Associated Banc Corp Acquires 84,374 Shares of Old Dominion Freight Line, Inc. $ODFL

Associated Banc Corp increased its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 67.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 210,162 shares of the transportation company's stock after acquiring an additional 84,374 shares during the quarter. Old Dominion Freight Line comprises 1.1% of Associated Banc Corp's portfolio, making the stock its 20th biggest holding. Associated Banc Corp owned 0.10% of Old Dominion Freight Line worth $41,066,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Value Partners Investments Inc. grew its position in shares of Old Dominion Freight Line by 38.7% during the 4th quarter. Value Partners Investments Inc. now owns 20,103 shares of the transportation company's stock worth $3,157,000 after purchasing an additional 5,610 shares in the last quarter. Baillie Gifford & Co. acquired a new stake in Old Dominion Freight Line in the fourth quarter valued at about $13,322,000. Waterfront Wealth Inc. bought a new stake in shares of Old Dominion Freight Line during the 4th quarter valued at approximately $1,430,000. AustralianSuper Pty Ltd grew its stake in shares of Old Dominion Freight Line by 955.4% during the fourth quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company's stock worth $11,761,000 after buying an additional 67,898 shares during the last quarter. Finally, Procyon Advisors LLC acquired a new position in Old Dominion Freight Line in the 4th quarter worth about $1,726,000. 77.82% of the stock is owned by institutional investors.

Insider Activity at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction 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 transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.00% of the stock is owned by insiders.

Old Dominion Freight Line Trading Up 0.8%

Shares of ODFL traded up $1.78 on Friday, reaching $227.63. 2,215,670 shares of the company's stock traded hands, compared to its average volume of 1,661,880. The stock has a market cap of $47.34 billion, a PE ratio of 47.62, a PEG ratio of 4.16 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $252.03. The stock's 50 day simple moving average is $218.73 and its two-hundred day simple moving average is $199.62.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.09. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the prior year, the business earned $1.19 earnings per share. The firm's revenue for the quarter was down 2.9% on a year-over-year basis. Analysts forecast that Old Dominion Freight Line, Inc. will post 5.5 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Argus lifted their price target on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the stock a "buy" rating in a report on Thursday, June 18th. Evercore raised Old Dominion Freight Line from an "in-line" rating to an "outperform" rating in a research report on Wednesday, July 1st. Susquehanna lifted their price objective on Old Dominion Freight Line from $205.00 to $224.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 2nd. Barclays upped their target price on Old Dominion Freight Line from $210.00 to $220.00 and gave the company an "equal weight" rating in a report on Thursday, June 25th. Finally, JPMorgan Chase & Co. increased their price target on Old Dominion Freight Line from $197.00 to $234.00 and gave the stock a "neutral" rating in a report on Monday, June 8th. Ten investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Old Dominion Freight Line currently has an average rating of "Hold" and an average price target of $220.00.

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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