ProShare Advisors LLC Raises Stock Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• ProShare Advisors LLC increased its stake in Old Dominion Freight Line by 38.4% in the fourth quarter, ending with 359,171 shares valued at about $56.3 million.
• Institutional interest in ODFL remains strong, with hedge funds and other investors owning 77.82% of the company. Several major firms, including Boston Partners and Two Sigma, also expanded their positions.
• Old Dominion reported better-than-expected quarterly earnings of $1.14 per share on revenue of $1.33 billion, while analysts currently rate the stock a consensus "Hold" with an average price target of $206.29.

ProShare Advisors LLC boosted its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 38.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 359,171 shares of the transportation company's stock after acquiring an additional 99,640 shares during the period. ProShare Advisors LLC owned 0.17% of Old Dominion Freight Line worth $56,318,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of ODFL. Boston Partners purchased a new position in Old Dominion Freight Line during the third quarter valued at approximately $292,599,000. Two Sigma Investments LP grew its position in Old Dominion Freight Line by 637.5% during the third quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company's stock worth $221,935,000 after buying an additional 1,362,697 shares in the last quarter. CIBC Private Wealth Group LLC grew its position in Old Dominion Freight Line by 21.6% during the third quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company's stock worth $614,764,000 after buying an additional 776,004 shares in the last quarter. JPMorgan Chase & Co. grew its position in Old Dominion Freight Line by 21.3% during the third quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company's stock worth $499,007,000 after buying an additional 622,275 shares in the last quarter. Finally, Voloridge Investment Management LLC grew its position in Old Dominion Freight Line by 134.5% during the third quarter. Voloridge Investment Management LLC now owns 982,066 shares of the transportation company's stock worth $138,255,000 after buying an additional 563,254 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company's stock.

Insider Activity

In other news, Director Greg C. Gantt sold 22,107 shares of the company'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 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. Also, Chairman David S. Congdon sold 52,000 shares of the company's stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the completion of the sale, the chairman directly owned 712,800 shares of the company's stock, valued at $138,832,056. This trade represents a 6.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 99,107 shares of company stock valued at $19,265,223. Corporate insiders own 10.00% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on ODFL. Benchmark restated a "hold" rating on shares of Old Dominion Freight Line in a research report on Wednesday, March 4th. Morgan Stanley set a $235.00 target price on Old Dominion Freight Line and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Wells Fargo & Company boosted their target price on Old Dominion Freight Line from $200.00 to $205.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 30th. BMO Capital Markets boosted their price target 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. Finally, Citigroup reissued a "neutral" rating and issued a $225.00 price target (up from $218.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $206.29.

Old Dominion Freight Line Trading Up 0.2%

ODFL opened at $204.46 on Wednesday. The stock has a 50-day moving average price of $200.15 and a 200-day moving average price of $178.04. Old Dominion Freight Line, Inc. has a 12-month low of $126.01 and a 12-month high of $233.79. The stock has a market capitalization of $42.52 billion, a P/E ratio of 42.77, a PEG ratio of 4.18 and a beta of 1.17.

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

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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