Eurizon Capital SGR S.p.A. Takes Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Eurizon Capital SGR S.p.A. disclosed a new stake in Old Dominion Freight Line, buying 19,272 shares in the fourth quarter worth about $3.0 million.
• Institutional ownership remains high, with 77.82% of the stock held by institutions and hedge funds, while insider activity included director Greg C. Gantt selling 22,107 shares in early May.
• Old Dominion Freight Line reported better-than-expected quarterly earnings of $1.14 per share and declared a quarterly dividend of $0.29 per share, even as analysts overall kept a Hold consensus rating with a $206.29 target price.

Eurizon Capital SGR S.p.A. bought a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 19,272 shares of the transportation company's stock, valued at approximately $3,026,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Verdence Capital Advisors LLC increased its position in Old Dominion Freight Line by 1.2% during the 4th quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company's stock worth $812,000 after purchasing an additional 60 shares in the last quarter. Diversified Trust Co. increased its position in Old Dominion Freight Line by 1.7% in the 4th quarter. Diversified Trust Co. now owns 3,883 shares of the transportation company's stock valued at $609,000 after acquiring an additional 65 shares during the period. Modera Wealth Management LLC boosted its stake in shares of Old Dominion Freight Line by 2.7% in the 4th quarter. Modera Wealth Management LLC now owns 2,765 shares of the transportation company's stock valued at $434,000 after purchasing an additional 72 shares during the last quarter. Cim LLC boosted its stake in shares of Old Dominion Freight Line by 1.0% in the 3rd quarter. Cim LLC now owns 7,685 shares of the transportation company's stock valued at $1,082,000 after purchasing an additional 75 shares during the last quarter. Finally, Brighton Jones LLC boosted its stake in shares of Old Dominion Freight Line by 5.3% in the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock valued at $275,000 after purchasing an additional 79 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Truist Financial set a $225.00 target price on shares of Old Dominion Freight Line in a research note on Thursday, February 5th. Argus raised shares of 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. The Goldman Sachs Group set a $216.00 target price on shares of Old Dominion Freight Line and gave the stock a "neutral" rating in a research note on Thursday, April 30th. Weiss Ratings reissued a "hold (c)" rating on shares of Old Dominion Freight Line in a research note on Tuesday, April 14th. Finally, BMO Capital Markets raised their price objective on shares of Old Dominion Freight Line from $215.00 to $230.00 and gave the company an "outperform" rating in a research note on Monday, May 4th. 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 stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $206.29.

Insider Buying and Selling at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of the business's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the sale, the director directly owned 88,551 shares in the company, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 10.00% of the company's stock.

Old Dominion Freight Line Stock Up 1.5%

ODFL opened at $228.53 on Tuesday. The company has a market capitalization of $47.53 billion, a price-to-earnings ratio of 47.81, a PEG ratio of 4.61 and a beta of 1.17. The firm has a 50-day moving average price of $205.73 and a 200-day moving average price of $182.95. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $233.79.

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, topping 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 quarter last year, the company earned $1.19 earnings per share. The company's revenue was down 2.9% on a year-over-year basis. On average, sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.32 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd will be issued a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Wednesday, June 3rd. Old Dominion Freight Line's payout ratio 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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