Fifth Third Bancorp Purchases 32,506 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Fifth Third Bancorp boosted its stake in Old Dominion Freight Line by 484.3% in the first quarter, buying 32,506 additional shares and bringing its total holding to 39,218 shares worth about $7.66 million.
• Old Dominion Freight Line reported better-than-expected quarterly earnings of $1.14 per share, topping estimates, while revenue also slightly beat forecasts at $1.33 billion despite declining 2.9% year over year.
• Analyst sentiment remains mixed: the stock has a consensus Hold rating and an average price target of $222, while recent targets ranged from $185 to $245.

Fifth Third Bancorp grew its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 484.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,218 shares of the transportation company's stock after acquiring an additional 32,506 shares during the period. Fifth Third Bancorp's holdings in Old Dominion Freight Line were worth $7,663,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Norges Bank bought a new position in shares of Old Dominion Freight Line during the 4th quarter valued at about $444,983,000. Boston Partners purchased a new stake in shares of Old Dominion Freight Line in the third quarter worth about $292,599,000. Price T Rowe Associates Inc. MD lifted its position in shares of Old Dominion Freight Line by 14.1% in 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. Two Sigma Investments LP boosted its stake in Old Dominion Freight Line by 637.5% during the third quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company's stock valued at $221,935,000 after buying an additional 1,362,697 shares during the last quarter. Finally, Life Cycle Investment Partners Ltd bought a new position in Old Dominion Freight Line during the fourth quarter valued at approximately $188,651,000. Institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Stock Performance

NASDAQ ODFL opened at $225.23 on Thursday. The firm's 50 day moving average price is $220.29 and its 200-day moving average price is $201.40. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $252.03. The company has a market cap of $46.84 billion, a PE ratio of 47.12, a P/E/G ratio of 4.16 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) 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 business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period in the previous year, the company earned $1.19 earnings per share. The business's revenue for the quarter was down 2.9% on a year-over-year basis. On average, analysts forecast that Old Dominion Freight Line, Inc. will post 5.51 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd were paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Wednesday, June 3rd. Old Dominion Freight Line's payout ratio is currently 24.27%.

Analysts Set New Price Targets

ODFL has been the subject of a number of research reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Old Dominion Freight Line in a research report on Friday, July 10th. Wolfe Research upped their price target on shares of Old Dominion Freight Line from $183.00 to $185.00 and gave the company an "underperform" rating in a research note on Tuesday, April 7th. Raymond James Financial reiterated an "outperform" rating and set a $241.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a research report on Monday. Citigroup upgraded Old Dominion Freight Line from a "sell" rating to a "neutral" rating and set a $228.00 target price for the company in a report on Thursday, July 9th. Finally, Morgan Stanley reissued an "equal weight" rating and set a $245.00 target price (up from $235.00) on shares of Old Dominion Freight Line in a research report on Monday, July 6th. Ten equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Old Dominion Freight Line currently has a consensus rating of "Hold" and a consensus target price of $222.00.

Insider Buying and Selling at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the business'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 completion of the sale, the director owned 88,551 shares of the company's stock, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. 10.00% of the stock is currently owned by corporate insiders.

Old Dominion Freight Line 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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