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

Key Points

• BNP Paribas Financial Markets increased its Old Dominion Freight Line stake by 18.2% in the fourth quarter, bringing its holdings to 702,400 shares worth about $110.1 million.
• Old Dominion reported better-than-expected quarterly earnings of $1.14 per share versus $1.05 expected, while revenue came in at $1.33 billion, slightly above estimates despite a 2.9% year-over-year decline.
• The company also announced a quarterly dividend of $0.29 per share, and analysts currently have a consensus rating of Hold with an average price target of $206.29.

BNP Paribas Financial Markets raised its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 18.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 702,400 shares of the transportation company's stock after purchasing an additional 108,335 shares during the period. BNP Paribas Financial Markets owned 0.34% of Old Dominion Freight Line worth $110,136,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its stake in Old Dominion Freight Line by 21.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company's stock worth $499,007,000 after purchasing an additional 622,275 shares during the period. Truist Financial Corp boosted its stake in Old Dominion Freight Line by 12.9% during the 3rd quarter. Truist Financial Corp now owns 88,119 shares of the transportation company's stock worth $12,405,000 after purchasing an additional 10,046 shares during the period. Wilson Asset Management International PTY Ltd. acquired a new stake in Old Dominion Freight Line during the 3rd quarter worth $4,307,000. Atlantic Union Bankshares Corp acquired a new stake in Old Dominion Freight Line during the 3rd quarter worth $1,999,000. Finally, Citigroup Inc. boosted its stake in Old Dominion Freight Line by 46.4% during the 3rd quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company's stock worth $146,507,000 after purchasing an additional 329,895 shares during the period. 77.82% of the stock is owned by hedge funds and other institutional investors.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL opened at $225.15 on Monday. The firm has a 50-day moving average price of $204.81 and a two-hundred day moving average price of $182.32. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $233.79. The company has a market capitalization of $46.82 billion, a P/E ratio of 47.10, a price-to-earnings-growth ratio of 4.61 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its 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 firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same period last year, the firm posted $1.19 EPS. The firm's revenue for the quarter was down 2.9% on a year-over-year basis. On average, equities research analysts predict that Old Dominion Freight Line, Inc. will post 5.32 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.5%. The ex-dividend date is Wednesday, June 3rd. Old Dominion Freight Line's dividend payout ratio (DPR) is 24.27%.

Insiders Place Their Bets

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the firm'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 completion of the transaction, the director directly owned 88,551 shares in the company, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 10.00% of the company's stock.

Wall Street Analyst Weigh In

ODFL has been the subject of several recent analyst reports. Truist Financial set a $225.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Rothschild & Co Redburn reduced their target price on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating for the company in a research note on Tuesday, May 12th. Stifel Nicolaus raised their target price on shares of Old Dominion Freight Line from $228.00 to $232.00 in a research note on Thursday, April 30th. Evercore set a $219.00 price target on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Finally, Morgan Stanley set a $235.00 price target on shares of Old Dominion Freight Line and gave the company an "overweight" rating in a report on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company 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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