Swiss Life Asset Management Ltd Sells 15,710 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Swiss Life Asset Management cut its Old Dominion Freight Line stake by 23.5% in the fourth quarter, selling 15,710 shares and leaving it with 51,078 shares worth about $8.0 million.
• Analysts are mixed on ODFL: the consensus rating is Hold with an average price target of $206.29, though some firms recently upgraded or raised targets while others issued sell/underperform views.
• Old Dominion Freight Line reported better-than-expected quarterly earnings of $1.14 per share on revenue of $1.33 billion, even as revenue fell 2.9% year over year; insiders also sold shares recently, including two directors.

Swiss Life Asset Management Ltd reduced its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 23.5% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 51,078 shares of the transportation company's stock after selling 15,710 shares during the quarter. Swiss Life Asset Management Ltd's holdings in Old Dominion Freight Line were worth $8,009,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its holdings in shares of Old Dominion Freight Line by 21.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company's stock worth $499,007,000 after purchasing an additional 622,275 shares in the last quarter. Truist Financial Corp boosted its holdings in shares of Old Dominion Freight Line by 12.9% in the 3rd quarter. Truist Financial Corp now owns 88,119 shares of the transportation company's stock worth $12,405,000 after purchasing an additional 10,046 shares in the last quarter. Wilson Asset Management International PTY Ltd. purchased a new position in shares of Old Dominion Freight Line in the 3rd quarter worth about $4,307,000. Atlantic Union Bankshares Corp purchased a new position in shares of Old Dominion Freight Line in the 3rd quarter worth about $1,999,000. Finally, Citigroup Inc. boosted its holdings in shares of Old Dominion Freight Line by 46.4% in the 3rd quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company's stock worth $146,507,000 after purchasing an additional 329,895 shares in the last quarter. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on ODFL shares. Argus upgraded Old Dominion Freight Line from a "hold" rating to a "buy" rating and set a $220.00 price objective for the company in a report on Thursday, February 12th. Truist Financial set a $225.00 price objective on Old Dominion Freight Line in a report on Thursday, February 5th. Wolfe Research upped their price objective on Old Dominion Freight Line from $183.00 to $185.00 and gave the stock an "underperform" rating in a report on Tuesday, April 7th. Robert W. Baird set a $229.00 price objective on Old Dominion Freight Line and gave the stock a "neutral" rating in a report on Tuesday, April 28th. Finally, Rothschild & Co Redburn cut their price objective on Old Dominion Freight Line from $176.00 to $172.00 and set a "sell" rating for the company in a report on Tuesday. Eight investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $206.29.

Old Dominion Freight Line Price Performance

Shares of ODFL stock opened at $191.12 on Wednesday. The stock has a market capitalization of $39.75 billion, a PE ratio of 39.98, a P/E/G ratio of 3.99 and a beta of 1.17. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $233.79. The business has a 50-day moving average of $200.88 and a 200 day moving average of $175.80.

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

Insider Buying and Selling

In other Old Dominion Freight Line news, Director Bradley R. Gabosch sold 3,134 shares of the company's stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $194.27, for a total transaction of $608,842.18. Following the completion of the transaction, the director owned 11,278 shares of the company's stock, valued at $2,190,977.06. This represents a 21.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Greg C. Gantt sold 22,107 shares of the company's stock in a transaction that occurred 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 transaction, the director directly owned 88,551 shares of the company's stock, valued at $16,959,287.52. The trade was a 19.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 102,241 shares of company stock valued at $19,874,065. 10.00% of the stock is owned by insiders.

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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