Park National Corp OH Makes New $1.06 Million Investment in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Park National Corp OH initiated a new position in Old Dominion Freight Line in the first quarter, buying 5,403 shares valued at about $1.06 million.
• Institutional ownership remains high, with hedge funds and other large investors holding 77.82% of the company; several firms recently increased or added to their ODFL stakes.
• Analysts are mixed on the stock: Old Dominion Freight Line has a consensus Hold rating with an average price target of $217.30, while the shares recently traded around $221.04 after reporting quarterly earnings that beat expectations.

Park National Corp OH acquired a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 5,403 shares of the transportation company's stock, valued at approximately $1,056,000.

Several other large investors have also modified their holdings of ODFL. Brighton Jones LLC lifted its stake in shares of Old Dominion Freight Line by 5.3% during the 4th quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock worth $275,000 after acquiring an additional 79 shares during the last quarter. Empowered Funds LLC increased its stake in Old Dominion Freight Line by 134.9% in the first quarter. Empowered Funds LLC now owns 10,213 shares of the transportation company's stock worth $1,690,000 after purchasing an additional 5,866 shares during the period. Marshall Wace LLP bought a new stake in shares of Old Dominion Freight Line during the second quarter worth $7,478,000. Jump Financial LLC purchased a new stake in shares of Old Dominion Freight Line during the second quarter valued at $2,891,000. Finally, AXA S.A. grew its holdings in shares of Old Dominion Freight Line by 1.2% in the second quarter. AXA S.A. now owns 20,253 shares of the transportation company's stock worth $3,287,000 after purchasing an additional 238 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Wolfe Research lifted their price objective on shares of Old Dominion Freight Line from $183.00 to $185.00 and gave the company an "underperform" rating in a report on Tuesday, April 7th. Benchmark restated a "hold" rating on shares of Old Dominion Freight Line in a research note on Thursday, June 4th. UBS Group raised their target price on shares of Old Dominion Freight Line from $202.00 to $216.00 and gave the stock a "neutral" rating in a research report on Thursday, April 30th. Jefferies Financial Group lifted their price target on shares of Old Dominion Freight Line from $230.00 to $250.00 and gave the company a "hold" rating in a research note on Tuesday, June 9th. Finally, Evercore set a $219.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Eight equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Old Dominion Freight Line currently has a consensus rating of "Hold" and an average price target of $217.30.

Insider Activity at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of the company's stock in a transaction that occurred 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 completion of the sale, the director owned 88,551 shares of the company's stock, valued at approximately $16,959,287.52. This represents 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 Stock Performance

Shares of Old Dominion Freight Line stock opened at $221.04 on Monday. The stock's fifty day moving average price is $217.66 and its 200-day moving average price is $193.10. The firm has a market cap of $45.97 billion, a P/E ratio of 46.24, a P/E/G ratio of 4.44 and a beta of 1.17. 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 released its quarterly earnings data 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 company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same period in the prior year, the firm earned $1.19 earnings per share. The firm's revenue for the quarter was down 2.9% compared to the same quarter last year. Analysts forecast that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

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

Old Dominion Freight Line Company 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.

Want to see what other hedge funds are holding ODFL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report).

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.