SEB Asset Management AB Acquires Shares of 36,470 Old Dominion Freight Line, Inc. $ODFL

SEB Asset Management AB acquired a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 36,470 shares of the transportation company’s stock, valued at approximately $7,126,000.

Several other large investors also recently made changes to their positions in ODFL. Norges Bank acquired a new stake in shares of Old Dominion Freight Line in the fourth quarter valued at $444,983,000. Boston Partners acquired a new position in Old Dominion Freight Line during the 3rd quarter worth about $292,599,000. Price T Rowe Associates Inc. MD lifted its position in Old Dominion Freight Line by 14.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,223,960 shares of the transportation company’s stock worth $2,230,318,000 after buying an additional 1,761,511 shares in the last quarter. Two Sigma Investments LP grew its holdings in Old Dominion Freight Line by 637.5% during the 3rd quarter. Two Sigma Investments LP now owns 1,576,470 shares of the transportation company’s stock worth $221,935,000 after acquiring an additional 1,362,697 shares during the last quarter. Finally, Life Cycle Investment Partners Ltd bought a new stake in Old Dominion Freight Line during the 4th quarter worth about $188,651,000. Institutional investors own 77.82% of the company’s stock.

Insider Activity at Old Dominion Freight Line

In related news, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $191.52, for a total value of $4,233,932.64. Following the sale, the director directly owned 88,551 shares in the company, valued at $16,959,287.52. This trade represents a 19.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 10.00% of the stock is currently owned by company insiders.

Old Dominion Freight Line Stock Up 1.3%

Shares of Old Dominion Freight Line stock opened at $234.79 on Wednesday. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $252.03. The business has a fifty day simple moving average of $223.38 and a 200 day simple moving average of $203.53. The stock has a market cap of $48.83 billion, a PE ratio of 49.12, a price-to-earnings-growth ratio of 4.19 and a beta of 1.18.

Old Dominion Freight Line (NASDAQ:ODFL) last released its earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the prior year, the firm posted $1.19 earnings per share. The company’s quarterly revenue was down 2.9% on a year-over-year basis. Analysts expect that Old Dominion Freight Line, Inc. will post 5.55 EPS for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were paid a $0.29 dividend. The ex-dividend date of this dividend was Wednesday, June 3rd. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.5%. Old Dominion Freight Line’s dividend payout ratio is 24.27%.

Wall Street Analysts Forecast Growth

ODFL has been the subject of a number of research analyst reports. TD Cowen reaffirmed a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, June 3rd. Stifel Nicolaus set a $256.00 price target on shares of Old Dominion Freight Line and gave the company a “buy” rating in a research note on Tuesday. BMO Capital Markets reissued an “outperform” rating and issued a $230.00 price target on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Robert W. Baird set a $229.00 price target on shares of Old Dominion Freight Line and gave the company a “neutral” rating in a report on Tuesday, April 28th. Finally, Susquehanna boosted their price objective on shares of Old Dominion Freight Line from $224.00 to $228.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. Ten research 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 presently has an average rating of “Hold” and an average price target of $223.04.

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.