North Dakota State Investment Board Takes Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• North Dakota State Investment Board initiated a new position in Old Dominion Freight Line, buying 6,392 shares valued at about $1.0 million in the fourth quarter.
• Institutional ownership remains high, with several other funds increasing their stakes and 77.82% of the stock now held by hedge funds and other institutions.
• Analysts are mixed on ODFL: the stock currently has a Hold consensus rating with an average price target of $206.29, even after the company reported quarterly earnings and revenue that beat expectations.

North Dakota State Investment Board bought a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 6,392 shares of the transportation company's stock, valued at approximately $1,002,000.

Several other institutional investors and hedge funds also recently made changes to their positions in ODFL. Kinsale Capital Group Inc. lifted its stake in Old Dominion Freight Line by 5.9% during the fourth quarter. Kinsale Capital Group Inc. now owns 42,342 shares of the transportation company's stock worth $6,639,000 after purchasing an additional 2,367 shares during the last quarter. iA Global Asset Management Inc. lifted its stake in Old Dominion Freight Line by 6.8% during the fourth quarter. iA Global Asset Management Inc. now owns 26,004 shares of the transportation company's stock worth $4,077,000 after purchasing an additional 1,667 shares during the last quarter. Canada Post Corp Registered Pension Plan lifted its stake in Old Dominion Freight Line by 32.2% during the fourth quarter. Canada Post Corp Registered Pension Plan now owns 4,020 shares of the transportation company's stock worth $630,000 after purchasing an additional 980 shares during the last quarter. AlphaCore Capital LLC bought a new position in Old Dominion Freight Line during the fourth quarter worth $269,000. Finally, DNB Asset Management AS lifted its stake in Old Dominion Freight Line by 17.5% during the fourth quarter. DNB Asset Management AS now owns 70,353 shares of the transportation company's stock worth $11,031,000 after purchasing an additional 10,459 shares during the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ODFL shares. Argus upgraded Old Dominion Freight Line from a "hold" rating to a "buy" rating and set a $220.00 price objective on the stock in a research note on Thursday, February 12th. The Goldman Sachs Group set a $216.00 price objective on Old Dominion Freight Line and gave the stock a "neutral" rating in a research note on Thursday, April 30th. Citigroup restated a "neutral" rating and set a $225.00 price objective (up from $218.00) 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 objective (up from $180.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Finally, Rothschild & Co Redburn reduced their price objective on 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 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. Based on data from MarketBeat, Old Dominion Freight Line currently has an average rating of "Hold" and a consensus price target of $206.29.

Old Dominion Freight Line Price Performance

Shares of NASDAQ ODFL opened at $209.83 on Thursday. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $233.79. The business's fifty day moving average price is $200.40 and its two-hundred day moving average price is $178.55. The firm has a market capitalization of $43.64 billion, a PE ratio of 43.90, a P/E/G ratio of 4.19 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period last year, the company earned $1.19 earnings per share. The firm's revenue for the quarter was down 2.9% on a year-over-year basis. Equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Old Dominion Freight Line

In other news, insider Earl E. Congdon sold 25,000 shares of the firm's stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $196.13, for a total transaction of $4,903,250.00. Following the transaction, the insider directly owned 2,162,113 shares of the company's stock, valued at approximately $424,055,222.69. This trade represents a 1.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $4,233,932.64. Following the transaction, the director directly owned 88,551 shares in the company, valued at $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 10.00% of the stock is owned by company 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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