Associated Banc Corp Buys 203,668 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Associated Banc Corp initiated a position in Old Dominion Freight Line, buying 203,668 shares worth about $35.4 million, equal to roughly 0.10% of the company’s outstanding stock.
• Old Dominion beat quarterly estimates, reporting EPS of $1.65 versus $1.61 expected and revenue of $1.59 billion, up 13.1% year over year. Analysts’ consensus rating was Hold, with an average price target of $217.30.
• The company announced a quarterly dividend of $0.29 per share, equivalent to an annualized dividend of $1.16 and a yield of about 0.7%.

Associated Banc Corp bought a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 203,668 shares of the transportation company's stock, valued at approximately $35,406,000. Old Dominion Freight Line comprises approximately 0.8% of Associated Banc Corp's investment portfolio, making the stock its 27th biggest holding. Associated Banc Corp owned 0.10% of Old Dominion Freight Line at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Old Dominion Freight Line during the 2nd quarter worth about $3,416,007,000. Bank of New York Mellon Corp bought a new stake in shares of Old Dominion Freight Line in the second quarter valued at about $543,289,000. Legal & General Group Plc acquired a new stake in Old Dominion Freight Line during the second quarter worth about $253,155,000. Caisse de depot et placement du Quebec bought a new position in Old Dominion Freight Line during the second quarter valued at about $190,557,000. Finally, Bank of America Corp DE bought a new position in Old Dominion Freight Line during the second quarter valued at about $160,147,000. 77.82% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on ODFL. Citigroup raised Old Dominion Freight Line from a "neutral" rating to a "buy" rating and cut their price target for the company from $231.00 to $223.00 in a report on Tuesday, September 8th. The Goldman Sachs Group reissued a "buy" rating and set a $244.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a report on Wednesday, July 29th. Sanford C. Bernstein assumed coverage on Old Dominion Freight Line in a research report on Thursday, September 10th. They set a "market perform" rating and a $200.00 price objective on the stock. Zacks Research lowered Old Dominion Freight Line from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 28th. Finally, Weiss Ratings lowered Old Dominion Freight Line from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, August 25th. Ten equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $217.30.

Old Dominion Freight Line Trading Up 0.8%

Shares of ODFL opened at $177.68 on Wednesday. The stock has a market cap of $36.84 billion, a PE ratio of 31.96, a PEG ratio of 2.88 and a beta of 1.14. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03. The stock has a 50 day simple moving average of $182.47 and a 200-day simple moving average of $201.51.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings results on Wednesday, October 28th. The transportation company reported $1.65 EPS for the quarter, beating the consensus estimate of $1.61 by $0.04. Old Dominion Freight Line had a return on equity of 25.92% and a net margin of 20.08%. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.57 billion. During the same quarter in the previous year, the firm earned $1.28 EPS. Old Dominion Freight Line's quarterly revenue was up 13.1% on a year-over-year basis. On average, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.93 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 16th. Stockholders of record on Wednesday, December 2nd will be issued a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, December 2nd. This represents a $1.16 annualized dividend and a dividend yield of 0.7%. Old Dominion Freight Line's dividend payout ratio is presently 20.86%.

Insider Buying and Selling at Old Dominion Freight Line

In related news, SVP Cecil Overbey, Jr. sold 19,952 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the sale, the senior vice president owned 22,746 shares in the company, valued at $4,512,578.94. This trade represents a 46.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 8.20% of the company's stock.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a transportation company specializing in less-than-truckload (LTL) freight services. It transports shipments that do not require a full truck, serving business customers across a range of industries with regional, interregional and national freight transportation.

The company's services include pickup and delivery, expedited transportation, container drayage and supply-chain solutions. Old Dominion also provides shipment tracking and other technology-enabled tools designed to support freight visibility and customer logistics management.

Founded in 1934 by Earl Congdon, Old Dominion Freight Line is headquartered in Thomasville, North Carolina.

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