Old Dominion Freight Line, Inc. $ODFL Stock Holdings Increased by Westpac Banking Corp

Key Points

• Westpac Banking Corp increased its stake in Old Dominion Freight Line by 1,035.3% in the fourth quarter, ending with 14,475 shares worth about $2.27 million.
• Analysts remain mixed on ODFL: the stock has a consensus rating of Hold with an average price target of $207.08, though some firms recently raised targets or upgraded the shares.
• Old Dominion reported quarterly earnings of $1.14 per share, beating estimates, and it also announced a quarterly dividend of $0.29 per share payable on June 17.

Westpac Banking Corp grew its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 1,035.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,475 shares of the transportation company's stock after purchasing an additional 13,200 shares during the quarter. Westpac Banking Corp's holdings in Old Dominion Freight Line were worth $2,270,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Westside Investment Management Inc. grew its stake in shares of Old Dominion Freight Line by 100.0% in the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company's stock worth $27,000 after acquiring an additional 98 shares during the last quarter. DT Investment Partners LLC grew its stake in shares of Old Dominion Freight Line by 600.0% in the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company's stock worth $33,000 after acquiring an additional 180 shares during the last quarter. Torren Management LLC acquired a new stake in shares of Old Dominion Freight Line in the fourth quarter worth $41,000. Raiffeisen Bank International AG acquired a new stake in shares of Old Dominion Freight Line in the third quarter worth $37,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Old Dominion Freight Line in the fourth quarter worth $50,000. Institutional investors and hedge funds own 77.82% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on ODFL shares. Argus upgraded shares of Old Dominion Freight Line from a "hold" rating to a "buy" rating and set a $220.00 price objective on the stock in a research note on Thursday, February 12th. Susquehanna raised their price objective on shares of Old Dominion Freight Line from $205.00 to $224.00 and gave the stock a "neutral" rating in a research note on Tuesday. BMO Capital Markets raised their price objective on shares of Old Dominion Freight Line from $215.00 to $230.00 and gave the stock an "outperform" rating in a research note on Monday, May 4th. Deutsche Bank Aktiengesellschaft downgraded shares of Old Dominion Freight Line from a "buy" rating to a "hold" rating and set a $205.00 price target on the stock. in a research note on Thursday, February 5th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Old Dominion Freight Line in a research note on Tuesday, April 14th. Eight research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Old Dominion Freight Line presently has an average rating of "Hold" and a consensus target price of $207.08.

Insider Activity at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of the business's stock in a transaction on Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the sale, the director owned 88,551 shares in the company, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 10.00% of the company's stock.

Old Dominion Freight Line Price Performance

ODFL opened at $236.06 on Thursday. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $236.84. The firm's fifty day moving average price is $207.60 and its two-hundred day moving average price is $184.29. The company has a market capitalization of $49.09 billion, a P/E ratio of 49.39, a P/E/G ratio of 4.69 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the previous year, the company earned $1.19 earnings per share. The business's revenue was down 2.9% compared to the same quarter last year. On average, equities research analysts expect that Old Dominion Freight Line, Inc. will post 5.32 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, June 3rd. Old Dominion Freight Line's payout ratio is currently 24.27%.

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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