Nykredit A S Takes $18.22 Million Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Nykredit A/S acquired 84,100 shares of Old Dominion Freight Line valued at approximately $18.22 million during the second quarter. Institutional investors collectively own 77.82% of the company.
• Old Dominion reported quarterly EPS of $1.68, beating estimates of $1.54, while revenue rose 10.4% year over year to $1.55 billion. The company also declared a quarterly dividend of $0.29 per share, representing a 0.6% yield.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $226.55. Separately, SVP Cecil Overbey, Jr. sold 19,952 shares for roughly $3.96 million.

Nykredit A S purchased a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 84,100 shares of the transportation company's stock, valued at approximately $18,216,000.

Several other large investors also recently added to or reduced their stakes in the business. Bogart Wealth LLC increased its stake in Old Dominion Freight Line by 9.9% in the 1st quarter. Bogart Wealth LLC now owns 511 shares of the transportation company's stock worth $100,000 after acquiring an additional 46 shares during the last quarter. Private Advisor Group LLC boosted its position in shares of Old Dominion Freight Line by 1.3% during the 1st quarter. Private Advisor Group LLC now owns 4,164 shares of the transportation company's stock valued at $814,000 after acquiring an additional 55 shares during the last quarter. Keybank National Association OH boosted its position in shares of Old Dominion Freight Line by 2.3% during the 1st quarter. Keybank National Association OH now owns 2,450 shares of the transportation company's stock valued at $479,000 after acquiring an additional 56 shares during the last quarter. Deseret Mutual Benefit Administrators increased its position in shares of Old Dominion Freight Line by 9.7% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company's stock worth $101,000 after purchasing an additional 57 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC increased its position in shares of Old Dominion Freight Line by 80.5% in the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company's stock worth $27,000 after purchasing an additional 62 shares during the last quarter. Institutional investors own 77.82% of the company's stock.

Insiders Place Their Bets

In other news, SVP Cecil Overbey, Jr. sold 19,952 shares of the stock in a transaction that occurred 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 represents a 46.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 8.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ODFL. Rothschild & Co Redburn dropped their target price on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating for the company in a research report on Tuesday, May 12th. UBS Group restated a "neutral" rating and set a $228.00 price objective (up from $224.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Citigroup reaffirmed a "neutral" rating and set a $231.00 price objective (up from $228.00) on shares of Old Dominion Freight Line in a report on Thursday, July 30th. BMO Capital Markets reiterated an "outperform" rating and issued a $230.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. Finally, JPMorgan Chase & Co. increased their target price on Old Dominion Freight Line from $197.00 to $234.00 and gave the company a "neutral" rating in a research note on Monday, June 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $226.55.

Old Dominion Freight Line Trading Up 0.1%

Shares of NASDAQ:ODFL opened at $185.87 on Friday. The stock has a market capitalization of $38.54 billion, a P/E ratio of 35.81, a price-to-earnings-growth ratio of 3.19 and a beta of 1.16. The stock's 50-day moving average price is $214.60 and its 200-day moving average price is $210.39. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, beating analysts' consensus estimates of $1.54 by $0.14. The company had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.54 billion. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.Old Dominion Freight Line's revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.27 EPS. As a group, research analysts predict that Old Dominion Freight Line, Inc. will post 5.78 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, September 16th. Shareholders of record on Wednesday, September 2nd will be given a $0.29 dividend. The ex-dividend date is Wednesday, September 2nd. This represents a $1.16 annualized dividend and a yield of 0.6%. Old Dominion Freight Line's payout ratio is presently 22.35%.

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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