Swiss National Bank Acquires 34,100 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• Swiss National Bank increased its stake in Old Dominion Freight Line by 6.6% in the first quarter, buying an additional 34,100 shares and bringing its total to 552,300 shares valued at about $107.9 million.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $222, even though several firms recently raised their targets, including Morgan Stanley, UBS, and Jefferies.
• Old Dominion reported solid quarterly results, beating EPS and revenue estimates in its latest earnings release, while also paying a quarterly dividend of $0.29 per share for an annualized yield of 0.5%.

Swiss National Bank lifted its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 6.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 552,300 shares of the transportation company's stock after acquiring an additional 34,100 shares during the quarter. Swiss National Bank owned approximately 0.27% of Old Dominion Freight Line worth $107,919,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of ODFL. Kinsale Capital Group Inc. lifted its position in shares of Old Dominion Freight Line by 16.1% in the first quarter. Kinsale Capital Group Inc. now owns 49,140 shares of the transportation company's stock valued at $9,602,000 after buying an additional 6,798 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its holdings in shares of Old Dominion Freight Line by 80.5% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company's stock worth $27,000 after acquiring an additional 62 shares during the last quarter. Kera Capital Partners Inc. bought a new stake in Old Dominion Freight Line in the 1st quarter valued at $203,000. Gryphon Financial Partners LLC bought a new stake in Old Dominion Freight Line in the 1st quarter valued at $241,000. Finally, Assetmark Inc. lifted its holdings in Old Dominion Freight Line by 14.3% during the 1st quarter. Assetmark Inc. now owns 1,547 shares of the transportation company's stock valued at $302,000 after purchasing an additional 193 shares during the last quarter. 77.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ODFL has been the subject of several research analyst reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Old Dominion Freight Line in a report on Friday, July 10th. Morgan Stanley reissued an "equal weight" rating and issued a $245.00 price target (up from $235.00) on shares of Old Dominion Freight Line in a report on Monday, July 6th. BMO Capital Markets restated an "outperform" rating and set a $230.00 price objective on shares of Old Dominion Freight Line in a research report on Thursday, June 4th. UBS Group boosted their price objective on Old Dominion Freight Line from $216.00 to $224.00 and gave the stock a "neutral" rating in a report on Tuesday, July 7th. Finally, Jefferies Financial Group upped their target price on Old Dominion Freight Line from $230.00 to $250.00 and gave the company a "hold" rating in a research report on Tuesday, June 9th. Ten investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of "Hold" and a consensus price target of $222.00.

Old Dominion Freight Line Stock Down 0.9%

Shares of ODFL stock opened at $231.76 on Tuesday. The business has a fifty day simple moving average of $222.51 and a 200 day simple moving average of $202.98. The company has a market cap of $48.20 billion, a P/E ratio of 48.49, a P/E/G ratio of 4.23 and a beta of 1.18. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $252.03.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, beating the consensus estimate 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 business had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the prior year, the firm earned $1.19 EPS. The firm's revenue was down 2.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.55 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Wednesday, June 3rd. Old Dominion Freight Line's payout ratio is 24.27%.

Insider Activity at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the company's stock in a transaction that occurred 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 sale, the director directly owned 88,551 shares in the company, valued at $16,959,287.52. This represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 10.00% of the company's stock.

Old Dominion Freight Line 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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