Swedbank AB Has $19.32 Million Stock Position in Old Dominion Freight Line, Inc. $ODFL

Key Points

• Swedbank AB has decreased its stake in Old Dominion Freight Line, Inc. by 46%, owning 116,777 shares worth approximately $19.32 million after selling 99,402 shares in the first quarter.
• Old Dominion Freight Line recently reported quarterly earnings of $1.27 EPS, which was $0.02 below analysts' expectations, with revenue of $1.41 billion falling short of projected figures.
• The company announced a quarterly dividend of $0.28 per share, representing a yield of 0.8% and a payout ratio of 21.88%, with the dividend scheduled for distribution on September 17th.

Swedbank AB reduced its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 46.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 116,777 shares of the transportation company's stock after selling 99,402 shares during the quarter. Swedbank AB owned 0.06% of Old Dominion Freight Line worth $19,321,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in ODFL. Brighton Jones LLC grew its holdings in shares of Old Dominion Freight Line by 5.3% during the fourth quarter. Brighton Jones LLC now owns 1,559 shares of the transportation company's stock valued at $275,000 after buying an additional 79 shares during the last quarter. Triumph Capital Management purchased a new position in Old Dominion Freight Line during the fourth quarter worth about $204,000. Janus Henderson Group PLC boosted its holdings in Old Dominion Freight Line by 2.5% during the fourth quarter. Janus Henderson Group PLC now owns 23,241 shares of the transportation company's stock worth $4,102,000 after purchasing an additional 570 shares during the last quarter. Raiffeisen Bank International AG purchased a new position in Old Dominion Freight Line during the fourth quarter worth about $400,000. Finally, Snowden Capital Advisors LLC boosted its holdings in Old Dominion Freight Line by 3.1% during the fourth quarter. Snowden Capital Advisors LLC now owns 3,258 shares of the transportation company's stock worth $575,000 after purchasing an additional 98 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Old Dominion Freight Line Stock Performance

Shares of ODFL stock opened at $144.89 on Monday. The stock has a market capitalization of $30.45 billion, a P/E ratio of 28.30, a PEG ratio of 3.37 and a beta of 1.23. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.04. The firm's 50 day moving average is $154.84 and its 200 day moving average is $159.55. Old Dominion Freight Line, Inc. has a 12 month low of $140.71 and a 12 month high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The transportation company reported $1.27 EPS for the quarter, missing analysts' consensus estimates of $1.29 by ($0.02). The business had revenue of $1.41 billion for the quarter, compared to analysts' expectations of $1.43 billion. Old Dominion Freight Line had a net margin of 19.42% and a return on equity of 25.94%. The business's quarterly revenue was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.48 earnings per share. On average, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Wednesday, September 3rd. Old Dominion Freight Line's dividend payout ratio is 21.88%.

Analyst Upgrades and Downgrades

ODFL has been the topic of several analyst reports. Truist Financial boosted their price target on shares of Old Dominion Freight Line from $175.00 to $180.00 and gave the stock a "buy" rating in a report on Monday, June 30th. Raymond James Financial cut their price target on shares of Old Dominion Freight Line from $180.00 to $165.00 and set an "outperform" rating on the stock in a report on Thursday, July 31st. TD Cowen cut their price target on shares of Old Dominion Freight Line from $166.00 to $159.00 and set a "hold" rating on the stock in a report on Thursday, July 31st. Wells Fargo & Company dropped their target price on shares of Old Dominion Freight Line from $160.00 to $145.00 and set an "underweight" rating on the stock in a research note on Thursday, July 31st. Finally, The Goldman Sachs Group upgraded shares of Old Dominion Freight Line from a "neutral" rating to a "buy" rating and boosted their target price for the company from $190.00 to $200.00 in a research note on Monday, June 2nd. Eight research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Old Dominion Freight Line has a consensus rating of "Hold" and a consensus price target of $167.14.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.