PKO Investment Management Joint Stock Co Acquires New Stake in Old Dominion Freight Line, Inc. $ODFL

Key Points

• PKO Investment Management opened a new position in Old Dominion Freight Line in the first quarter, buying 5,000 shares worth about $977,000.
• Analysts remain mixed on ODFL: recent target-price hikes from firms like UBS, JPMorgan, and Jefferies were offset by a Citigroup downgrade to Sell, and the overall consensus rating is Hold with an average price target of $218.13.
• The company reported better-than-expected quarterly earnings of $1.14 per share on revenue of $1.33 billion, while also paying a quarterly dividend of $0.29 per share and seeing insider selling by Director Greg C. Gantt.

PKO Investment Management Joint Stock Co bought a new position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 5,000 shares of the transportation company's stock, valued at approximately $977,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Reflection Asset Management purchased a new stake in Old Dominion Freight Line during the fourth quarter worth about $28,000. DT Investment Partners LLC lifted its position in shares of Old Dominion Freight Line by 600.0% during the fourth quarter. DT Investment Partners LLC now owns 210 shares of the transportation company's stock worth $33,000 after purchasing an additional 180 shares in the last quarter. DV Equities LLC purchased a new position in shares of Old Dominion Freight Line in the fourth quarter valued at approximately $40,000. Torren Management LLC purchased a new position in shares of Old Dominion Freight Line in the fourth quarter valued at approximately $41,000. Finally, Raiffeisen Bank International AG acquired a new position in shares of Old Dominion Freight Line in the third quarter valued at approximately $37,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on ODFL shares. UBS Group upped 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 note on Thursday, April 30th. Barclays set a $210.00 price target on shares of Old Dominion Freight Line and gave the stock an "equal weight" rating in a research note on Thursday, April 30th. JPMorgan Chase & Co. upped their price objective on Old Dominion Freight Line from $197.00 to $234.00 and gave the stock a "neutral" rating in a research report on Monday, June 8th. Citigroup cut Old Dominion Freight Line from a "neutral" rating to a "sell" rating and increased their price objective for the company from $225.00 to $228.00 in a research note on Monday, June 15th. Finally, Jefferies Financial Group lifted their target price on Old Dominion Freight Line from $230.00 to $250.00 and gave the company a "hold" rating in a report on Tuesday, June 9th. Nine analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $218.13.

Insider Buying and Selling

In related news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the transaction, the director 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 SEC, which is available through this hyperlink. 10.00% of the stock is owned by company insiders.

Old Dominion Freight Line Stock Down 0.9%

Shares of NASDAQ:ODFL opened at $217.58 on Wednesday. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $252.03. The firm's 50 day moving average price is $218.05 and its 200 day moving average price is $194.12. The stock has a market cap of $45.25 billion, a price-to-earnings ratio of 45.52, a price-to-earnings-growth ratio of 4.41 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the prior year, the firm posted $1.19 EPS. The company's quarterly revenue was down 2.9% compared to the same quarter last year. On average, equities analysts anticipate that Old Dominion Freight Line, Inc. will post 5.43 EPS for the current year.

Old Dominion Freight Line Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd were paid a dividend of $0.29 per share. The ex-dividend date was Wednesday, June 3rd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. Old Dominion Freight Line's payout ratio is presently 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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