 after purchasing an additional 238 shares during the last quarter. Institutional investors and hedge funds own 77.82% of the company's stock.

Old Dominion Freight Line Price Performance

NASDAQ:ODFL opened at $210.47 on Friday. The stock has a market cap of $43.77 billion, a PE ratio of 44.03, a price-to-earnings-growth ratio of 4.31 and a beta of 1.17. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $233.79. The stock's 50-day moving average is $201.08 and its two-hundred day moving average is $179.25.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.09. The business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The firm's revenue was down 2.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.19 EPS. On average, equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.32 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Wednesday, June 3rd. Old Dominion Freight Line's payout ratio is currently 24.27%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ODFL shares. The Goldman Sachs Group set a $216.00 target price on Old Dominion Freight Line and gave the company a "neutral" rating in a research note on Thursday, April 30th. Robert W. Baird set a $229.00 target price on Old Dominion Freight Line and gave the company a "neutral" rating in a research note on Tuesday, April 28th. Jefferies Financial Group raised their target price on Old Dominion Freight Line from $210.00 to $230.00 and gave the company a "hold" rating in a research note on Wednesday, April 22nd. Wall Street Zen upgraded Old Dominion Freight Line from a "sell" rating to a "hold" rating in a research note on Sunday, January 25th. Finally, Deutsche Bank Aktiengesellschaft cut shares of Old Dominion Freight Line from a "buy" rating to a "hold" rating and set a $205.00 price objective on the stock. in a research note on Thursday, February 5th. Eight investment analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of "Hold" and an average price target of $206.29.

Insider Activity

In related news, Director Greg C. Gantt sold 22,107 shares of the business's stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the sale, the director directly owned 88,551 shares in the company, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Earl E. Congdon sold 25,000 shares of the business's stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $196.13, for a total value of $4,903,250.00. Following the completion of the sale, the insider owned 2,162,113 shares of the company's stock, valued at approximately $424,055,222.69. This trade represents a 1.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 10.00% of the stock is owned by insiders.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company's core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.

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