Intech Investment Management LLC Boosts Stake in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Intech Investment Management increased its stake in Old Dominion Freight Line by 436% in the fourth quarter, bringing its holdings to 52,570 shares worth about $8.24 million.
• Institutional ownership remains very high, with 77.82% of ODFL shares held by hedge funds and other institutional investors. Several other firms, including JPMorgan Chase and Citigroup, also recently boosted their positions.
• Old Dominion reported better-than-expected Q1 earnings with EPS of $1.14 versus estimates of $1.05, while revenue slightly beat expectations at $1.33 billion. Despite the beat, analysts’ overall view remains Hold, with a consensus price target of $206.29.

Intech Investment Management LLC lifted its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 436.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 52,570 shares of the transportation company's stock after acquiring an additional 42,763 shares during the quarter. Intech Investment Management LLC's holdings in Old Dominion Freight Line were worth $8,243,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. lifted its stake in 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 valued at $499,007,000 after buying an additional 622,275 shares in the last quarter. Truist Financial Corp lifted its stake in Old Dominion Freight Line by 12.9% in the 3rd quarter. Truist Financial Corp now owns 88,119 shares of the transportation company's stock valued at $12,405,000 after buying an additional 10,046 shares in the last quarter. Wilson Asset Management International PTY Ltd. purchased a new position in Old Dominion Freight Line in the 3rd quarter valued at about $4,307,000. Atlantic Union Bankshares Corp purchased a new position in Old Dominion Freight Line in the 3rd quarter valued at about $1,999,000. Finally, Citigroup Inc. lifted its stake in Old Dominion Freight Line by 46.4% in the 3rd quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company's stock valued at $146,507,000 after buying an additional 329,895 shares in the last quarter. 77.82% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ODFL has been the topic of a number of research reports. Citigroup reaffirmed a "neutral" rating and issued a $225.00 price target (up from $218.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Benchmark reaffirmed a "hold" rating on shares of Old Dominion Freight Line in a research note on Wednesday, March 4th. Stifel Nicolaus raised their price target on shares of Old Dominion Freight Line from $228.00 to $232.00 in a research note on Thursday, April 30th. Zacks Research raised shares of Old Dominion Freight Line from a "strong sell" rating to a "hold" rating in a research note on Tuesday, February 10th. Finally, Rothschild & Co Redburn decreased their price target on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating on the stock in a research note on Tuesday, May 12th. 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. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $206.29.

Old Dominion Freight Line Trading Up 1.9%

ODFL stock opened at $225.15 on Friday. The company has a market cap of $46.82 billion, a price-to-earnings ratio of 47.10, a PEG ratio of 4.61 and a beta of 1.17. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $233.79. The firm has a 50-day moving average of $204.81 and a two-hundred day moving average of $182.01.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released 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 company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. Old Dominion Freight Line's quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.19 EPS. As a group, equities analysts forecast that Old Dominion Freight Line, Inc. will post 5.32 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

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 issued a dividend of $0.29 per share. The ex-dividend date is Wednesday, June 3rd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. Old Dominion Freight Line's dividend payout ratio (DPR) is currently 24.27%.

Insider Activity

In other news, Director Greg C. Gantt sold 22,107 shares of the firm'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 completion of the sale, the director owned 88,551 shares in the company, valued at $16,959,287.52. This trade represents a 19.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 10.00% of the stock is owned by corporate insiders.

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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