Swiss National Bank Raises Position in Old Dominion Freight Line (NASDAQ:ODFL)

Swiss National Bank boosted its stake in Old Dominion Freight Line (NASDAQ:ODFL) by 3.5% during the second quarter, HoldingsChannel reports. The institutional investor owned 211,600 shares of the transportation company’s stock after buying an additional 7,100 shares during the quarter. Swiss National Bank’s holdings in Old Dominion Freight Line were worth $31,583,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of ODFL. Dimensional Fund Advisors LP increased its position in shares of Old Dominion Freight Line by 1.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 656,280 shares of the transportation company’s stock valued at $81,044,000 after purchasing an additional 6,885 shares during the last quarter. Geode Capital Management LLC grew its position in Old Dominion Freight Line by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 685,323 shares of the transportation company’s stock worth $84,580,000 after acquiring an additional 3,291 shares during the last quarter. IFM Investors Pty Ltd grew its position in Old Dominion Freight Line by 19.3% during the 1st quarter. IFM Investors Pty Ltd now owns 3,956 shares of the transportation company’s stock worth $571,000 after acquiring an additional 640 shares during the last quarter. CWM LLC grew its position in Old Dominion Freight Line by 42.5% during the 1st quarter. CWM LLC now owns 258 shares of the transportation company’s stock worth $37,000 after acquiring an additional 77 shares during the last quarter. Finally, BB&T Corp grew its position in Old Dominion Freight Line by 12.0% during the 1st quarter. BB&T Corp now owns 3,878 shares of the transportation company’s stock worth $560,000 after acquiring an additional 414 shares during the last quarter. 70.21% of the stock is currently owned by hedge funds and other institutional investors.

Several research firms recently issued reports on ODFL. Bank of America restated a “neutral” rating and set a $150.00 price target (up from $144.00) on shares of Old Dominion Freight Line in a research report on Thursday, June 20th. BidaskClub upgraded Old Dominion Freight Line from a “hold” rating to a “buy” rating in a research report on Friday, August 2nd. ValuEngine lowered Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research report on Wednesday. Morgan Stanley set a $146.00 price target on Old Dominion Freight Line and gave the stock a “hold” rating in a research report on Friday, August 9th. Finally, Credit Suisse Group raised their price target on Old Dominion Freight Line from $152.00 to $160.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $152.08.

NASDAQ ODFL opened at $165.83 on Thursday. Old Dominion Freight Line has a fifty-two week low of $115.00 and a fifty-two week high of $171.87. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.92 and a current ratio of 1.92. The stock has a 50 day simple moving average of $159.29 and a two-hundred day simple moving average of $149.33. The stock has a market cap of $13.27 billion, a P/E ratio of 22.47, a price-to-earnings-growth ratio of 2.38 and a beta of 1.49.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings data on Thursday, July 25th. The transportation company reported $2.16 earnings per share for the quarter, topping the consensus estimate of $2.11 by $0.05. Old Dominion Freight Line had a return on equity of 23.57% and a net margin of 15.48%. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter last year, the business posted $1.99 EPS. The business’s revenue was up 2.6% on a year-over-year basis. Sell-side analysts predict that Old Dominion Freight Line will post 7.94 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Wednesday, September 4th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 0.41%. The ex-dividend date is Tuesday, September 3rd. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 9.21%.

Old Dominion Freight Line declared that its board has approved a share buyback plan on Thursday, May 16th that permits the company to repurchase $350.00 million in shares. This repurchase authorization permits the transportation company to buy up to 2.9% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

In other Old Dominion Freight Line news, Chairman Earl E. Congdon sold 56,400 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $166.53, for a total value of $9,392,292.00. Following the completion of the sale, the chairman now owns 10,854 shares in the company, valued at approximately $1,807,516.62. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider David S. Congdon sold 30,150 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $165.51, for a total value of $4,990,126.50. Following the completion of the sale, the insider now owns 13,385 shares of the company’s stock, valued at approximately $2,215,351.35. The disclosure for this sale can be found here. In the last quarter, insiders sold 87,799 shares of company stock valued at $14,586,493. Company insiders own 11.90% of the company’s stock.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.

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Institutional Ownership by Quarter for Old Dominion Freight Line (NASDAQ:ODFL)

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