Danske Bank A S Invests $18.45 Million in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Danske Bank initiated an $18.45 million position in Old Dominion Freight Line by purchasing 85,171 shares during the second quarter. Institutional investors collectively own 77.82% of ODFL’s outstanding stock.
• Analyst sentiment is mixed but leans positive: ODFL has an average “Hold” rating and a consensus price target of $226.55, with recent targets ranging from $228 to $244.
• Old Dominion exceeded quarterly expectations, reporting $1.68 in EPS and $1.55 billion in revenue, with revenue up 10.4% year over year. The company also announced a quarterly dividend of $0.29 per share, yielding approximately 0.6% annually.

Danske Bank A S bought a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 85,171 shares of the transportation company's stock, valued at approximately $18,448,000.

Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Old Dominion Freight Line during the 2nd quarter valued at approximately $3,416,007,000. Price T Rowe Associates Inc. MD boosted its holdings in Old Dominion Freight Line by 14.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company's stock worth $2,230,318,000 after buying an additional 1,761,511 shares in the last quarter. State Street Corp boosted its holdings in Old Dominion Freight Line by 0.9% during the fourth quarter. State Street Corp now owns 7,746,286 shares of the transportation company's stock worth $1,214,618,000 after buying an additional 70,736 shares in the last quarter. Boston Partners grew its position in Old Dominion Freight Line by 98.4% during the fourth quarter. Boston Partners now owns 4,122,696 shares of the transportation company's stock valued at $648,186,000 after buying an additional 2,044,434 shares during the period. Finally, T. Rowe Price Investment Management Inc. grew its position in Old Dominion Freight Line by 11.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,680,719 shares of the transportation company's stock valued at $577,137,000 after buying an additional 365,424 shares during the period. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ODFL has been the subject of a number of recent analyst reports. Evercore reaffirmed an "outperform" rating and issued a $243.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, July 30th. Zacks Research raised shares of Old Dominion Freight Line from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 31st. Weiss Ratings upgraded Old Dominion Freight Line from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, August 11th. The Goldman Sachs Group restated a "buy" rating and issued a $244.00 price target on shares of Old Dominion Freight Line in a research note on Wednesday, July 29th. Finally, Susquehanna upped their price target on Old Dominion Freight Line from $224.00 to $228.00 and gave the stock a "neutral" rating in a report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $226.55.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock opened at $204.52 on Friday. The stock has a market capitalization of $42.41 billion, a P/E ratio of 39.41, a P/E/G ratio of 3.56 and a beta of 1.18. The company's fifty day moving average price is $220.99 and its 200 day moving average price is $210.48. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, topping analysts' consensus estimates of $1.54 by $0.14. The company had revenue of $1.55 billion during the quarter, compared to analysts' expectations of $1.54 billion. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The firm's revenue for the quarter was up 10.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.27 earnings per share. Sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Stockholders of record on Wednesday, September 2nd will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, September 2nd. 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 22.35%.

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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