DNB Asset Management AS Has $9.70 Million Stake in Old Dominion Freight Line, Inc. $ODFL

DNB Asset Management AS grew its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 63.6% in the 2nd quarter, Holdings Channel reports. The fund owned 59,762 shares of the transportation company’s stock after purchasing an additional 23,234 shares during the quarter. DNB Asset Management AS’s holdings in Old Dominion Freight Line were worth $9,699,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Entropy Technologies LP bought a new stake in Old Dominion Freight Line during the 2nd quarter worth approximately $3,994,000. Swiss National Bank boosted its holdings in shares of Old Dominion Freight Line by 6.8% in the second quarter. Swiss National Bank now owns 578,600 shares of the transportation company’s stock valued at $93,907,000 after buying an additional 36,600 shares during the period. Handelsbanken Fonder AB increased its position in shares of Old Dominion Freight Line by 3.1% during the second quarter. Handelsbanken Fonder AB now owns 111,652 shares of the transportation company’s stock worth $18,121,000 after acquiring an additional 3,309 shares in the last quarter. Prudential PLC increased its position in shares of Old Dominion Freight Line by 69.3% during the second quarter. Prudential PLC now owns 41,854 shares of the transportation company’s stock worth $6,793,000 after acquiring an additional 17,134 shares in the last quarter. Finally, Catalyst Funds Management Pty Ltd acquired a new stake in shares of Old Dominion Freight Line during the second quarter worth $422,000. Institutional investors own 77.82% of the company’s stock.

Old Dominion Freight Line Price Performance

NASDAQ:ODFL opened at $134.28 on Friday. Old Dominion Freight Line, Inc. has a 52-week low of $126.01 and a 52-week high of $228.72. The company has a market cap of $28.08 billion, a P/E ratio of 27.02, a P/E/G ratio of 3.22 and a beta of 1.22. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.38 and a current ratio of 1.20. The stock’s 50-day simple moving average is $138.41 and its 200 day simple moving average is $151.70.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its quarterly earnings results on Wednesday, October 29th. The transportation company reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. The firm had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Old Dominion Freight Line had a return on equity of 24.92% and a net margin of 18.97%.The business’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.43 earnings per share. As a group, sell-side analysts forecast that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 17th. Investors of record on Wednesday, December 3rd will be paid a $0.28 dividend. The ex-dividend date of this dividend is Wednesday, December 3rd. This represents a $1.12 annualized dividend and a dividend yield of 0.8%. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 22.54%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ODFL. Zacks Research raised shares of Old Dominion Freight Line from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 13th. UBS Group boosted their price target on Old Dominion Freight Line from $155.00 to $164.00 and gave the company a “neutral” rating in a report on Friday, October 3rd. Wall Street Zen upgraded Old Dominion Freight Line from a “sell” rating to a “hold” rating in a report on Saturday, November 1st. Vertical Research raised Old Dominion Freight Line from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a research report on Thursday, July 31st. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Old Dominion Freight Line in a research report on Wednesday, October 8th. Eight equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $159.33.

Old Dominion Freight Line Profile

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