Swiss National Bank Sells 2,800 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Key Points

• The Swiss National Bank reduced its stake in Old Dominion Freight Line by 0.5%, selling 2,800 shares and holding 542,000 shares valued at approximately $89.7 million as of the last quarter.
• Old Dominion Freight Line reported Q2 earnings of $1.27 EPS, falling short of the estimated $1.29, with revenue down 6.1% year-over-year.
• The company declared a $0.28 quarterly dividend, reflecting an annualized yield of 0.8%, to be paid on September 17th to shareholders of record on September 3rd.

Swiss National Bank lowered its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 0.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 542,000 shares of the transportation company's stock after selling 2,800 shares during the period. Swiss National Bank owned approximately 0.26% of Old Dominion Freight Line worth $89,674,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in ODFL. Larson Financial Group LLC increased its stake in shares of Old Dominion Freight Line by 234.8% in 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 bought a new stake in shares of Old Dominion Freight Line in the first quarter worth $30,000. Wayfinding Financial LLC bought a new stake in shares of Old Dominion Freight Line in the first quarter worth $39,000. Itau Unibanco Holding S.A. increased its stake in shares of Old Dominion Freight Line by 518.9% in the fourth quarter. Itau Unibanco Holding S.A. now owns 229 shares of the transportation company's stock worth $40,000 after buying an additional 192 shares during the last quarter. Finally, Olde Wealth Management LLC bought a new stake in shares of Old Dominion Freight Line in the first quarter worth $43,000. Institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Trading Up 2.8%

ODFL stock traded up $4.23 during midday trading on Wednesday, reaching $153.46. The stock had a trading volume of 1,981,099 shares, compared to its average volume of 1,845,490. The business has a fifty day simple moving average of $160.03 and a two-hundred day simple moving average of $166.47. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.04. The firm has a market cap of $32.25 billion, a price-to-earnings ratio of 29.97, a PEG ratio of 3.29 and a beta of 1.24. Old Dominion Freight Line, Inc. has a twelve month low of $140.91 and a twelve month high of $233.26.

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

Old Dominion Freight Line Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, September 3rd will be given a $0.28 dividend. The ex-dividend date is Wednesday, September 3rd. This represents a $1.12 annualized dividend and a dividend yield of 0.7%. Old Dominion Freight Line's payout ratio is currently 21.88%.

Wall Street Analyst Weigh In

ODFL has been the subject of a number of research analyst reports. Stephens dropped their price target on shares of Old Dominion Freight Line from $186.00 to $174.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. Truist Financial boosted their target price on shares of Old Dominion Freight Line from $175.00 to $180.00 and gave the company a "buy" rating in a research note on Monday, June 30th. Baird R W upgraded shares of Old Dominion Freight Line to a "hold" rating in a research note on Tuesday, July 1st. JPMorgan Chase & Co. lowered 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. Finally, Raymond James Financial lowered their target price on shares of Old Dominion Freight Line from $180.00 to $165.00 and set an "outperform" rating for the company in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Old Dominion Freight Line has a consensus rating of "Hold" and an average target price of $167.62.

Old Dominion Freight Line 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.