Old Dominion Freight Line, Inc. $ODFL Holdings Raised by ProShare Advisors LLC

Key Points

• ProShare Advisors increased its Old Dominion Freight Line stake by 4% in the third quarter, bringing its holdings to 231,701 shares valued at approximately $40.3 million. Institutional investors collectively own 77.82% of the company.
• Old Dominion reported strong third-quarter results, with revenue rising 13.1% year over year to $1.59 billion and EPS of $1.65 beating estimates. However, management expects softer fourth-quarter revenue and a higher operating ratio as sluggish freight demand and rising fuel and health-care costs pressure margins.
• Analyst sentiment remains mixed: several firms retain buy or bullish ratings, but many have reduced price targets. The stock carries a consensus “Hold” rating and an average target of $218, compared with a recent price of $172.56.

ProShare Advisors LLC boosted its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 4.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 231,701 shares of the transportation company's stock after purchasing an additional 8,850 shares during the period. ProShare Advisors LLC owned approximately 0.11% of Old Dominion Freight Line worth $40,279,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Nykredit A S purchased a new position in Old Dominion Freight Line in the second quarter worth approximately $16,333,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Old Dominion Freight Line in the second quarter valued at $42,410,000. Compass Financial Management LLC purchased a new stake in Old Dominion Freight Line in the second quarter valued at $2,158,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Old Dominion Freight Line by 14.7% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,114,345 shares of the transportation company's stock valued at $241,367,000 after purchasing an additional 142,809 shares during the period. Finally, Daiichi Life Insurance Co. Ltd. acquired a new position in shares of Old Dominion Freight Line in the 2nd quarter valued at $2,139,000. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Old Dominion Freight Line

Here are the key news stories impacting Old Dominion Freight Line this week:

• Positive Sentiment: Old Dominion reported third-quarter revenue of $1.59 billion, up 13.1% year over year, while earnings of $1.65 per share exceeded the $1.61 analyst consensus. Its operating ratio improved 280 basis points to 71.5%, demonstrating strong cost control and operating efficiency. Old Dominion: 3 Key Takeaways for Long-Term Investors
• Positive Sentiment: Several analysts still see meaningful upside from the current level. Wells Fargo, Stifel Nicolaus and Raymond James maintain bullish views, with targets of $220, $224 and $210, respectively, although each firm reduced its target. Raymond James Lowers Old Dominion Price Target
• Neutral Sentiment: UBS lowered its price target from $228 to $194 and kept a neutral rating, while TD Cowen cut its target from $233 to $226 and maintained a hold rating. The revisions imply analysts remain constructive on long-term value but have reduced estimates for near-term conditions. Analyst Price Target Changes
• Negative Sentiment: Management expects fourth-quarter revenue of $1.54 billion to $1.58 billion, below third-quarter revenue, and is targeting a higher 73.5% operating ratio. Elevated fuel and health-care costs are expected to pressure margins. Old Dominion Fourth-Quarter Outlook
• Negative Sentiment: CEO Marty Freeman said freight demand remains sluggish and indicated that a potential Russian diesel deal would not materially improve the company’s fuel situation. The comments reinforce concerns about soft shipping volumes and limited relief from fuel costs. Russian Diesel Deal Will Not Make a Difference
• Negative Sentiment: The combination of a cautious fourth-quarter outlook, cost inflation and widespread analyst target reductions has fueled debate over whether the strong third-quarter margin performance can continue.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ODFL. Stifel Nicolaus cut their price objective on Old Dominion Freight Line from $230.00 to $224.00 and set a "buy" rating for the company in a research report on Thursday. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $244.00 target price (up from $235.00) on shares of Old Dominion Freight Line in a research report on Wednesday, July 29th. Zacks Research lowered shares of Old Dominion Freight Line from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 28th. Evercore reiterated an "outperform" rating and set a $243.00 price target (up from $237.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. Finally, Sanford C. Bernstein started coverage on shares of Old Dominion Freight Line in a research note on Thursday, September 10th. They issued a "market perform" rating and a $200.00 price target on the stock. Ten equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Old Dominion Freight Line currently has a consensus rating of "Hold" and an average target price of $218.00.

Insider Transactions at Old Dominion Freight Line

In other Old Dominion Freight Line news, SVP Cecil Overbey, Jr. sold 19,952 shares of the stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $198.39, for a total value of $3,958,277.28. Following the sale, the senior vice president owned 22,746 shares of the company's stock, valued at $4,512,578.94. This trade represents a 46.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 8.20% of the stock is owned by corporate insiders.

Old Dominion Freight Line Price Performance

NASDAQ:ODFL opened at $172.56 on Monday. The company has a fifty day simple moving average of $183.55 and a two-hundred day simple moving average of $201.46. The company has a market cap of $35.78 billion, a price-to-earnings ratio of 31.04, a price-to-earnings-growth ratio of 2.82 and a beta of 1.14. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings data on Wednesday, October 28th. The transportation company reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.61 by $0.04. The business had revenue of $1.59 billion for the quarter, compared to analysts' expectations of $1.57 billion. Old Dominion Freight Line had a return on equity of 25.92% and a net margin of 20.08%. The company's revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period last year, the firm earned $1.28 earnings per share. On average, analysts expect that Old Dominion Freight Line, Inc. will post 5.93 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 16th. Shareholders of record on Wednesday, December 2nd will be given a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, December 2nd. This represents a $1.16 dividend on an annualized basis and a yield of 0.7%. Old Dominion Freight Line's dividend payout ratio (DPR) is currently 20.86%.

About Old Dominion Freight Line

Old Dominion Freight Line, Inc is a transportation company specializing in less-than-truckload (LTL) freight services. It transports shipments that do not require a full truck, serving business customers across a range of industries with regional, interregional and national freight transportation.

The company's services include pickup and delivery, expedited transportation, container drayage and supply-chain solutions. Old Dominion also provides shipment tracking and other technology-enabled tools designed to support freight visibility and customer logistics management.

Founded in 1934 by Earl Congdon, Old Dominion Freight Line is headquartered in Thomasville, North Carolina.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.