National Pension Service Grows Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• National Pension Service boosted its stake in Old Dominion Freight Line by 6.9% in the fourth quarter, ending with 295,637 shares valued at about $46.4 million.
• The company posted better-than-expected quarterly results, with earnings of $1.14 per share versus the $1.05 consensus, while revenue of $1.33 billion also topped estimates.
• Old Dominion declared a quarterly dividend of $0.29 per share payable June 17, while analysts currently rate the stock a consensus Hold with an average price target of $206.29.

National Pension Service increased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 6.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 295,637 shares of the transportation company's stock after buying an additional 19,028 shares during the quarter. National Pension Service owned about 0.14% of Old Dominion Freight Line worth $46,356,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Verdence Capital Advisors LLC grew its stake in Old Dominion Freight Line by 1.2% during the 4th quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company's stock worth $812,000 after buying an additional 60 shares during the last quarter. Diversified Trust Co. grew its stake in Old Dominion Freight Line by 1.7% during the 4th quarter. Diversified Trust Co. now owns 3,883 shares of the transportation company's stock worth $609,000 after buying an additional 65 shares during the last quarter. Modera Wealth Management LLC grew its stake in Old Dominion Freight Line by 2.7% during the 4th quarter. Modera Wealth Management LLC now owns 2,765 shares of the transportation company's stock worth $434,000 after buying an additional 72 shares during the last quarter. Cim LLC grew its stake in Old Dominion Freight Line by 1.0% during the 3rd quarter. Cim LLC now owns 7,685 shares of the transportation company's stock worth $1,082,000 after buying an additional 75 shares during the last quarter. Finally, Brighton Jones LLC grew its stake in Old Dominion Freight Line by 5.3% during the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock worth $275,000 after buying an additional 79 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Stock Performance

Old Dominion Freight Line stock opened at $225.15 on Monday. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $233.79. The stock has a 50 day moving average of $204.81 and a two-hundred day moving average of $182.32. The stock has a market capitalization 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 (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The company had revenue of $1.33 billion during the quarter, compared to analysts' expectations of $1.31 billion. During the same period last year, the firm earned $1.19 EPS. The firm's revenue for the quarter was down 2.9% on a year-over-year basis. Equities analysts predict that Old Dominion Freight Line, Inc. will post 5.32 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd will be given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis 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 presently 24.27%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ODFL. The Goldman Sachs Group set a $216.00 price target on Old Dominion Freight Line and gave the stock a "neutral" rating in a research note on Thursday, April 30th. Deutsche Bank Aktiengesellschaft downgraded Old Dominion Freight Line from a "buy" rating to a "hold" rating and set a $205.00 price target on the stock. in a research note on Thursday, February 5th. Truist Financial set a $225.00 price target on Old Dominion Freight Line in a research note on Thursday, February 5th. Wells Fargo & Company raised their price target on Old Dominion Freight Line from $200.00 to $205.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 30th. Finally, Robert W. Baird set a $229.00 price objective on Old Dominion Freight Line and gave the stock a "neutral" rating in a research report on Tuesday, April 28th. Eight analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $206.29.

Insider Activity at Old Dominion Freight Line

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 stock was 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 10.00% of the stock is owned by corporate insiders.

About Old Dominion Freight Line

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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