Saudi Central Bank Grows Stock Position in Old Dominion Freight Line, Inc. $ODFL

Saudi Central Bank lifted its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 89.0% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 13,131 shares of the transportation company’s stock after purchasing an additional 6,185 shares during the period. Saudi Central Bank’s holdings in Old Dominion Freight Line were worth $2,844,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in ODFL. AustralianSuper Pty Ltd lifted its holdings in shares of Old Dominion Freight Line by 955.4% in the 4th quarter. AustralianSuper Pty Ltd now owns 75,005 shares of the transportation company’s stock worth $11,761,000 after buying an additional 67,898 shares during the period. Summitry LLC raised its holdings in shares of Old Dominion Freight Line by 5.4% in the 4th quarter. Summitry LLC now owns 218,175 shares of the transportation company’s stock valued at $34,210,000 after purchasing an additional 11,223 shares in the last quarter. Partners Group Holding AG lifted its position in shares of Old Dominion Freight Line by 37.0% in the 4th quarter. Partners Group Holding AG now owns 194,631 shares of the transportation company’s stock worth $30,518,000 after purchasing an additional 52,514 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in shares of Old Dominion Freight Line by 15,188.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 407,885 shares of the transportation company’s stock worth $63,956,000 after purchasing an additional 405,217 shares during the period. Finally, Park National Corp OH bought a new position in shares of Old Dominion Freight Line during the first quarter valued at approximately $1,056,000. Hedge funds and other institutional investors own 77.82% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ODFL. Wall Street Zen downgraded shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating in a research note on Saturday, August 29th. Raymond James Financial reissued an “outperform” rating and issued a $241.00 price target (up from $224.00) on shares of Old Dominion Freight Line in a research report on Monday, July 13th. TD Cowen restated a “hold” rating on shares of Old Dominion Freight Line in a research note on Wednesday, June 3rd. Truist Financial lifted their target price on Old Dominion Freight Line from $225.00 to $250.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Finally, Weiss Ratings downgraded shares of Old Dominion Freight Line from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, August 25th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $226.55.

Old Dominion Freight Line Stock Performance

Shares of ODFL opened at $185.87 on Tuesday. Old Dominion Freight Line, Inc. has a 12 month low of $126.01 and a 12 month high of $252.03. The stock has a fifty day moving average price of $213.92 and a 200-day moving average price of $210.46. The firm has a market cap of $38.54 billion, a PE ratio of 35.81, a P/E/G ratio of 3.12 and a beta of 1.16.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.14. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the previous year, the business earned $1.27 EPS. The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. As a group, research analysts forecast that Old Dominion Freight Line, Inc. will post 5.78 EPS for the current year.

Old Dominion Freight Line Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 16th. Investors of record on Wednesday, September 2nd will be given a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Wednesday, September 2nd. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 22.35%.

Insider Activity at Old Dominion Freight Line

In related news, SVP Cecil Overbey, Jr. sold 19,952 shares of Old Dominion Freight Line stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $198.39, for a total value of $3,958,277.28. Following the completion of the sale, the senior vice president directly owned 22,746 shares in the company, valued at $4,512,578.94. This trade represents a 46.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 8.20% of the stock is owned by insiders.

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.