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

Key Points

• Assenagon Asset Management cut its Old Dominion Freight Line stake by 59.1% in the first quarter, selling 63,831 shares and ending with 44,183 shares worth about $8.63 million.
• Old Dominion reported solid quarterly results, posting EPS of $1.14 versus the $1.05 estimate and revenue of $1.33 billion, though revenue was still down 2.9% year over year.
• Analysts remain cautious overall: several firms raised price targets, but the stock’s consensus rating is still “Hold,” with an average target price of $218.57.

Assenagon Asset Management S.A. trimmed its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 59.1% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 44,183 shares of the transportation company's stock after selling 63,831 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Old Dominion Freight Line were worth $8,633,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of ODFL. Cidel Asset Management Inc. purchased a new stake in shares of Old Dominion Freight Line during the 1st quarter valued at about $213,000. PKO Investment Management Joint Stock Co purchased a new position in shares of Old Dominion Freight Line during the first quarter valued at approximately $977,000. Values First Advisors Inc. lifted its position in Old Dominion Freight Line by 4.6% during the first quarter. Values First Advisors Inc. now owns 6,831 shares of the transportation company's stock valued at $1,335,000 after purchasing an additional 300 shares during the period. Town & Country Bank & Trust CO dba First Bankers Trust CO lifted its position in Old Dominion Freight Line by 20.2% during the first quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 7,892 shares of the transportation company's stock valued at $1,542,000 after purchasing an additional 1,327 shares during the period. Finally, Quotient Wealth Partners LLC boosted its holdings in Old Dominion Freight Line by 8.3% in the first quarter. Quotient Wealth Partners LLC now owns 1,439 shares of the transportation company's stock worth $281,000 after purchasing an additional 110 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company's stock.

Insider Buying and Selling at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of the company's stock in a transaction dated 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 transaction, the director owned 88,551 shares of the company's stock, valued at $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 10.00% of the stock is currently owned by company insiders.

Old Dominion Freight Line Price Performance

Shares of ODFL opened at $218.79 on Monday. The business has a 50-day simple moving average of $218.74 and a two-hundred day simple moving average of $195.51. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $252.03. The stock has a market cap of $45.50 billion, a price-to-earnings ratio of 45.77, a PEG ratio of 4.39 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The firm had revenue of $1.33 billion for the quarter, compared to analysts' expectations of $1.31 billion. During the same period in the previous year, the firm earned $1.19 EPS. The business's quarterly revenue was down 2.9% on a year-over-year basis. On average, equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were given a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Wednesday, June 3rd. Old Dominion Freight Line's payout ratio is presently 24.27%.

Analyst Ratings Changes

A number of research firms have commented on ODFL. JPMorgan Chase & Co. lifted their target price on shares of Old Dominion Freight Line from $197.00 to $234.00 and gave the stock a "neutral" rating in a research report on Monday, June 8th. Stephens reissued an "overweight" rating and set a $240.00 price target (up from $232.00) on shares of Old Dominion Freight Line in a report on Thursday, April 30th. The Goldman Sachs Group restated a "buy" rating and issued a $235.00 price target (up from $209.00) on shares of Old Dominion Freight Line in a research note on Tuesday, June 23rd. UBS Group increased their target price on Old Dominion Freight Line from $202.00 to $216.00 and gave the company a "neutral" rating in a report on Thursday, April 30th. Finally, Robert W. Baird set a $229.00 target price on Old Dominion Freight Line and gave the stock a "neutral" rating in a research report on Tuesday, April 28th. Nine analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of "Hold" and an average target price of $218.57.

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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