BNP Paribas Financial Markets Grows Stock Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• BNP Paribas Financial Markets raised its stake in Old Dominion Freight Line by 31.6% in Q3 to 594,065 shares, worth about $83.6 million (0.28% of the company).
• Old Dominion slightly beat Q4 estimates with $1.09 EPS and $1.31 billion revenue (revenue down 5.7% YoY), but the stock opened down ~6.6% and trades with a market cap of $36.7 billion and a P/E of 36.5.
• The company increased its quarterly dividend to $0.29 (annualized $1.16, 0.7% yield) while insiders sold roughly 80,134 shares (~$15.6 million) over the past three months; analysts’ consensus rating remains a Hold with a $191.08 price target.

BNP Paribas Financial Markets boosted its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 31.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 594,065 shares of the transportation company's stock after acquiring an additional 142,796 shares during the quarter. BNP Paribas Financial Markets owned 0.28% of Old Dominion Freight Line worth $83,632,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Financial Gravity Companies Inc. bought a new stake in Old Dominion Freight Line in the second quarter valued at approximately $26,000. E Fund Management Hong Kong Co. Ltd. grew its holdings in shares of Old Dominion Freight Line by 175.7% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company's stock worth $27,000 after purchasing an additional 123 shares during the last quarter. Westside Investment Management Inc. grew its holdings in shares of Old Dominion Freight Line by 100.0% in the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company's stock worth $27,000 after purchasing an additional 98 shares during the last quarter. Raiffeisen Bank International AG purchased a new position in shares of Old Dominion Freight Line in the third quarter worth $37,000. Finally, Zions Bancorporation National Association UT increased its stake in shares of Old Dominion Freight Line by 273.5% in the third quarter. Zions Bancorporation National Association UT now owns 437 shares of the transportation company's stock worth $62,000 after buying an additional 320 shares during the period. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Trading Down 6.6%

Shares of Old Dominion Freight Line stock opened at $176.24 on Friday. The company's fifty day simple moving average is $186.50 and its two-hundred day simple moving average is $159.01. The company has a market cap of $36.73 billion, a P/E ratio of 36.49, a PEG ratio of 3.97 and a beta of 1.23. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $221.63.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its earnings results on Wednesday, February 4th. The transportation company reported $1.09 EPS for the quarter, topping the consensus estimate of $1.06 by $0.03. The firm had revenue of $1.31 billion during the quarter, compared to analysts' expectations of $1.30 billion. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The company's quarterly revenue was down 5.7% compared to the same quarter last year. During the same period last year, the company posted $1.23 EPS. Analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th will be paid a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, March 4th. This is an increase from Old Dominion Freight Line's previous quarterly dividend of $0.28. This represents a $1.16 dividend on an annualized basis and a yield of 0.7%. Old Dominion Freight Line's payout ratio is currently 24.02%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ODFL. The Goldman Sachs Group reissued a "buy" rating and set a $195.00 price target on shares of Old Dominion Freight Line in a research report on Wednesday, February 4th. TD Cowen boosted their price objective on shares of Old Dominion Freight Line from $167.00 to $180.00 and gave the company a "hold" rating in a research report on Thursday, February 5th. Zacks Research raised shares of Old Dominion Freight Line from a "strong sell" rating to a "hold" rating in a research note on Tuesday, February 10th. Raymond James Financial increased their target price on shares of Old Dominion Freight Line from $180.00 to $213.00 and gave the stock an "outperform" rating in a report on Friday, February 6th. Finally, Argus raised Old Dominion Freight Line from a "hold" rating to a "buy" rating and set a $220.00 target price on the stock in a research note on Thursday, February 12th. Nine analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $191.08.

Insiders Place Their Bets

In other Old Dominion Freight Line news, insider Earl E. Congdon sold 25,000 shares of the company's stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $196.13, for a total transaction of $4,903,250.00. Following the transaction, the insider owned 2,162,113 shares in the company, valued at approximately $424,055,222.69. This represents a 1.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman David S. Congdon sold 52,000 shares of the stock in a transaction that occurred on Thursday, February 19th. The stock was sold at an average price of $194.77, for a total value of $10,128,040.00. Following the completion of the transaction, the chairman directly owned 712,800 shares of the company's stock, valued at $138,832,056. This represents a 6.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 80,134 shares of company stock worth $15,640,132 over the last three months. Company insiders own 10.00% of the company's stock.

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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