Geode Capital Management LLC Grows Position in Old Dominion Freight Line, Inc. $ODFL

Geode Capital Management LLC boosted its stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 0.2% in the fourth quarter, Holdings Channel.com reports. The firm owned 5,001,214 shares of the transportation company’s stock after acquiring an additional 9,564 shares during the quarter. Geode Capital Management LLC’s holdings in Old Dominion Freight Line were worth $781,214,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its holdings 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 valued at $499,007,000 after purchasing an additional 622,275 shares in the last quarter. Truist Financial Corp boosted its holdings in Old Dominion Freight Line by 12.9% in the 3rd quarter. Truist Financial Corp now owns 88,119 shares of the transportation company’s stock worth $12,405,000 after acquiring an additional 10,046 shares during the period. Wilson Asset Management International PTY Ltd. purchased a new position in Old Dominion Freight Line in the 3rd quarter worth approximately $4,307,000. Atlantic Union Bankshares Corp purchased a new position in Old Dominion Freight Line in the 3rd quarter worth approximately $1,999,000. Finally, Citigroup Inc. boosted its holdings in Old Dominion Freight Line by 46.4% in the 3rd quarter. Citigroup Inc. now owns 1,040,681 shares of the transportation company’s stock worth $146,507,000 after acquiring an additional 329,895 shares during the period. Institutional investors and hedge funds own 77.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ODFL shares. Stifel Nicolaus boosted their price objective on shares of Old Dominion Freight Line from $228.00 to $232.00 in a report on Thursday, April 30th. BMO Capital Markets boosted their price objective on shares of Old Dominion Freight Line from $215.00 to $230.00 and gave the stock an “outperform” rating in a report on Monday, May 4th. The Goldman Sachs Group set a $216.00 price objective on Old Dominion Freight Line and gave the stock a “neutral” rating in a report on Thursday, April 30th. Zacks Research upgraded Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 10th. Finally, Barclays set a $210.00 price objective on Old Dominion Freight Line and gave the stock an “equal weight” rating in a report on Thursday, April 30th. Eight research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Old Dominion Freight Line has an average rating of “Hold” and an average price target of $206.29.

Insider Activity

In related news, Director Greg C. Gantt sold 22,107 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $191.52, for a total value of $4,233,932.64. Following the sale, the director owned 88,551 shares of the company’s stock, valued at approximately $16,959,287.52. This trade represents a 19.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 10.00% of the company’s stock.

Old Dominion Freight Line Stock Performance

Shares of NASDAQ:ODFL opened at $225.15 on Friday. The stock has a market capitalization of $46.82 billion, a price-to-earnings ratio of 47.10, a price-to-earnings-growth ratio of 4.52 and a beta of 1.17. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $233.79. The company’s fifty day moving average is $204.81 and its two-hundred day moving average is $182.01.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. The company had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Old Dominion Freight Line had a net margin of 18.46% and a return on equity of 23.42%. The firm’s revenue was down 2.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.19 earnings per share. Sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.32 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd will be issued 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 dividend yield of 0.5%. Old Dominion Freight Line’s dividend payout ratio is 24.27%.

Old Dominion Freight Line Profile

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.