Swedbank AB Sells 99,402 Shares of 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 lessened its stake 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 SEC. The fund owned 116,777 shares of the transportation company's stock after selling 99,402 shares during the period. Swedbank AB owned about 0.06% of Old Dominion Freight Line worth $19,321,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Larson Financial Group LLC increased its holdings in Old Dominion Freight Line by 234.8% during the first quarter. Larson Financial Group LLC now owns 154 shares of the transportation company's stock worth $25,000 after buying an additional 108 shares during the last quarter. American National Bank & Trust purchased a new stake in Old Dominion Freight Line during the first quarter worth about $30,000. Wayfinding Financial LLC purchased a new stake in Old Dominion Freight Line during the first quarter worth about $39,000. Zions Bancorporation National Association UT purchased a new stake in Old Dominion Freight Line during the first quarter worth about $39,000. Finally, Olde Wealth Management LLC purchased a new position in shares of Old Dominion Freight Line in the first quarter worth about $43,000. Hedge funds and other institutional investors own 77.82% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on ODFL shares. Baird R W upgraded shares of Old Dominion Freight Line to a "hold" rating in a research note on Tuesday, July 1st. Barclays set a $155.00 target price on shares of Old Dominion Freight Line and gave the stock an "equal weight" rating in a research note on Thursday, July 31st. JPMorgan Chase & Co. reduced their target price on shares of Old Dominion Freight Line from $158.00 to $146.00 and set a "neutral" rating for the company in a research note on Tuesday, July 8th. Morgan Stanley reduced their target price on shares of Old Dominion Freight Line from $170.00 to $165.00 and set an "equal weight" rating for the company in a research note on Thursday, July 31st. Finally, Citigroup reduced their target price on shares of Old Dominion Freight Line from $174.00 to $173.00 and set a "buy" rating for the company in a research note on Wednesday, September 10th. Eight equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $166.95.

Old Dominion Freight Line Price Performance

Shares of ODFL stock traded down $1.55 during trading hours on Friday, reaching $140.84. The stock had a trading volume of 4,264,082 shares, compared to its average volume of 1,753,899. The stock's fifty day simple moving average is $152.42 and its 200 day simple moving average is $158.68. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.04. Old Dominion Freight Line, Inc. has a 12 month low of $140.09 and a 12 month high of $233.26. The firm has a market capitalization of $29.60 billion, a PE ratio of 27.51, a PEG ratio of 3.31 and a beta of 1.23.

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

Old Dominion Freight Line Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd were given a dividend of $0.28 per share. The ex-dividend date was Wednesday, September 3rd. This represents a $1.12 annualized dividend and a yield of 0.8%. Old Dominion Freight Line's payout ratio is presently 21.88%.

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.