Old Dominion Freight Line, Inc. $ODFL Stock Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Old Dominion Freight Line stake by 209.5% in the third quarter, adding 354,020 shares to own 522,979 shares valued at approximately $90.9 million.
• Old Dominion reported quarterly earnings of $1.68 per share, beating estimates by $0.14, while revenue rose 10.4% year over year to $1.55 billion.
• The stock was trading near $187.72, below analysts’ consensus price target of $223.48; analysts overall rated it “Hold,” with 10 Buy, 15 Hold, and one Sell rating.

Assenagon Asset Management S.A. increased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 209.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 522,979 shares of the transportation company's stock after acquiring an additional 354,020 shares during the period. Assenagon Asset Management S.A. owned approximately 0.25% of Old Dominion Freight Line worth $90,915,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of ODFL. Bell Investment Advisors Inc purchased a new position in shares of Old Dominion Freight Line during the second quarter worth about $25,000. Solstein Capital LLC bought a new position in shares of Old Dominion Freight Line in the second quarter worth approximately $26,000. Annis Gardner Whiting Capital Advisors LLC raised its stake in 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 valued at $27,000 after purchasing an additional 62 shares in the last quarter. Reflection Asset Management purchased a new stake in Old Dominion Freight Line in the fourth quarter valued at approximately $28,000. Finally, Evolution Wealth Management Inc. purchased a new stake in Old Dominion Freight Line in the first quarter valued at approximately $29,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Trading Down 0.6%

Shares of NASDAQ:ODFL opened at $187.72 on Friday. The stock has a fifty day simple moving average of $188.60 and a two-hundred day simple moving average of $207.59. The stock has a market capitalization of $38.93 billion, a price-to-earnings ratio of 36.17, a PEG ratio of 3.12 and a beta of 1.20. 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 issued its quarterly earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%. The firm had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period last year, the company earned $1.27 earnings per share. The company's revenue was up 10.4% on a year-over-year basis. As a group, equities research analysts predict that Old Dominion Freight Line, Inc. will post 5.86 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd were paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 0.6%. The ex-dividend date was Wednesday, September 2nd. Old Dominion Freight Line's dividend payout ratio (DPR) is currently 22.35%.

Insider Activity at Old Dominion Freight Line

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

Analysts Set New Price Targets

A number of research analysts recently commented on ODFL shares. Stifel Nicolaus set a $230.00 target price on Old Dominion Freight Line and gave the company a "buy" rating in a research note on Thursday, October 8th. Wells Fargo & Company upgraded shares of Old Dominion Freight Line from an "underweight" rating to an "overweight" rating and upped their price target for the company from $235.00 to $250.00 in a research report on Wednesday, July 8th. Evercore reaffirmed an "outperform" rating and set a $243.00 price objective (up from $237.00) on shares of Old Dominion Freight Line in a research note on Thursday, July 30th. BMO Capital Markets set a $235.00 price objective on Old Dominion Freight Line in a report on Wednesday, October 7th. Finally, Morgan Stanley reissued an "equal weight" rating and issued a $245.00 target price (up from $235.00) on shares of Old Dominion Freight Line in a research note on Monday, July 6th. Ten equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $223.48.

Old Dominion Freight Line Profile

Old Dominion Freight Line, Inc is a transportation and logistics company that specializes in regional, inter-regional and national less-than-truckload (LTL) services. The company transports shipments that do not require an entire truck, serving commercial, industrial and retail customers across the United States.

Its services include standard and expedited LTL transportation, freight brokerage, supply chain consulting, container drayage and warehousing. Old Dominion supports customers through a network of service centers, terminals and distribution facilities, providing pickup, line-haul and delivery capabilities for a broad range of freight.

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

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