Handelsbanken Fonder AB Raises Stock Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Handelsbanken Fonder AB increased its Old Dominion Freight Line stake by 6.8% in the fourth quarter, ending with 115,513 shares valued at about $18.1 million.
• Institutional ownership remains very high, with hedge funds and other institutional investors holding about 77.82% of ODFL shares. Several large firms, including Vanguard, JPMorgan Chase, and CIBC Private Wealth, also boosted their positions.
• Old Dominion recently reported better-than-expected quarterly earnings of $1.14 per share on revenue of $1.33 billion, even though revenue was down 2.9% from a year earlier. Analysts currently have a consensus rating of Hold with an average price target of $206.29.

Handelsbanken Fonder AB raised its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 6.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 115,513 shares of the transportation company's stock after purchasing an additional 7,312 shares during the quarter. Handelsbanken Fonder AB owned approximately 0.06% of Old Dominion Freight Line worth $18,112,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

ODFL has been the topic of a number of recent research reports. Stifel Nicolaus upped their target price on shares of Old Dominion Freight Line from $228.00 to $232.00 in a research report on Thursday, April 30th. Barclays set a $210.00 target price on shares of Old Dominion Freight Line and gave the stock an "equal weight" rating in a research report on Thursday, April 30th. Stephens reaffirmed an "overweight" rating and issued a $240.00 target price (up from $232.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Truist Financial set a $225.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, February 5th. Finally, 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 report on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Old Dominion Freight Line presently has a consensus rating of "Hold" and a consensus price target of $206.29.

Insider Activity at Old Dominion Freight Line

In related news, insider Earl E. Congdon sold 25,000 shares of the stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $196.13, for a total value of $4,903,250.00. Following the completion of the sale, the insider directly owned 2,162,113 shares of the company's stock, valued at approximately $424,055,222.69. This represents a 1.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the completion of the sale, the director directly owned 88,551 shares of the company's stock, valued at $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 10.00% of the company's stock.

Old Dominion Freight Line Stock Performance

ODFL opened at $209.83 on Thursday. The stock has a market capitalization of $43.64 billion, a P/E ratio of 43.90, a P/E/G ratio of 4.19 and a beta of 1.17. The company's 50-day simple moving average is $200.40 and its two-hundred day simple moving average is $178.55. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $233.79.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released 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. The company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The firm's quarterly revenue was down 2.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.19 EPS. Research analysts forecast that Old Dominion Freight Line, Inc. will post 5.32 EPS for the current fiscal year.

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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