Old Dominion Freight Line, Inc. $ODFL Shares Bought by DNB Asset Management AS

DNB Asset Management AS boosted its holdings in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 17.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 70,353 shares of the transportation company’s stock after acquiring an additional 10,459 shares during the period. DNB Asset Management AS’s holdings in Old Dominion Freight Line were worth $11,031,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Clarendon Private LLC acquired a new position in Old Dominion Freight Line during the fourth quarter worth about $239,000. Northwestern Mutual Wealth Management Co. raised its position in shares of Old Dominion Freight Line by 15,188.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 407,885 shares of the transportation company’s stock valued at $63,956,000 after buying an additional 405,217 shares during the last quarter. Phoenix Financial Ltd. acquired a new position in shares of Old Dominion Freight Line in the fourth quarter valued at approximately $229,000. AustralianSuper Pty Ltd raised its position in shares of Old Dominion Freight Line by 955.4% in the fourth quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company’s stock valued at $11,761,000 after buying an additional 67,898 shares during the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. raised its position in shares of Old Dominion Freight Line by 224.4% in the fourth quarter. E Fund Management Hong Kong Co. Ltd. now owns 626 shares of the transportation company’s stock valued at $98,000 after buying an additional 433 shares during the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on ODFL shares. Deutsche Bank Aktiengesellschaft lowered shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 price objective for the company. in a research report on Thursday, February 5th. Jefferies Financial Group boosted their price objective on shares of Old Dominion Freight Line from $210.00 to $230.00 and gave the company a “hold” rating in a research report on Wednesday, April 22nd. Barclays set a $210.00 price objective on shares of Old Dominion Freight Line and gave the company an “equal weight” rating in a research report on Thursday, April 30th. Rothschild & Co Redburn reduced their target price on Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating on the stock in a research report on Tuesday, May 12th. Finally, The Goldman Sachs Group set a $216.00 target price on Old Dominion Freight Line and gave the stock a “neutral” rating in a research report on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Old Dominion Freight Line has a consensus rating of “Hold” and a consensus price target of $206.29.

Insider Buying and Selling at Old Dominion Freight Line

In other Old Dominion Freight Line news, Director Greg C. Gantt sold 22,107 shares of the 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 completion of the sale, the director owned 88,551 shares of the company’s stock, valued at $16,959,287.52. This trade represents a 19.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman David S. Congdon sold 52,000 shares of the stock in a transaction that occurred on Thursday, February 19th. The shares were sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the completion of the sale, the chairman directly owned 712,800 shares of the company’s stock, valued at $138,832,056. This trade represents a 6.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 102,241 shares of company stock worth $19,874,065 over the last three months. 10.00% of the stock is currently owned by insiders.

Old Dominion Freight Line Price Performance

Old Dominion Freight Line stock opened at $203.12 on Monday. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $233.79. The firm has a fifty day moving average of $200.07 and a 200-day moving average of $177.08. The firm has a market capitalization of $42.24 billion, a P/E ratio of 42.49, a PEG ratio of 4.16 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the prior year, the business earned $1.19 earnings per share. The business’s quarterly revenue was down 2.9% compared to the same quarter last year. On average, research analysts expect that Old Dominion Freight Line, Inc. will post 5.32 EPS for the current fiscal year.

About Old Dominion Freight Line

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.