Mawer Investment Management Ltd. Takes $3.06 Million Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Mawer Investment Management opened a new position in Old Dominion Freight Line, buying 19,484 shares worth about $3.06 million in the fourth quarter.
• Old Dominion Freight Line reported better-than-expected quarterly earnings of $1.14 per share on revenue of $1.33 billion, though revenue still declined 2.9% year over year.
• The company also announced a quarterly dividend of $0.29 per share, while analyst sentiment remains mixed with an average Hold rating and a consensus price target of $207.08.

Mawer Investment Management Ltd. acquired a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 19,484 shares of the transportation company's stock, valued at approximately $3,055,000.

A number of other large investors have also added to or reduced their stakes in the business. Norges Bank acquired a new stake in Old Dominion Freight Line during the 4th quarter valued at $444,983,000. Boston Partners acquired a new stake in Old Dominion Freight Line during the 3rd quarter valued at $292,599,000. Two Sigma Investments LP raised its position in shares of Old Dominion Freight Line by 637.5% in the third quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company's stock valued at $221,935,000 after purchasing an additional 1,362,697 shares during the period. Life Cycle Investment Partners Ltd bought a new position in shares of Old Dominion Freight Line in the fourth quarter valued at about $188,651,000. Finally, CIBC Private Wealth Group LLC boosted its holdings in shares of Old Dominion Freight Line by 21.6% during 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. Institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Stock Up 0.2%

NASDAQ ODFL opened at $229.08 on Wednesday. The company has a market capitalization of $47.64 billion, a P/E ratio of 47.92, a P/E/G ratio of 4.68 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 price of $205.73 and a two-hundred day moving average price of $182.95.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.05 by $0.09. The firm 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%. The business's revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.19 EPS. Equities analysts expect that Old Dominion Freight Line, Inc. will post 5.32 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd will be issued a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, June 3rd. This represents a $1.16 dividend on an annualized basis and a yield of 0.5%. Old Dominion Freight Line's payout ratio is currently 24.27%.

Analyst Ratings Changes

Several brokerages recently commented on ODFL. Truist Financial set a $225.00 target price on shares of Old Dominion Freight Line in a report on Thursday, February 5th. Benchmark reaffirmed a "hold" rating on shares of Old Dominion Freight Line in a report on Wednesday, March 4th. The Goldman Sachs Group set a $216.00 target price on shares of Old Dominion Freight Line and gave the stock a "neutral" rating in a report on Thursday, April 30th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Old Dominion Freight Line in a report on Tuesday, April 14th. Finally, Citigroup reaffirmed a "neutral" rating and set a $225.00 target price (up from $218.00) on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Old Dominion Freight Line presently has an average rating of "Hold" and an average price target of $207.08.

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the business's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the completion of the sale, the director owned 88,551 shares of the company's stock, valued at $16,959,287.52. The trade was a 19.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 10.00% of the stock is owned by corporate insiders.

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.

Want to see what other hedge funds are holding ODFL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.