ABN Amro Investment Solutions Raises Stake in Old Dominion Freight Line, Inc. $ODFL

ABN Amro Investment Solutions lifted its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 1,605.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 120,942 shares of the transportation company’s stock after purchasing an additional 113,850 shares during the quarter. ABN Amro Investment Solutions’ holdings in Old Dominion Freight Line were worth $23,632,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in ODFL. Norges Bank purchased a new position in Old Dominion Freight Line in the fourth quarter valued at about $444,983,000. Boston Partners purchased a new position in Old Dominion Freight Line in the 3rd quarter valued at approximately $292,599,000. Price T Rowe Associates Inc. MD increased its stake in Old Dominion Freight Line by 14.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock valued at $2,230,318,000 after purchasing an additional 1,761,511 shares in the last quarter. Two Sigma Investments LP raised its holdings in Old Dominion Freight Line by 637.5% during the third quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock worth $221,935,000 after purchasing an additional 1,362,697 shares during the last quarter. Finally, Life Cycle Investment Partners Ltd acquired a new position in Old Dominion Freight Line during the fourth quarter worth $188,651,000. Hedge funds and other 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 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 in the company, valued at $16,959,287.52. The trade was a 19.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 10.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Evercore raised Old Dominion Freight Line from an “in-line” rating to an “outperform” rating in a report on Wednesday, July 1st. The Goldman Sachs Group reaffirmed a “buy” rating and set a $235.00 price target (up from $209.00) on shares of Old Dominion Freight Line in a research note on Tuesday, June 23rd. Citigroup raised shares of Old Dominion Freight Line from a “sell” rating to a “neutral” rating and set a $228.00 price objective on the stock in a research note on Thursday, July 9th. Rothschild & Co Redburn dropped their target price on shares of Old Dominion Freight Line from $176.00 to $172.00 and set a “sell” rating for the company in a report on Tuesday, May 12th. Finally, Morgan Stanley restated an “equal weight” rating and set a $245.00 target price (up from $235.00) on shares of Old Dominion Freight Line in a research report on Monday, July 6th. Ten analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $223.04.

Old Dominion Freight Line Stock Up 1.3%

Shares of NASDAQ:ODFL opened at $234.79 on Wednesday. The company has a market capitalization of $48.83 billion, a P/E ratio of 49.12, a P/E/G ratio of 4.19 and a beta of 1.18. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $252.03. The stock’s fifty day simple moving average is $223.38 and its 200-day simple moving average is $203.53.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. Old Dominion Freight Line had a return on equity of 23.42% and a net margin of 18.46%.The firm had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter last year, the business posted $1.19 EPS. The firm’s quarterly revenue was down 2.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Old Dominion Freight Line, Inc. will post 5.55 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were paid 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 of this dividend was Wednesday, June 3rd. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 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.