Assenagon Asset Management S.A. Decreases Stock Position in Old Dominion Freight Line, Inc. $ODFL

Assenagon Asset Management S.A. lessened its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 59.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 44,183 shares of the transportation company’s stock after selling 63,831 shares during the period. Assenagon Asset Management S.A.’s holdings in Old Dominion Freight Line were worth $8,633,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in ODFL. Deseret Mutual Benefit Administrators lifted its position in shares of Old Dominion Freight Line by 9.7% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 645 shares of the transportation company’s stock worth $101,000 after buying an additional 57 shares in the last quarter. Verdence Capital Advisors LLC boosted its position in shares of Old Dominion Freight Line by 1.2% during the 4th quarter. Verdence Capital Advisors LLC now owns 5,181 shares of the transportation company’s stock valued at $812,000 after acquiring an additional 60 shares during the last quarter. Diversified Trust Co. grew its holdings in shares of Old Dominion Freight Line by 1.7% in the fourth quarter. Diversified Trust Co. now owns 3,883 shares of the transportation company’s stock valued at $609,000 after purchasing an additional 65 shares in the last quarter. CNB Bank grew its holdings in shares of Old Dominion Freight Line by 2.3% in the fourth quarter. CNB Bank now owns 3,127 shares of the transportation company’s stock valued at $490,000 after purchasing an additional 71 shares in the last quarter. Finally, Modera Wealth Management LLC increased its position in Old Dominion Freight Line by 2.7% in the fourth quarter. Modera Wealth Management LLC now owns 2,765 shares of the transportation company’s stock worth $434,000 after purchasing an additional 72 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Insider Activity

In other news, Director Greg C. Gantt sold 22,107 shares of the business’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $191.52, for a total transaction of $4,233,932.64. Following the completion of the sale, the director directly owned 88,551 shares of the company’s stock, valued at approximately $16,959,287.52. The trade was a 19.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 10.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. upped their price target on shares of Old Dominion Freight Line from $197.00 to $234.00 and gave the company a “neutral” rating in a research note on Monday, June 8th. Argus lifted their price objective on shares of Old Dominion Freight Line from $220.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, June 18th. Weiss Ratings restated a “hold (c)” rating on shares of Old Dominion Freight Line in a report on Tuesday, April 14th. UBS Group upped their target price on shares of Old Dominion Freight Line from $202.00 to $216.00 and gave the company a “neutral” rating in a research report on Thursday, April 30th. Finally, Robert W. Baird set a $229.00 price target on shares of Old Dominion Freight Line and gave the company a “neutral” rating in a report on Tuesday, April 28th. Nine equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Old Dominion Freight Line has a consensus rating of “Hold” and an average price target of $218.57.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ ODFL opened at $218.79 on Monday. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $252.03. The company has a market cap of $45.50 billion, a price-to-earnings ratio of 45.77, a PEG ratio of 4.39 and a beta of 1.17. The business’s 50 day moving average price is $218.74 and its 200-day moving average price is $195.51.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.09. The company had revenue of $1.33 billion during the quarter, compared to analysts’ expectations 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 quarter in the previous year, the business earned $1.19 EPS. Sell-side analysts predict that Old Dominion Freight Line, Inc. will post 5.43 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Wednesday, June 3rd. Old Dominion Freight Line’s dividend payout ratio (DPR) is 24.27%.

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.