Geode Capital Management LLC Increases Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Geode Capital Management slightly increased its Old Dominion Freight Line stake by 0.2% in the fourth quarter, bringing holdings to 5,001,214 shares valued at about $781.2 million.
• Analyst sentiment on ODFL remains mixed but leans cautious: the stock has a consensus rating of Hold with an average target price of $206.29, even after some firms raised price targets.
• Old Dominion reported better-than-expected quarterly earnings of $1.14 per share and revenue of $1.33 billion, while also announcing a quarterly dividend of $0.29 per share payable June 17.

Geode Capital Management LLC raised its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 0.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,001,214 shares of the transportation company's stock after purchasing an additional 9,564 shares during the period. Geode Capital Management LLC owned 2.39% of Old Dominion Freight Line worth $781,214,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Verdence Capital Advisors LLC boosted its stake in Old Dominion Freight Line by 1.2% in the fourth quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company's stock valued at $812,000 after acquiring an additional 60 shares in the last quarter. Diversified Trust Co. lifted its stake in Old Dominion Freight Line by 1.7% in the fourth quarter. Diversified Trust Co. now owns 3,883 shares of the transportation company's stock valued at $609,000 after buying an additional 65 shares during the last quarter. Modera Wealth Management LLC lifted its stake in Old Dominion Freight Line by 2.7% in the fourth quarter. Modera Wealth Management LLC now owns 2,765 shares of the transportation company's stock valued at $434,000 after buying an additional 72 shares during the last quarter. Cim LLC lifted its stake in Old Dominion Freight Line by 1.0% in the third quarter. Cim LLC now owns 7,685 shares of the transportation company's stock valued at $1,082,000 after buying an additional 75 shares during the last quarter. Finally, Brighton Jones LLC lifted its stake in Old Dominion Freight Line by 5.3% in the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock valued at $275,000 after buying an additional 79 shares during the last quarter. Institutional investors and hedge funds own 77.82% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on ODFL shares. Zacks Research upgraded Old Dominion Freight Line from a "strong sell" rating to a "hold" rating in a research note on Tuesday, February 10th. BMO Capital Markets lifted 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. Morgan Stanley set a $235.00 price objective on shares of Old Dominion Freight Line and gave the company an "overweight" rating in a research note on Thursday, April 30th. Wolfe Research lifted their price objective 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. Finally, Benchmark restated a "hold" rating on shares of Old Dominion Freight Line in a research note on Wednesday, March 4th. Eight equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $206.29.

Insider Activity

In related news, Director Greg C. Gantt sold 22,107 shares of the company'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 transaction of $4,233,932.64. Following the transaction, the director owned 88,551 shares of the company's stock, valued at approximately $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 10.00% of the company's stock.

Old Dominion Freight Line Price Performance

Shares of ODFL opened at $225.15 on Friday. The firm has a 50 day simple moving average of $204.81 and a 200-day simple moving average of $182.01. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $233.79. The stock has a market cap of $46.82 billion, a price-to-earnings 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 posted its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating analysts' consensus estimates of $1.05 by $0.09. The business had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The business's revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.19 earnings per share. On average, equities 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 company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend 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 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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