Goldman Sachs Group Inc. Buys 639,769 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Goldman Sachs increased its stake in Old Dominion Freight Line by 23.9% in the fourth quarter, buying 639,769 additional shares and bringing its total holding to 3.31 million shares worth about $519.7 million.
• Old Dominion Freight Line reported better-than-expected quarterly results, with EPS of $1.14 versus the $1.05 consensus and revenue of $1.33 billion versus $1.31 billion expected. However, revenue still declined 2.9% year over year.
• The company declared a quarterly dividend of $0.29 per share, payable June 17, while analysts currently have a Hold consensus rating and an average price target of $207.08, below the stock’s recent trading price near its 52-week high.

Goldman Sachs Group Inc. increased its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 23.9% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,314,157 shares of the transportation company's stock after buying an additional 639,769 shares during the period. Goldman Sachs Group Inc. owned 1.58% of Old Dominion Freight Line worth $519,660,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ODFL. Westside Investment Management Inc. increased its holdings in shares of Old Dominion Freight Line by 100.0% during the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company's stock valued at $27,000 after acquiring an additional 98 shares in the last quarter. DT Investment Partners LLC boosted its stake in Old Dominion Freight Line by 600.0% in the 4th quarter. DT Investment Partners LLC now owns 210 shares of the transportation company's stock worth $33,000 after purchasing an additional 180 shares in the last quarter. Raiffeisen Bank International AG purchased a new stake in Old Dominion Freight Line during the 3rd quarter valued at about $37,000. Torren Management LLC purchased a new stake in Old Dominion Freight Line during the 4th quarter valued at about $41,000. Finally, Kohmann Bosshard Financial Services LLC bought a new stake in Old Dominion Freight Line during the 4th quarter valued at about $50,000. Institutional investors own 77.82% of the company's stock.

Analyst Ratings Changes

ODFL has been the topic of a number of recent analyst reports. BMO Capital Markets reiterated an "outperform" rating and set a $230.00 price target on shares of Old Dominion Freight Line in a report on Thursday. Rothschild & Co Redburn decreased their price objective on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating for the company in a report on Tuesday, May 12th. JPMorgan Chase & Co. upped their price objective on Old Dominion Freight Line from $183.00 to $197.00 and gave the company a "neutral" rating in a research report on Thursday, April 30th. The Goldman Sachs Group set a $216.00 target price on Old Dominion Freight Line and gave the company a "neutral" rating in a research note on Thursday, April 30th. Finally, Wells Fargo & Company lifted their target price on Old Dominion Freight Line from $200.00 to $205.00 and gave the stock an "equal weight" rating in a report on Thursday, April 30th. Eight research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Old Dominion Freight Line has a consensus rating of "Hold" and a consensus target price of $207.08.

Old Dominion Freight Line Stock Up 4.0%

ODFL opened at $245.52 on Friday. The stock has a market capitalization of $51.06 billion, a price-to-earnings ratio of 51.36, a PEG ratio of 4.81 and a beta of 1.17. The firm has a 50 day moving average price of $208.81 and a 200-day moving average price of $185.09. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $245.78.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its 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 company had revenue of $1.33 billion for the quarter, compared to analysts' expectations of $1.31 billion. During the same quarter last year, the company posted $1.19 earnings per share. The firm's quarterly revenue was down 2.9% on a year-over-year basis. As a group, analysts expect that Old Dominion Freight Line, Inc. will post 5.35 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently declared 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. 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 dividend payout ratio (DPR) is 24.27%.

Insider Activity at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction on Monday, May 4th. The stock was 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 $16,959,287.52. The trade was a 19.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 10.00% of the stock is owned by insiders.

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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