DNB Asset Management AS Raises Holdings in Old Dominion Freight Line, Inc. $ODFL

Key Points

• DNB Asset Management AS increased its stake in Old Dominion Freight Line by 17.5% in the fourth quarter, buying 10,459 additional shares and bringing its total holding to 70,353 shares worth about $11.0 million.
• Institutional interest in ODFL remains strong, with hedge funds and other institutional investors owning 77.82% of the company’s stock.
• Old Dominion Freight Line beat quarterly earnings expectations, reporting $1.14 EPS versus the $1.05 consensus, while revenue came in at $1.33 billion; analysts currently have an average Hold rating with a $206.29 price target.

DNB Asset Management AS boosted its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 17.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 70,353 shares of the transportation company's stock after purchasing an additional 10,459 shares during the quarter. DNB Asset Management AS's holdings in Old Dominion Freight Line were worth $11,031,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of ODFL. JPMorgan Chase & Co. increased 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 buying an additional 622,275 shares during the period. Truist Financial Corp increased 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 buying an additional 10,046 shares during the period. Wilson Asset Management International PTY Ltd. purchased a new stake in Old Dominion Freight Line during the 3rd quarter worth approximately $4,307,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Old Dominion Freight Line in the 3rd quarter valued at $1,999,000. Finally, Citigroup Inc. raised its holdings in shares of Old Dominion Freight Line by 46.4% in the 3rd quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company's stock valued at $146,507,000 after purchasing an additional 329,895 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Stock Performance

ODFL stock opened at $203.12 on Monday. The company has a market cap of $42.24 billion, a P/E ratio of 42.49, a P/E/G ratio of 4.16 and a beta of 1.17. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $233.79. The company's 50-day moving average price is $200.07 and its 200 day moving average price is $177.08.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, topping analysts' consensus estimates of $1.05 by $0.09. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The firm's revenue was down 2.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.19 earnings per share. On average, equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.32 earnings per share for the current year.

Analysts Set New Price Targets

ODFL has been the topic of a number of analyst reports. Susquehanna restated a "neutral" rating and issued a $205.00 price objective (up from $185.00) on shares of Old Dominion Freight Line in a report on Wednesday, February 11th. Truist Financial set a $225.00 price objective on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Jefferies Financial Group raised their price objective on shares of Old Dominion Freight Line from $210.00 to $230.00 and gave the company a "hold" rating in a report on Wednesday, April 22nd. JPMorgan Chase & Co. raised their price objective on shares of Old Dominion Freight Line from $183.00 to $197.00 and gave the company a "neutral" rating in a report on Thursday, April 30th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Old Dominion Freight Line in a report on Tuesday, April 14th. Eight research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $206.29.

Insider Activity at Old Dominion Freight Line

In related news, Chairman David S. Congdon sold 52,000 shares of the business's stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the sale, the chairman owned 712,800 shares of the company's stock, valued at approximately $138,832,056. The trade was a 6.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Greg C. Gantt sold 22,107 shares of the business's stock in a transaction dated Monday, May 4th. The stock was 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 in the company, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 102,241 shares of company stock worth $19,874,065 in the last ninety days. Corporate insiders own 10.00% of the company's stock.

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.

Want to see what other hedge funds are holding ODFL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.