Norges Bank Takes $444.98 Million Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Norges Bank initiated a major new position in Old Dominion Freight Line, buying 2.84 million shares valued at about $444.98 million and representing 1.36% of the company.
• Analyst sentiment is mixed: the stock currently carries a consensus Hold rating, with a consensus price target of $206.29 despite several recent target increases.
• Old Dominion reported better-than-expected quarterly earnings of $1.14 per share on revenue of $1.33 billion, and it also announced a quarterly dividend of $0.29 per share payable June 17.

Norges Bank bought a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,837,904 shares of the transportation company's stock, valued at approximately $444,983,000. Norges Bank owned 1.36% of Old Dominion Freight Line as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Westside Investment Management Inc. grew its position in shares of Old Dominion Freight Line by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company's stock valued at $27,000 after acquiring an additional 98 shares during the period. Torren Management LLC purchased a new stake in shares of Old Dominion Freight Line during the 4th quarter valued at approximately $41,000. Raiffeisen Bank International AG purchased a new stake in shares of Old Dominion Freight Line during the 3rd quarter valued at approximately $37,000. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Old Dominion Freight Line during the 4th quarter valued at approximately $50,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of Old Dominion Freight Line during the 3rd quarter valued at approximately $55,000. 77.82% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ODFL has been the topic of a number of recent research reports. Stephens restated an "overweight" rating and set a $240.00 price target (up from $232.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. TD Cowen restated a "hold" rating and set a $194.00 price target (up from $180.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Barclays set a $210.00 price target on shares of Old Dominion Freight Line and gave the company an "equal weight" rating in a research note on Thursday, April 30th. Wolfe Research upped 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 research note on Tuesday, April 7th. Finally, JPMorgan Chase & Co. upped their price target on shares of Old Dominion Freight Line from $183.00 to $197.00 and gave the company a "neutral" rating in a research note on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Old Dominion Freight Line has a consensus rating of "Hold" and a consensus target price of $206.29.

Insider Buying and Selling at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of the firm's stock in a transaction 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 sale, the director owned 88,551 shares in the company, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 10.00% of the company's stock.

Old Dominion Freight Line Price Performance

NASDAQ ODFL opened at $228.53 on Tuesday. Old Dominion Freight Line, Inc. has a 1 year low of $126.01 and a 1 year high of $233.79. The stock has a market capitalization of $47.53 billion, a PE ratio of 47.81, a P/E/G ratio of 4.61 and a beta of 1.17. The company's 50 day simple moving average is $205.73 and its two-hundred day simple moving average is $182.95.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.33 billion for the quarter, compared to analysts' expectations of $1.31 billion. During the same period in the prior year, the company posted $1.19 EPS. The business's revenue for the quarter was down 2.9% compared to the same quarter last year. On average, research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.32 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd will be given a dividend of $0.29 per share. The ex-dividend date is Wednesday, June 3rd. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. Old Dominion Freight Line's dividend payout ratio (DPR) is 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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