Novem Group Invests $659,000 in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Novem Group acquired a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 3,734 shares of the transportation company's stock, valued at approximately $659,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank bought a new stake in shares of Old Dominion Freight Line in the 4th quarter valued at about $494,916,000. T. Rowe Price Investment Management Inc. lifted its stake in shares of Old Dominion Freight Line by 1,575.9% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,447,784 shares of the transportation company's stock worth $255,390,000 after acquiring an additional 1,361,397 shares during the period. AustralianSuper Pty Ltd bought a new stake in Old Dominion Freight Line in the fourth quarter valued at approximately $128,221,000. Raymond James Financial Inc. bought a new stake in Old Dominion Freight Line in the fourth quarter valued at approximately $114,449,000. Finally, Thrivent Financial for Lutherans increased its position in Old Dominion Freight Line by 92.3% during the 4th quarter. Thrivent Financial for Lutherans now owns 1,195,331 shares of the transportation company's stock valued at $210,856,000 after purchasing an additional 573,586 shares during the period. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ODFL has been the topic of a number of recent analyst reports. UBS Group dropped their price target on shares of Old Dominion Freight Line from $196.00 to $158.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Barclays dropped their target price on shares of Old Dominion Freight Line from $185.00 to $170.00 and set an "equal weight" rating on the stock in a report on Thursday, April 24th. Wells Fargo & Company set a $150.00 price target on Old Dominion Freight Line and gave the stock an "underweight" rating in a report on Thursday, April 24th. Morgan Stanley set a $185.00 price objective on Old Dominion Freight Line in a research note on Wednesday, April 2nd. Finally, StockNews.com lowered Old Dominion Freight Line from a "hold" rating to a "sell" rating in a research report on Saturday, March 29th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $182.26.

Old Dominion Freight Line Stock Performance

NASDAQ ODFL opened at $164.19 on Thursday. Old Dominion Freight Line, Inc. has a 1 year low of $144.90 and a 1 year high of $233.26. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.33 and a quick ratio of 1.33. The company has a fifty day moving average price of $159.82 and a 200-day moving average price of $183.02. The firm has a market cap of $34.70 billion, a price-to-earnings ratio of 29.96, a PEG ratio of 2.89 and a beta of 1.31.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The transportation company reported $1.19 EPS for the quarter, topping the consensus estimate of $1.14 by $0.05. The firm had revenue of $1.37 billion for the quarter, compared to analysts' expectations of $1.38 billion. Old Dominion Freight Line had a net margin of 20.40% and a return on equity of 28.02%. The company's quarterly revenue was down 5.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.34 EPS. As a group, equities research analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.