Nykredit A S Makes New Investment in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Nykredit A/S acquired 75,408 shares of Old Dominion Freight Line in the second quarter, worth approximately $16.3 million. Institutional investors collectively own 77.82% of the company.
• Old Dominion reported strong quarterly results, with EPS of $1.68 beating estimates by $0.14 and revenue rising 10.4% year over year to $1.55 billion.
• The stock had a consensus “Hold” rating and an average analyst price target of $227.65, while the company maintained a quarterly dividend of $0.29 per share.

Nykredit A S acquired a new stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 75,408 shares of the transportation company's stock, valued at approximately $16,333,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in ODFL. BlackRock Inc. purchased a new stake in shares of Old Dominion Freight Line in the second quarter worth approximately $3,416,007,000. Norges Bank bought a new stake in Old Dominion Freight Line during the fourth quarter worth $444,983,000. Bank of New York Mellon Corp bought a new stake in Old Dominion Freight Line during the second quarter worth $543,289,000. Boston Partners raised its position in Old Dominion Freight Line by 98.4% in the 4th quarter. Boston Partners now owns 4,122,696 shares of the transportation company's stock valued at $648,186,000 after buying an additional 2,044,434 shares during the last quarter. Finally, Life Cycle Investment Partners Ltd purchased a new stake in Old Dominion Freight Line in the 4th quarter valued at $188,651,000. 77.82% of the stock is owned by institutional investors.

Insider Activity

In related news, SVP Cecil Overbey, Jr. sold 19,952 shares of Old Dominion Freight Line stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total transaction of $3,958,277.28. Following the completion of the sale, the senior vice president owned 22,746 shares of the company's stock, valued at approximately $4,512,578.94. This trade represents a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 8.20% of the company's stock.

Old Dominion Freight Line Price Performance

Old Dominion Freight Line stock opened at $173.00 on Friday. The firm has a market capitalization of $35.87 billion, a P/E ratio of 33.33, a PEG ratio of 2.90 and a beta of 1.16. Old Dominion Freight Line, Inc. has a one year low of $126.01 and a one year high of $252.03. The business has a fifty day moving average price of $206.74 and a 200-day moving average price of $209.27.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, beating analysts' consensus estimates of $1.54 by $0.14. Old Dominion Freight Line had a net margin of 19.44% and a return on equity of 24.87%. The company had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the business earned $1.27 earnings per share. Old Dominion Freight Line's revenue was up 10.4% compared to the same quarter last year. Sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.78 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd were paid a $0.29 dividend. The ex-dividend date was Wednesday, September 2nd. This represents a $1.16 annualized dividend and a yield of 0.7%. Old Dominion Freight Line's dividend payout ratio is currently 22.35%.

Analyst Upgrades and Downgrades

Several research firms have commented on ODFL. Sanford C. Bernstein assumed coverage on shares of Old Dominion Freight Line in a research report on Thursday, September 10th. They set a "market perform" rating and a $200.00 target price on the stock. Susquehanna upped their target price on Old Dominion Freight Line from $228.00 to $232.00 in a report on Wednesday, August 5th. Wall Street Zen downgraded Old Dominion Freight Line from a "buy" rating to a "hold" rating in a research report on Sunday. Weiss Ratings lowered Old Dominion Freight Line from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. Finally, The Goldman Sachs Group reissued a "buy" rating and issued a $244.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $227.65.

Old Dominion Freight Line Profile

Old Dominion Freight Line, Inc is a transportation and logistics company that specializes in less-than-truckload (LTL) freight services. The company transports shipments that do not require a full trailer, consolidating freight from multiple customers and providing regional, inter-regional and nationwide service.

Its service offerings include expedited transportation, truckload brokerage, container drayage, warehousing and supply chain consulting. Old Dominion operates a network of service centers and transportation facilities designed to support pickup and delivery, freight handling and distribution throughout the contiguous United States, with additional cross-border service to Canada and Mexico.

Founded in 1934 by Earl and Lillian Congdon, the company is headquartered in Thomasville, North Carolina.

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