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

Key Points

• Handelsbanken Fonder AB reduced its Old Dominion Freight Line stake by 8.6% in the second quarter, selling 10,142 shares and retaining 107,163 shares valued at approximately $23.2 million. Institutional investors collectively own 77.82% of the company.
• Old Dominion reported quarterly EPS of $1.68, beating estimates of $1.54, while revenue rose 10.4% year over year to $1.55 billion. The company also declared a $0.29 quarterly dividend, representing a 0.5% yield.
• Analyst sentiment is mixed, with ratings ranging from Strong Buy to Sell; the consensus rating is Hold with an average price target of $226.55, compared with a recent share price of $212.55.

Handelsbanken Fonder AB cut its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 8.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 107,163 shares of the transportation company's stock after selling 10,142 shares during the quarter. Handelsbanken Fonder AB owned about 0.05% of Old Dominion Freight Line worth $23,212,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of ODFL. Annis Gardner Whiting Capital Advisors LLC increased its stake in shares of Old Dominion Freight Line by 80.5% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company's stock worth $27,000 after acquiring an additional 62 shares during the last quarter. Evolution Wealth Management Inc. purchased a new position in shares of Old Dominion Freight Line during the 1st quarter worth $29,000. Reflection Asset Management acquired a new position in shares of Old Dominion Freight Line during the 4th quarter valued at about $28,000. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Old Dominion Freight Line in the first quarter valued at about $39,000. Finally, DT Investment Partners LLC grew its holdings in shares of Old Dominion Freight Line by 600.0% in the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company's stock valued at $33,000 after purchasing an additional 180 shares during the period. Hedge funds and other institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Price Performance

Shares of ODFL stock opened at $212.55 on Thursday. The firm has a market cap of $44.07 billion, a PE ratio of 40.95, a price-to-earnings-growth ratio of 3.64 and a beta of 1.18. The company has a 50-day moving average of $225.22 and a two-hundred day moving average of $208.97. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the previous year, the firm earned $1.27 EPS. The business's revenue was up 10.4% on a year-over-year basis. Sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.5%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line's dividend payout ratio (DPR) is 22.35%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ODFL. 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 for the company in a research report on Tuesday, May 12th. Truist Financial boosted their target price on shares of Old Dominion Freight Line from $225.00 to $250.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. Barclays increased their price target on shares of Old Dominion Freight Line from $210.00 to $220.00 and gave the company an "equal weight" rating in a research note on Thursday, June 25th. Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and raised their price target for the stock from $235.00 to $250.00 in a report on Wednesday, July 8th. Finally, Jefferies Financial Group reaffirmed a "hold" rating and set a $227.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $226.55.

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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