Fideuram Asset Management Ireland dac Acquires New Holdings in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Fideuram Asset Management Ireland dac initiated a new position in Old Dominion Freight Line in the fourth quarter, buying 12,932 shares worth about $2.03 million.
• Several other large institutional investors also increased their holdings, and institutions now own 77.82% of the company’s stock.
• Old Dominion Freight Line beat quarterly EPS and revenue estimates, but analysts remain mixed overall, with an average rating of Hold and an average price target of $206.29.

Fideuram Asset Management Ireland dac acquired a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 12,932 shares of the transportation company's stock, valued at approximately $2,028,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Old Dominion Freight Line by 2.2% during the third quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company's stock valued at $3,273,546,000 after acquiring an additional 494,674 shares in the last quarter. CIBC Private Wealth Group LLC raised its position in Old Dominion Freight Line by 21.6% during the third quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company's stock valued at $614,764,000 after acquiring an additional 776,004 shares in the last quarter. JPMorgan Chase & Co. raised its position in Old Dominion Freight Line by 21.3% during the third quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company's stock valued at $499,007,000 after acquiring an additional 622,275 shares in the last quarter. Boston Partners bought a new position in Old Dominion Freight Line during the third quarter valued at approximately $292,599,000. Finally, Lazard Asset Management LLC raised its position in Old Dominion Freight Line by 6.2% during the third quarter. Lazard Asset Management LLC now owns 2,054,044 shares of the transportation company's stock valued at $289,168,000 after acquiring an additional 120,564 shares in the last quarter. Institutional investors own 77.82% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ODFL shares. Rothschild & Co Redburn cut their price objective on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating on the stock in a research report on Tuesday, May 12th. 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 research report on Wednesday, April 22nd. BMO Capital Markets increased their price target on Old Dominion Freight Line from $215.00 to $230.00 and gave the company an "outperform" rating in a report on Monday, May 4th. Robert W. Baird set a $229.00 price target on Old Dominion Freight Line and gave the company a "neutral" rating in a report on Tuesday, April 28th. Finally, TD Cowen reiterated a "hold" rating and set a $194.00 price target (up from $180.00) on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Eight investment 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.com, the company presently has an average rating of "Hold" and an average price target of $206.29.

Old Dominion Freight Line Stock Up 1.9%

Shares of ODFL stock opened at $225.15 on Friday. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $233.79. The business's 50 day moving average is $204.81 and its two-hundred day moving average is $182.01. The company has a market cap of $46.82 billion, a PE ratio of 47.10, a price-to-earnings-growth ratio of 4.52 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating the consensus estimate of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter last year, the company posted $1.19 earnings per share. The company's revenue for the quarter was down 2.9% compared to the same quarter last year. As a group, equities analysts expect that Old Dominion Freight Line, Inc. will post 5.32 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

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

Insider Activity

In other 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 value of $4,233,932.64. Following the sale, the director owned 88,551 shares in the company, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 10.00% of the company's stock.

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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