Associated Banc Corp increased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL – Free Report) by 141.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 125,788 shares of the transportation company’s stock after acquiring an additional 73,606 shares during the quarter. Associated Banc Corp’s holdings in Old Dominion Freight Line were worth $19,724,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Old Dominion Freight Line by 2.2% in the third quarter. Vanguard Group Inc. now owns 23,252,921 shares of the transportation company’s stock valued at $3,273,546,000 after buying an additional 494,674 shares in the last quarter. CIBC Private Wealth Group LLC raised its position in Old Dominion Freight Line by 21.6% during the third quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock worth $614,764,000 after acquiring an additional 776,004 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Old Dominion Freight Line by 21.3% in the third quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock valued at $499,007,000 after acquiring an additional 622,275 shares during the last quarter. Boston Partners acquired a new stake in Old Dominion Freight Line in the third quarter valued at $292,599,000. Finally, Lazard Asset Management LLC lifted its stake in Old Dominion Freight Line by 6.2% in the third quarter. Lazard Asset Management LLC now owns 2,054,044 shares of the transportation company’s stock valued at $289,168,000 after acquiring an additional 120,564 shares during the last quarter. Institutional investors own 77.82% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages have commented on ODFL. JPMorgan Chase & Co. increased their price target on shares of Old Dominion Freight Line from $183.00 to $197.00 and gave the company a “neutral” rating in a research note on Thursday, April 30th. Raymond James Financial reiterated an “outperform” rating and issued a $224.00 price target on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. UBS Group increased their price target on shares of Old Dominion Freight Line from $202.00 to $216.00 and gave the company a “neutral” rating in a research note on Thursday, April 30th. Wells Fargo & Company increased their price target on shares of Old Dominion Freight Line from $200.00 to $205.00 and gave the company an “equal weight” rating in a research note on Thursday, April 30th. Finally, BMO Capital Markets increased their price target on shares of Old Dominion Freight Line from $215.00 to $230.00 and gave the company an “outperform” rating in a research note on Monday, May 4th. Eight investment analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Old Dominion Freight Line has a consensus rating of “Hold” and a consensus target price of $206.29.
Insider Activity
In other news, insider Earl E. Congdon sold 25,000 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $196.13, for a total value of $4,903,250.00. Following the completion of the transaction, the insider owned 2,162,113 shares of the company’s stock, valued at approximately $424,055,222.69. This represents a 1.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Greg C. Gantt sold 22,107 shares of the 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 completion of the transaction, the director directly owned 88,551 shares of the company’s stock, valued at $16,959,287.52. This trade represents a 19.98% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 10.00% of the company’s stock.
Old Dominion Freight Line Stock Performance
ODFL stock opened at $210.47 on Friday. The company’s 50-day simple moving average is $201.08 and its 200 day simple moving average is $179.25. Old Dominion Freight Line, Inc. has a 52 week low of $126.01 and a 52 week high of $233.79. The company has a market capitalization of $43.77 billion, a PE ratio of 44.03, a price-to-earnings-growth ratio of 4.25 and a beta of 1.17.
Old Dominion Freight Line (NASDAQ:ODFL – Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The transportation company reported $1.14 earnings per share 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 business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the prior year, the business posted $1.19 earnings per share. Old Dominion Freight Line’s revenue was down 2.9% compared to the same quarter last year. On average, analysts forecast that Old Dominion Freight Line, Inc. will post 5.32 EPS for the current year.
Old Dominion Freight Line Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, June 3rd. This represents a $1.16 annualized dividend and a yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio 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.
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