Assenagon Asset Management S.A. Has $16.94 Million Stock Holdings in Old Dominion Freight Line, Inc. $ODFL

Assenagon Asset Management S.A. decreased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 57.4% during the 4th quarter, Holdings Channel reports. The fund owned 108,014 shares of the transportation company’s stock after selling 145,464 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Old Dominion Freight Line were worth $16,937,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the company. E Fund Management Hong Kong Co. Ltd. increased its stake in Old Dominion Freight Line by 175.7% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 123 shares in the last quarter. Westside Investment Management Inc. boosted its position in shares of Old Dominion Freight Line by 100.0% during the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock worth $27,000 after purchasing an additional 98 shares in the last quarter. Raiffeisen Bank International AG bought a new position in shares of Old Dominion Freight Line during the third quarter worth $37,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Old Dominion Freight Line in the 3rd quarter valued at $55,000. Finally, Zions Bancorporation National Association UT increased its position in shares of Old Dominion Freight Line by 273.5% in the 3rd quarter. Zions Bancorporation National Association UT now owns 437 shares of the transportation company’s stock valued at $62,000 after buying an additional 320 shares in the last quarter. Institutional investors and hedge funds own 77.82% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on ODFL shares. Wolfe Research set a $138.00 price objective on Old Dominion Freight Line in a research note on Thursday, January 8th. Wells Fargo & Company boosted their target price on Old Dominion Freight Line from $138.00 to $165.00 and gave the company an “underweight” rating in a research note on Thursday, February 5th. Jefferies Financial Group increased their price target on Old Dominion Freight Line from $195.00 to $210.00 and gave the stock a “hold” rating in a report on Tuesday, March 3rd. Citigroup reaffirmed a “neutral” rating and set a $216.00 price target (up from $196.00) on shares of Old Dominion Freight Line in a research report on Friday, February 6th. Finally, Truist Financial set a $225.00 price objective on Old Dominion Freight Line in a report on Thursday, February 5th. Nine analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, Old Dominion Freight Line has an average rating of “Hold” and an average price target of $191.08.

Old Dominion Freight Line Trading Down 0.6%

Shares of ODFL opened at $187.93 on Friday. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $221.63. The firm has a fifty day simple moving average of $189.45 and a 200 day simple moving average of $161.33. The stock has a market capitalization of $39.17 billion, a price-to-earnings ratio of 38.91, a PEG ratio of 3.97 and a beta of 1.23.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.03. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same period in the previous year, the business earned $1.23 EPS. The company’s revenue was down 5.7% compared to the same quarter last year. As a group, research analysts predict that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th were issued a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date was Wednesday, March 4th. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.28. Old Dominion Freight Line’s dividend payout ratio is 24.02%.

Insider Activity at Old Dominion Freight Line

In related news, Chairman David S. Congdon sold 52,000 shares of the company’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $194.77, for a total transaction of $10,128,040.00. Following the sale, the chairman owned 712,800 shares in the company, valued at approximately $138,832,056. This represents a 6.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Bradley R. Gabosch sold 3,134 shares of the company’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $194.27, for a total value of $608,842.18. Following the sale, the director owned 11,278 shares in the company, valued at $2,190,977.06. The trade was a 21.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 80,134 shares of company stock valued at $15,640,132. 10.00% of the stock is owned by insiders.

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.