Peregrine Asset Advisers Inc. Has $5.19 Million Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Peregrine Asset Advisers boosted its stake in Old Dominion Freight Line by 56.6% in the first quarter, ending with 26,546 shares valued at about $5.19 million.
• Old Dominion Freight Line reported better-than-expected Q1 earnings of $1.14 per share on revenue of $1.33 billion, though revenue still declined 2.9% year over year.
• Analyst sentiment remains mixed: the stock has an average “Hold” rating with an average price target of $218.57, while individual targets range from underperform to buy.

Peregrine Asset Advisers Inc. grew its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 56.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,546 shares of the transportation company's stock after acquiring an additional 9,593 shares during the quarter. Old Dominion Freight Line accounts for 1.4% of Peregrine Asset Advisers Inc.'s holdings, making the stock its 20th biggest position. Peregrine Asset Advisers Inc.'s holdings in Old Dominion Freight Line were worth $5,187,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Brighton Jones LLC increased its stake in Old Dominion Freight Line by 5.3% in the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock valued at $275,000 after purchasing an additional 79 shares in the last quarter. Empowered Funds LLC boosted its position in shares of Old Dominion Freight Line by 134.9% during 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 in the last quarter. Marshall Wace LLP acquired a new position in shares of Old Dominion Freight Line in the 2nd quarter valued at $7,478,000. Jump Financial LLC acquired a new position in shares of Old Dominion Freight Line in the 2nd quarter valued at $2,891,000. Finally, AXA S.A. increased its position in shares of Old Dominion Freight Line by 1.2% in the 2nd quarter. AXA S.A. now owns 20,253 shares of the transportation company's stock valued at $3,287,000 after buying an additional 238 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

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 dated Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the completion of the transaction, the director directly owned 88,551 shares of the company's stock, valued at $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 10.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

ODFL has been the topic of several research analyst reports. Susquehanna raised their price objective on Old Dominion Freight Line from $205.00 to $224.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 2nd. Wolfe Research boosted their target price on Old Dominion Freight Line from $183.00 to $185.00 and gave the company an "underperform" rating in a research note on Tuesday, April 7th. Wells Fargo & Company set a $235.00 price target on Old Dominion Freight Line and gave the stock an "equal weight" rating in a report on Friday, June 5th. Morgan Stanley set a $235.00 price target on Old Dominion Freight Line and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Finally, Argus lifted their price objective on Old Dominion Freight Line from $220.00 to $260.00 and gave the company a "buy" rating in a report on Thursday, June 18th. Ten research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $218.57.

Old Dominion Freight Line Stock Down 0.1%

Shares of NASDAQ:ODFL opened at $217.65 on Friday. The firm has a market cap of $45.26 billion, a price-to-earnings ratio of 45.53, a PEG ratio of 4.37 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $252.03. The company's fifty day simple moving average is $218.60 and its 200 day simple moving average is $197.25.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its 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. The firm had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The company's revenue for the quarter was down 2.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.19 EPS. Research analysts expect that Old Dominion Freight Line, Inc. will post 5.44 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The company 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. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Wednesday, June 3rd. Old Dominion Freight Line's payout ratio is 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.

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