AustralianSuper Pty Ltd Raises Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

Key Points

• AustralianSuper Pty Ltd massively boosted its stake in Old Dominion Freight Line during the fourth quarter, increasing holdings by 955.4% to 75,005 shares valued at about $11.8 million.
• The company posted better-than-expected quarterly results, reporting EPS of $1.14 versus estimates of $1.05, while revenue of $1.33 billion also slightly beat expectations.
• Analysts remain cautious overall: Old Dominion Freight Line has a Hold consensus rating, with an average price target of $206.29, even as several firms recently nudged their targets higher.

AustralianSuper Pty Ltd increased its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 955.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 75,005 shares of the transportation company's stock after purchasing an additional 67,898 shares during the period. AustralianSuper Pty Ltd's holdings in Old Dominion Freight Line were worth $11,761,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. E Fund Management Hong Kong Co. Ltd. increased its stake in shares of Old Dominion Freight Line by 224.4% in the 4th quarter. E Fund Management Hong Kong Co. Ltd. now owns 626 shares of the transportation company's stock worth $98,000 after acquiring an additional 433 shares in the last quarter. Allworth Financial LP lifted its holdings in shares of Old Dominion Freight Line by 32.1% during the fourth quarter. Allworth Financial LP now owns 2,410 shares of the transportation company's stock valued at $378,000 after purchasing an additional 585 shares during the last quarter. Proactive Wealth Strategies LLC purchased a new position in shares of Old Dominion Freight Line during the fourth quarter valued at approximately $202,000. Argos Wealth Advisors LLC purchased a new position in shares of Old Dominion Freight Line during the fourth quarter valued at approximately $577,000. Finally, Meridian Wealth Management LLC purchased a new position in shares of Old Dominion Freight Line during the fourth quarter valued at approximately $224,000. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Stock Up 2.2%

Shares of ODFL opened at $203.12 on Friday. The company has a market capitalization of $42.24 billion, a P/E ratio of 42.49, a price-to-earnings-growth ratio of 4.07 and a beta of 1.17. The firm has a 50 day moving average of $200.07 and a 200 day moving average of $176.80. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $233.79.

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, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $1.31 billion. During the same quarter in the previous year, the business earned $1.19 earnings per share. The company's revenue was down 2.9% on a year-over-year basis. On average, sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.32 EPS for the current year.

Insider Activity at Old Dominion Freight Line

In other Old Dominion Freight Line news, insider Earl E. Congdon sold 25,000 shares of the stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $196.13, for a total value of $4,903,250.00. Following the transaction, the insider owned 2,162,113 shares of the company's stock, valued at approximately $424,055,222.69. This represents a 1.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Greg C. Gantt sold 22,107 shares of the company's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the sale, the director directly owned 88,551 shares of the company's stock, valued at $16,959,287.52. The trade was a 19.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 102,241 shares of company stock worth $19,874,065. Company insiders own 10.00% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Wells Fargo & Company lifted their target price 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. The Goldman Sachs Group set a $216.00 target price on Old Dominion Freight Line and gave the stock a "neutral" rating in a report on Thursday, April 30th. Evercore set a $219.00 target price on Old Dominion Freight Line in a report on Thursday, April 30th. Stephens reissued an "overweight" rating and issued a $240.00 target price (up from $232.00) on shares of Old Dominion Freight Line 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 report on Tuesday, April 28th. Eight investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Old Dominion Freight Line presently has an average rating of "Hold" and an average price target of $206.29.

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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