Boston Partners Acquires 2,044,434 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Boston Partners sharply increased its stake in Old Dominion Freight Line, buying 2,044,434 additional shares in the fourth quarter and lifting its holdings by 98.4% to 4,122,696 shares worth about $648.2 million.
• Wall Street remains cautious on ODFL despite solid results: analysts currently have a consensus rating of “Hold” with an average price target of $215.43, even though several firms recently reiterated or raised targets in the $224–$230 range.
• The company continues to show strong profitability and a shareholder payout, reporting quarterly EPS of $1.14 versus the $1.05 estimate and announcing a quarterly dividend of $0.29 per share, or $1.16 annually.

Boston Partners boosted its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 98.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,122,696 shares of the transportation company's stock after purchasing an additional 2,044,434 shares during the period. Boston Partners owned approximately 1.97% of Old Dominion Freight Line worth $648,186,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. SIR Capital Management L.P. bought a new stake in Old Dominion Freight Line in the fourth quarter worth $1,944,000. Korea Investment CORP increased its position in shares of Old Dominion Freight Line by 48.6% in the fourth quarter. Korea Investment CORP now owns 87,325 shares of the transportation company's stock valued at $13,693,000 after acquiring an additional 28,545 shares during the period. Banco Santander S.A. increased its position in shares of Old Dominion Freight Line by 82.7% in the fourth quarter. Banco Santander S.A. now owns 37,466 shares of the transportation company's stock valued at $5,875,000 after acquiring an additional 16,955 shares during the period. Wealthspire Advisors LLC increased its position in shares of Old Dominion Freight Line by 295.5% in the fourth quarter. Wealthspire Advisors LLC now owns 1,677 shares of the transportation company's stock valued at $263,000 after acquiring an additional 1,253 shares during the period. Finally, Quantum Capital Management LLC NJ increased its position in shares of Old Dominion Freight Line by 2.6% in the fourth quarter. Quantum Capital Management LLC NJ now owns 609,937 shares of the transportation company's stock valued at $95,638,000 after acquiring an additional 15,546 shares during the period. 77.82% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Greg C. Gantt sold 22,107 shares of the firm's stock in a transaction on 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 of the company's stock, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 10.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ODFL. BMO Capital Markets restated an "outperform" rating and issued a $230.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Robert W. Baird set a $229.00 price objective on shares of Old Dominion Freight Line and gave the company a "neutral" rating in a research report on Tuesday, April 28th. Susquehanna boosted their price objective on shares of Old Dominion Freight Line from $205.00 to $224.00 and gave the company a "neutral" rating in a research report on Tuesday, June 2nd. Benchmark restated a "hold" rating on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Finally, Raymond James Financial restated an "outperform" rating and issued a $224.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Old Dominion Freight Line has a consensus rating of "Hold" and a consensus target price of $215.43.

Old Dominion Freight Line Stock Performance

ODFL opened at $245.75 on Friday. The stock has a market capitalization of $51.11 billion, a price-to-earnings ratio of 51.41, a PEG ratio of 5.02 and a beta of 1.17. The company has a fifty day moving average of $215.16 and a 200 day moving average of $189.53. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $252.03.

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. The company had revenue of $1.33 billion during the quarter, compared to analysts' expectations of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. Old Dominion Freight Line's quarterly revenue was down 2.9% on a year-over-year basis. During the same period last year, the company posted $1.19 earnings per share. On average, equities research analysts forecast that Old Dominion Freight Line, Inc. will post 5.38 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

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

Old Dominion Freight Line Company 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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