Associated Banc Corp Has $19.72 Million Stock Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Associated Banc Corp increased its stake in Old Dominion Freight Line by 141.1% in the fourth quarter, bringing its holdings to 125,788 shares valued at about $19.7 million.
• Old Dominion Freight Line reported better-than-expected Q1 earnings of $1.14 per share, beating estimates, while revenue came in slightly above forecasts at $1.33 billion despite a 2.9% year-over-year decline.
• Wall Street remains cautious overall: analysts currently have a Hold consensus with an average price target of $206.29, even as the stock recently traded up and the company announced a quarterly dividend of $0.29 per share.

Associated Banc Corp lifted its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 141.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 125,788 shares of the transportation company's stock after purchasing an additional 73,606 shares during the quarter. Associated Banc Corp owned approximately 0.06% of Old Dominion Freight Line worth $19,724,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. grew its stake in Old Dominion Freight Line by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company's stock valued at $3,273,546,000 after buying an additional 494,674 shares during the last quarter. CIBC Private Wealth Group LLC boosted its holdings in Old Dominion Freight Line by 21.6% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company's stock valued at $614,764,000 after purchasing an additional 776,004 shares during the period. JPMorgan Chase & Co. boosted its holdings in Old Dominion Freight Line by 21.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company's stock valued at $499,007,000 after purchasing an additional 622,275 shares during the period. Boston Partners bought a new stake in Old Dominion Freight Line in the 3rd quarter valued at $292,599,000. Finally, Lazard Asset Management LLC boosted its holdings in Old Dominion Freight Line by 6.2% in the 3rd quarter. Lazard Asset Management LLC now owns 2,054,044 shares of the transportation company's stock valued at $289,168,000 after purchasing an additional 120,564 shares during the period. Institutional investors and hedge funds own 77.82% of the company's stock.

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line news, insider Earl E. Congdon sold 25,000 shares of the business's stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $196.13, for a total value of $4,903,250.00. Following the completion of the transaction, the insider directly owned 2,162,113 shares of the company's stock, valued at approximately $424,055,222.69. The trade was a 1.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the sale, the director owned 88,551 shares of the company's stock, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 10.00% of the company's stock.

Wall Street Analysts Forecast Growth

ODFL has been the subject of a number of research reports. Stifel Nicolaus increased their price target on shares of Old Dominion Freight Line from $228.00 to $232.00 in a report on Thursday, April 30th. Wall Street Zen raised shares of Old Dominion Freight Line from a "sell" rating to a "hold" rating in a report on Sunday, January 25th. The Goldman Sachs Group set a $216.00 price target on shares of Old Dominion Freight Line and gave the company a "neutral" rating in a report on Thursday, April 30th. Wells Fargo & Company increased their price target on shares of Old Dominion Freight Line from $200.00 to $205.00 and gave the company an "equal weight" rating in a report on Thursday, April 30th. Finally, Barclays set a $210.00 price target on shares of Old Dominion Freight Line and gave the company an "equal weight" rating in a report on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of "Hold" and an average price target of $206.29.

Old Dominion Freight Line Trading Up 1.3%

Shares of NASDAQ ODFL opened at $210.47 on Friday. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $233.79. The company has a market cap of $43.77 billion, a PE ratio of 44.03, a P/E/G ratio of 4.25 and a beta of 1.17. The company has a 50-day moving average of $201.08 and a two-hundred day moving average of $179.25.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $1.31 billion. During the same period in the previous year, the firm posted $1.19 earnings per share. The company's revenue was down 2.9% on a year-over-year basis. As a group, equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.32 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd will be paid a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, June 3rd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. Old Dominion Freight Line's payout ratio is currently 24.27%.

About Old Dominion Freight Line

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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