Old Dominion Freight Line, Inc. $ODFL Stock: International Assets Investment Management LLC Increases Stake

Key Points

• International Assets Investment Management increased its ODFL stake by 11,283.3% in the third quarter, ending the period with 122,712 shares. Institutional investors collectively owned 77.82% of the company.
• Old Dominion reported quarterly EPS of $1.65, beating the $1.61 consensus, and revenue of $1.59 billion, up 13.1% year over year.
• Shares fell 3.3% to $164.92 in Friday trading. Analysts’ average rating was “Hold,” with an average price target of $217.22; the company also declared a quarterly dividend of $0.29 per share.

International Assets Investment Management LLC increased its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 11,283.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 122,712 shares of the transportation company's stock after buying an additional 121,634 shares during the period. International Assets Investment Management LLC owned about 0.06% of Old Dominion Freight Line worth $211,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Bell Investment Advisors Inc purchased a new stake in shares of Old Dominion Freight Line in the second quarter worth $25,000. Solstein Capital LLC purchased a new position in Old Dominion Freight Line during the second quarter worth about $26,000. Annis Gardner Whiting Capital Advisors LLC increased its stake in Old Dominion Freight Line by 80.5% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company's stock worth $27,000 after acquiring an additional 62 shares during the last quarter. EFG International AG bought a new position in Old Dominion Freight Line in the 2nd quarter worth about $29,000. Finally, Transamerica Financial Advisors LLC purchased a new stake in shares of Old Dominion Freight Line in the 2nd quarter valued at about $30,000. 77.82% of the stock is owned by institutional investors.

Old Dominion Freight Line Trading Down 3.3%

Shares of ODFL stock traded down $5.64 during trading hours on Friday, hitting $164.92. 2,570,611 shares of the company's stock were exchanged, compared to its average volume of 1,982,908. The company has a market capitalization of $34.20 billion, a PE ratio of 29.66, a PEG ratio of 2.88 and a beta of 1.14. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $252.03. The business's 50 day simple moving average is $180.81 and its 200-day simple moving average is $201.46.

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 analysts' consensus estimates of $1.61 by $0.04. The company had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.57 billion. Old Dominion Freight Line had a net margin of 20.08% and a return on equity of 25.92%. The firm's revenue was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.28 EPS. Equities analysts anticipate 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 disclosed 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 is Wednesday, December 2nd. This represents a $1.16 annualized dividend and a yield of 0.7%. Old Dominion Freight Line's payout ratio is presently 20.86%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Bank of America cut their price objective on Old Dominion Freight Line from $240.00 to $205.00 in a report on Friday, September 4th. BMO Capital Markets set a $235.00 target price on shares of Old Dominion Freight Line in a research note on Wednesday, October 7th. Citigroup upgraded shares of Old Dominion Freight Line from a "neutral" rating to a "buy" rating and dropped their target price for the company from $231.00 to $223.00 in a research report on Tuesday, September 8th. Wall Street Zen cut shares of Old Dominion Freight Line from a "buy" rating to a "hold" rating in a research note on Sunday, October 25th. Finally, Truist Financial set a $230.00 price target on shares of Old Dominion Freight Line and gave the stock a "buy" rating in a research note on Wednesday, October 7th. Ten investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $217.22.

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.

Old Dominion Freight Line Profile

Old Dominion Freight Line is a transportation and logistics company specializing in less-than-truckload (LTL) shipping. It combines freight from multiple customers in its network to transport shipments that do not require an entire truck, and provides pickup and delivery services for businesses.

Founded in 1934 by Earl and Lillian Congdon, the company began with a single truck serving routes between Virginia and North Carolina. It has since expanded its service-center network across the United States, offering regional and national freight transportation.

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