Assenagon Asset Management S.A. Boosts Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Assenagon Asset Management increased its ODFL stake by 282.4% in the second quarter, holding 168,959 shares valued at approximately $36.6 million. Hedge funds and institutional investors collectively own 77.82% of the company.
• Analyst sentiment remains mixed: ODFL has a consensus rating of “Hold” from 25 analysts, with an average price target of $226.55; individual targets range from $228 to $263.
• Old Dominion exceeded quarterly expectations, reporting $1.68 in EPS and $1.55 billion in revenue, with revenue up 10.4% year over year. The company also declared a quarterly dividend of $0.29 per share, equivalent to a 0.5% annual yield.

Assenagon Asset Management S.A. grew its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 282.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 168,959 shares of the transportation company's stock after buying an additional 124,776 shares during the period. Assenagon Asset Management S.A. owned 0.08% of Old Dominion Freight Line worth $36,597,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of ODFL. Price T Rowe Associates Inc. MD increased its holdings in shares of Old Dominion Freight Line by 14.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company's stock worth $2,230,318,000 after purchasing an additional 1,761,511 shares during the period. State Street Corp boosted its stake in Old Dominion Freight Line by 0.9% during the fourth quarter. State Street Corp now owns 7,746,286 shares of the transportation company's stock valued at $1,214,618,000 after buying an additional 70,736 shares during the period. Boston Partners boosted its stake in Old Dominion Freight Line by 98.4% during the fourth quarter. Boston Partners now owns 4,122,696 shares of the transportation company's stock valued at $648,186,000 after buying an additional 2,044,434 shares during the period. T. Rowe Price Investment Management Inc. grew its position in Old Dominion Freight Line by 11.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company's stock worth $577,137,000 after buying an additional 365,424 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Old Dominion Freight Line by 23.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,314,157 shares of the transportation company's stock worth $519,660,000 after buying an additional 639,769 shares in the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ODFL has been the subject of a number of research analyst reports. UBS Group reiterated a "neutral" rating and set a $228.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Stifel Nicolaus set a $263.00 target price on shares of Old Dominion Freight Line and gave the company a "buy" rating in a research note on Thursday, July 30th. Zacks Research upgraded shares of Old Dominion Freight Line from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 31st. Benchmark reiterated a "hold" rating on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Finally, Raymond James Financial reissued an "outperform" rating and issued a $241.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a research note on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $226.55.

Old Dominion Freight Line Trading Up 2.3%

Shares of Old Dominion Freight Line stock opened at $216.36 on Friday. The business's 50-day moving average price is $226.40 and its 200-day moving average price is $207.98. The firm has a market capitalization of $45.00 billion, a PE ratio of 41.69, a price-to-earnings-growth ratio of 3.76 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the firm earned $1.27 earnings per share. Old Dominion Freight Line's revenue for the quarter was up 10.4% on a year-over-year basis. As a group, analysts predict that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be paid a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. Old Dominion Freight Line's dividend payout ratio is 22.35%.

Old Dominion Freight Line 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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