Old Dominion Freight Line, Inc. $ODFL Shares Purchased by Raiffeisen Bank International AG

Key Points

• Raiffeisen Bank International AG increased its Old Dominion Freight Line stake by 3,890.5% in the second quarter, ending with 10,535 shares valued at approximately $2.31 million. Institutional investors and hedge funds own 77.82% of the company.
• Old Dominion reported quarterly EPS of $1.68, beating the $1.54 consensus estimate, while revenue rose 10.4% year over year to $1.55 billion. The company also declared a $0.29 quarterly dividend, equivalent to a 0.6% yield.
• Analysts maintain a consensus “Hold” rating with an average price target of $226.55, despite several bullish ratings and targets as high as $260. The stock recently traded at $185.87, below its 50-day and 200-day moving averages.

Raiffeisen Bank International AG increased its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 3,890.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 10,535 shares of the transportation company's stock after acquiring an additional 10,271 shares during the quarter. Raiffeisen Bank International AG's holdings in Old Dominion Freight Line were worth $2,314,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Bell Investment Advisors Inc purchased a new position in Old Dominion Freight Line in the 2nd quarter valued at about $25,000. Solstein Capital LLC purchased a new stake in Old Dominion Freight Line during the 2nd quarter worth approximately $26,000. Annis Gardner Whiting Capital Advisors LLC increased its stake in Old Dominion Freight Line by 80.5% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company's stock worth $27,000 after buying an additional 62 shares in the last quarter. Reflection Asset Management acquired a new position in shares of Old Dominion Freight Line during the fourth quarter valued at approximately $28,000. Finally, Evolution Wealth Management Inc. purchased a new position in shares of Old Dominion Freight Line in the first quarter valued at approximately $29,000. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Old Dominion Freight Line Stock Performance

NASDAQ ODFL opened at $185.87 on Friday. The stock's fifty day moving average is $214.60 and its two-hundred day moving average is $210.39. The firm 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. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 EPS for the quarter, topping the consensus estimate of $1.54 by $0.14. The business had revenue of $1.55 billion for 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%.The company's quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.27 EPS. As a group, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be issued a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date is Wednesday, September 2nd. Old Dominion Freight Line's payout ratio is presently 22.35%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ODFL shares. Argus boosted their price target on Old Dominion Freight Line from $220.00 to $260.00 and gave the stock a "buy" rating in a research report on Thursday, June 18th. Citigroup reaffirmed a "neutral" rating and set a $231.00 target price (up from $228.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. BMO Capital Markets reaffirmed an "outperform" rating and set a $230.00 target price on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Wall Street Zen cut shares of Old Dominion Freight Line from a "buy" rating to a "hold" rating in a research report on Saturday, August 29th. Finally, Susquehanna increased their target price on shares of Old Dominion Freight Line from $224.00 to $228.00 and gave the company a "neutral" rating in a research report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $226.55.

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 shares were sold at an average price of $198.39, for a total value 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 $4,512,578.94. This represents a 46.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 8.20% of the stock is owned by insiders.

Old Dominion Freight Line Profile

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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