TD Asset Management Inc Acquires 374,552 Shares of Old Dominion Freight Line, Inc. $ODFL

Key Points

• TD Asset Management Inc. increased its stake in Old Dominion Freight Line by 45.7% in the fourth quarter, buying 374,552 additional shares and bringing its total holding to 1,194,256 shares worth about $187.3 million.
• Old Dominion Freight Line’s latest quarterly results beat expectations, with earnings per share of $1.14 versus the $1.05 estimate and revenue of $1.33 billion versus $1.31 billion forecast.
• Analyst sentiment remains mixed: several firms raised price targets, but the stock currently carries a consensus rating of “Hold” with an average price target of $207.08, while shares recently traded near a 52-week high.

TD Asset Management Inc grew its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 45.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,194,256 shares of the transportation company's stock after buying an additional 374,552 shares during the period. TD Asset Management Inc owned approximately 0.57% of Old Dominion Freight Line worth $187,259,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Lido Advisors LLC increased its position in Old Dominion Freight Line by 4.5% during the 4th quarter. Lido Advisors LLC now owns 2,231 shares of the transportation company's stock worth $319,000 after buying an additional 96 shares during the period. CIBC Asset Management Inc increased its position in Old Dominion Freight Line by 29.7% during the 4th quarter. CIBC Asset Management Inc now owns 88,343 shares of the transportation company's stock worth $13,852,000 after buying an additional 20,217 shares during the period. Goldman Sachs Group Inc. increased its position in Old Dominion Freight Line by 23.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,314,157 shares of the transportation company's stock worth $519,660,000 after buying an additional 639,769 shares during the period. Westpac Banking Corp increased its position in Old Dominion Freight Line by 1,035.3% during the 4th quarter. Westpac Banking Corp now owns 14,475 shares of the transportation company's stock worth $2,270,000 after buying an additional 13,200 shares during the period. Finally, Bridges Investment Management Inc. increased its position in Old Dominion Freight Line by 0.6% during the 4th quarter. Bridges Investment Management Inc. now owns 691,568 shares of the transportation company's stock worth $108,438,000 after buying an additional 3,943 shares during the period. Institutional investors own 77.82% of the company's stock.

Insider Activity at Old Dominion Freight Line

In other news, Director Greg C. Gantt sold 22,107 shares of Old Dominion Freight Line stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the sale, the director directly owned 88,551 shares of the company's stock, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 10.00% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on ODFL shares. Morgan Stanley set a $235.00 price objective on Old Dominion Freight Line and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Citigroup restated a "neutral" rating and issued a $225.00 price target (up from $218.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. Robert W. Baird set a $229.00 price target on Old Dominion Freight Line and gave the stock a "neutral" rating in a research report on Tuesday, April 28th. Susquehanna raised their price target on Old Dominion Freight Line from $205.00 to $224.00 and gave the stock a "neutral" rating in a research report on Tuesday. Finally, Zacks Research upgraded Old Dominion Freight Line from a "strong sell" rating to a "hold" rating in a research report on Tuesday, February 10th. Eight research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Old Dominion Freight Line currently has a consensus rating of "Hold" and an average price target of $207.08.

Old Dominion Freight Line Stock Up 4.0%

NASDAQ:ODFL opened at $245.52 on Friday. The stock's 50-day simple moving average is $208.81 and its 200 day simple moving average is $185.09. The firm has a market capitalization of $51.06 billion, a PE ratio of 51.36, a price-to-earnings-growth ratio of 4.81 and a beta of 1.17. Old Dominion Freight Line, Inc. has a twelve month low of $126.01 and a twelve month high of $245.78.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last released its quarterly earnings data 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 business had revenue of $1.33 billion for the quarter, compared to analyst estimates 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 revenue was down 2.9% compared to the same quarter last year. During the same period last year, the firm posted $1.19 earnings per share. On average, analysts anticipate that Old Dominion Freight Line, Inc. will post 5.35 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, June 3rd. Old Dominion Freight Line's dividend payout ratio (DPR) is presently 24.27%.

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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