North Dakota State Investment Board Takes Position in Old Dominion Freight Line, Inc. $ODFL

North Dakota State Investment Board purchased a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,392 shares of the transportation company’s stock, valued at approximately $1,002,000.

A number of other large investors also recently modified their holdings of ODFL. Westside Investment Management Inc. increased its holdings in shares of Old Dominion Freight Line by 100.0% during the third quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock valued at $27,000 after purchasing an additional 98 shares during the period. Raiffeisen Bank International AG acquired a new position in shares of Old Dominion Freight Line during the third quarter valued at $37,000. Torren Management LLC acquired a new position in Old Dominion Freight Line during the fourth quarter worth about $41,000. Kohmann Bosshard Financial Services LLC acquired a new position in Old Dominion Freight Line during the fourth quarter worth about $50,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in Old Dominion Freight Line during the third quarter worth about $55,000. 77.82% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line Stock Up 2.6%

NASDAQ:ODFL opened at $209.83 on Thursday. Old Dominion Freight Line, Inc. has a 1-year low of $126.01 and a 1-year high of $233.79. The firm has a market capitalization of $43.64 billion, a price-to-earnings ratio of 43.90, a price-to-earnings-growth ratio of 4.19 and a beta of 1.17. The stock has a fifty day simple moving average of $200.40 and a 200 day simple moving average of $178.55.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, April 29th. The transportation company reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.33 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same quarter last year, the company posted $1.19 EPS. Old Dominion Freight Line’s revenue for the quarter was down 2.9% on a year-over-year basis. Equities analysts predict that Old Dominion Freight Line, Inc. will post 5.32 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Earl E. Congdon sold 25,000 shares of the stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $196.13, for a total value of $4,903,250.00. Following the completion of the transaction, the insider owned 2,162,113 shares in the company, valued at $424,055,222.69. This trade represents a 1.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Greg C. Gantt sold 22,107 shares of the stock in a transaction 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 completion of the transaction, the director owned 88,551 shares of the company’s stock, valued at $16,959,287.52. This trade represents a 19.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 10.00% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on ODFL shares. Raymond James Financial reaffirmed an “outperform” rating and set a $224.00 target price on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Citigroup reaffirmed a “neutral” rating and set a $225.00 target price (up from $218.00) on shares of Old Dominion Freight Line in a report on Thursday, April 30th. TD Cowen reaffirmed a “hold” rating and set a $194.00 target price (up from $180.00) on shares of Old Dominion Freight Line in a report on Thursday, April 30th. Argus raised Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $220.00 target price on the stock in a report on Thursday, February 12th. Finally, UBS Group lifted their target price on Old Dominion Freight Line from $202.00 to $216.00 and gave the stock a “neutral” rating in a report on Thursday, April 30th. Eight equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Old Dominion Freight Line currently has a consensus rating of “Hold” and a consensus price target of $206.29.

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.