Harber Asset Management LLC Acquires 18,680 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Harber Asset Management increased its stake in Old Dominion Freight Line by 50.2% in the fourth quarter, buying 18,680 additional shares and bringing its total to 55,884 shares worth about $8.76 million.
• Institutional ownership remains high, with 77.82% of the stock held by institutional investors, while director Greg C. Gantt sold 22,107 shares in a transaction valued at about $4.23 million.
• Analysts are mixed on ODFL: the consensus rating is “Hold” with an average price target of $215.43, even though the stock recently traded near $245.75 and the company reported quarterly EPS and revenue that both beat estimates.

Harber Asset Management LLC lifted its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 50.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 55,884 shares of the transportation company's stock after purchasing an additional 18,680 shares during the period. Old Dominion Freight Line accounts for approximately 3.7% of Harber Asset Management LLC's portfolio, making the stock its 12th biggest holding. Harber Asset Management LLC's holdings in Old Dominion Freight Line were worth $8,763,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. DT Investment Partners LLC grew its position 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 during the last quarter. Raiffeisen Bank International AG acquired a new stake in Old Dominion Freight Line in the 3rd quarter worth $37,000. Torren Management LLC acquired a new stake in Old Dominion Freight Line in the 4th quarter worth $41,000. Kohmann Bosshard Financial Services LLC acquired a new stake in Old Dominion Freight Line in the 4th quarter worth $50,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Old Dominion Freight Line in the 3rd quarter worth $55,000. 77.82% of the stock is currently owned by institutional investors.

Insider Transactions 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 dated 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 completion of the transaction, the director directly owned 88,551 shares of the company's stock, valued at $16,959,287.52. This trade represents a 19.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 10.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Citigroup restated a "neutral" rating and issued a $225.00 price target (up from $218.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Barclays set a $210.00 price target on shares of Old Dominion Freight Line and gave the stock an "equal weight" rating in a research report on Thursday, April 30th. Raymond James Financial restated an "outperform" rating and issued a $224.00 price target on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Wells Fargo & Company set a $235.00 price target on shares of Old Dominion Freight Line and gave the stock an "equal weight" rating in a research report on Friday, June 5th. Finally, The Goldman Sachs Group set a $216.00 price target on shares of Old Dominion Freight Line and gave the stock a "neutral" rating in a research report on Thursday, April 30th. Eight equities 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, Old Dominion Freight Line has a consensus rating of "Hold" and a consensus target price of $215.43.

Old Dominion Freight Line Stock Performance

NASDAQ:ODFL opened at $245.75 on Friday. The company has a 50-day moving average of $215.16 and a 200-day moving average of $189.53. The company has a market capitalization of $51.11 billion, a price-to-earnings ratio of 51.41, a PEG ratio of 4.97 and a beta of 1.17. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same period last year, the firm posted $1.19 EPS. The firm's quarterly revenue was down 2.9% on a year-over-year basis. Sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.38 EPS 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. Investors of record on Wednesday, June 3rd will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, June 3rd. Old Dominion Freight Line's dividend payout ratio (DPR) is currently 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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