Handelsbanken Fonder AB Grows Holdings in Old Dominion Freight Line, Inc. $ODFL

Handelsbanken Fonder AB raised its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 6.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 115,513 shares of the transportation company’s stock after acquiring an additional 7,312 shares during the period. Handelsbanken Fonder AB’s holdings in Old Dominion Freight Line were worth $18,112,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Boston Partners bought a new position in shares of Old Dominion Freight Line during the third quarter worth $292,599,000. Two Sigma Investments LP increased its holdings in Old Dominion Freight Line by 637.5% in the 3rd quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock valued at $221,935,000 after acquiring an additional 1,362,697 shares during the last quarter. CIBC Private Wealth Group LLC increased its holdings in Old Dominion Freight Line by 21.6% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 4,366,843 shares of the transportation company’s stock valued at $614,764,000 after acquiring an additional 776,004 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Old Dominion Freight Line by 21.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,544,588 shares of the transportation company’s stock worth $499,007,000 after purchasing an additional 622,275 shares in the last quarter. Finally, Voloridge Investment Management LLC lifted its stake in Old Dominion Freight Line by 134.5% in the 3rd quarter. Voloridge Investment Management LLC now owns 982,066 shares of the transportation company’s stock worth $138,255,000 after purchasing an additional 563,254 shares in the last quarter. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Stock Performance

Shares of ODFL opened at $209.83 on Thursday. The company’s fifty day moving average is $200.40 and its 200 day moving average is $178.55. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $233.79. The stock has a market capitalization of $43.64 billion, a PE ratio of 43.90, a P/E/G ratio of 4.19 and a beta of 1.17.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings results 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 company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the previous year, the business posted $1.19 earnings per share. Old Dominion Freight Line’s quarterly revenue was down 2.9% on a year-over-year basis. As a group, research analysts forecast that Old Dominion Freight Line, Inc. will post 5.32 earnings per share for the current year.

Insider Buying and Selling at Old Dominion Freight Line

In related news, insider Earl E. Congdon sold 25,000 shares of the business’s stock in a transaction on 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 sale, the insider owned 2,162,113 shares in the company, valued at approximately $424,055,222.69. The trade was a 1.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Greg C. Gantt sold 22,107 shares of the business’s stock in a transaction on 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 sale, the director owned 88,551 shares in the company, valued at $16,959,287.52. This represents a 19.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 10.00% of the company’s stock.

Analyst Upgrades and Downgrades

ODFL has been the subject of a number of research analyst reports. Citigroup restated a “neutral” rating and set a $225.00 price objective (up from $218.00) on shares of Old Dominion Freight Line in a research report on Thursday, April 30th. TD Cowen reissued a “hold” rating and set a $194.00 price target (up from $180.00) on shares of Old Dominion Freight Line in a research note on Thursday, April 30th. Evercore set a $219.00 price target on Old Dominion Freight Line in a report on Thursday, April 30th. Wolfe Research lifted their price objective on Old Dominion Freight Line from $183.00 to $185.00 and gave the stock an “underperform” rating in a research note on Tuesday, April 7th. Finally, BMO Capital Markets upped their price objective on Old Dominion Freight Line from $215.00 to $230.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. Eight equities research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Old Dominion Freight Line presently has a consensus rating of “Hold” and an average target price of $206.29.

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.