Lombard Odier Asset Management USA Corp Increases Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Lombard Odier Asset Management USA Corp increased its stake in Old Dominion Freight Line by 237.9% in the fourth quarter, bringing its holdings to 9,781 shares valued at about $1.53 million.
• Several other institutional investors also boosted positions, and hedge funds and other institutions now own 77.82% of the company’s stock.
• Old Dominion Freight Line reported quarterly EPS of $1.14, beating estimates, while analysts currently rate the stock Hold with a consensus price target of $215.57.

Lombard Odier Asset Management USA Corp boosted its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 237.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,781 shares of the transportation company's stock after purchasing an additional 6,886 shares during the quarter. Lombard Odier Asset Management USA Corp's holdings in Old Dominion Freight Line were worth $1,534,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Captrust Financial Advisors grew its holdings in Old Dominion Freight Line by 85.8% in the fourth quarter. Captrust Financial Advisors now owns 11,930 shares of the transportation company's stock worth $1,871,000 after purchasing an additional 5,510 shares during the period. Royal Bank of Canada grew its holdings in Old Dominion Freight Line by 28.5% in the fourth quarter. Royal Bank of Canada now owns 535,248 shares of the transportation company's stock worth $83,927,000 after purchasing an additional 118,794 shares during the period. Cynosure Group LLC grew its holdings in Old Dominion Freight Line by 30.0% in the fourth quarter. Cynosure Group LLC now owns 3,284 shares of the transportation company's stock worth $515,000 after purchasing an additional 757 shares during the period. Alberta Investment Management Corp purchased a new stake in Old Dominion Freight Line in the fourth quarter worth about $1,537,000. Finally, USS Investment Management Ltd grew its holdings in Old Dominion Freight Line by 7.7% in the fourth quarter. USS Investment Management Ltd now owns 42,020 shares of the transportation company's stock worth $6,587,000 after purchasing an additional 3,000 shares during the period. Hedge funds and other institutional investors own 77.82% of the company's stock.

Analysts Set New Price Targets

ODFL has been the topic of a number of recent research reports. Stifel Nicolaus upped their price objective on shares of Old Dominion Freight Line from $228.00 to $232.00 in a report on Thursday, April 30th. Robert W. Baird set a $229.00 price objective on shares of Old Dominion Freight Line and gave the stock a "neutral" rating in a report on Tuesday, April 28th. UBS Group upped their price objective on shares of Old Dominion Freight Line from $202.00 to $216.00 and gave the stock a "neutral" rating in a report on Thursday, April 30th. Evercore set a $219.00 price target on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Finally, Wolfe Research increased their price target on shares of Old Dominion Freight Line from $183.00 to $185.00 and gave the company an "underperform" rating in a report on Tuesday, April 7th. Eight research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Old Dominion Freight Line currently has a consensus rating of "Hold" and a consensus price target of $215.57.

Insider Activity at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the 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 transaction, the director owned 88,551 shares in the company, valued at $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 10.00% of the stock is currently owned by insiders.

Old Dominion Freight Line Stock Down 2.4%

NASDAQ:ODFL opened at $231.62 on Wednesday. The company's 50 day moving average price is $216.62 and its 200-day moving average price is $191.34. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $252.03. The stock has a market cap of $48.17 billion, a price-to-earnings ratio of 48.46, a PEG ratio of 4.81 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $1.31 billion. During the same quarter in the prior year, the company posted $1.19 earnings per share. The business's revenue for the quarter was down 2.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.38 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 is presently 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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