Nordea Investment Management AB Trims Stock Holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Nordea Investment Management AB lowered its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL – Get Rating) by 2.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,711 shares of the transportation company’s stock after selling 155 shares during the quarter. Nordea Investment Management AB’s holdings in Old Dominion Freight Line were worth $1,627,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board lifted its stake in Old Dominion Freight Line by 1,078.6% in the third quarter. Canada Pension Plan Investment Board now owns 41,804 shares of the transportation company’s stock valued at $10,400,000 after buying an additional 38,257 shares during the last quarter. ExodusPoint Capital Management LP acquired a new position in shares of Old Dominion Freight Line in the third quarter valued at approximately $5,909,000. Lincoln National Corp increased its holdings in shares of Old Dominion Freight Line by 15.5% in the fourth quarter. Lincoln National Corp now owns 939 shares of the transportation company’s stock valued at $267,000 after purchasing an additional 126 shares during the period. Arizona State Retirement System increased its holdings in shares of Old Dominion Freight Line by 1.7% in the fourth quarter. Arizona State Retirement System now owns 26,892 shares of the transportation company’s stock valued at $7,631,000 after purchasing an additional 437 shares during the period. Finally, Natixis Advisors L.P. increased its holdings in shares of Old Dominion Freight Line by 12.9% in the fourth quarter. Natixis Advisors L.P. now owns 181,024 shares of the transportation company’s stock valued at $51,371,000 after purchasing an additional 20,706 shares during the period. Hedge funds and other institutional investors own 73.08% of the company’s stock.

Insider Activity

In other news, SVP David J. Bates sold 1,208 shares of the company’s stock in a transaction on Monday, February 27th. The stock was sold at an average price of $344.71, for a total value of $416,409.68. Following the sale, the senior vice president now directly owns 14,082 shares in the company, valued at $4,854,206.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Bradley R. Gabosch sold 2,700 shares of the stock in a transaction dated Tuesday, February 14th. The stock was sold at an average price of $358.21, for a total transaction of $967,167.00. Following the transaction, the director now directly owns 5,818 shares in the company, valued at $2,084,065.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP David J. Bates sold 1,208 shares of the stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $344.71, for a total value of $416,409.68. Following the transaction, the senior vice president now owns 14,082 shares in the company, valued at $4,854,206.22. The disclosure for this sale can be found here. Company insiders own 10.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on ODFL shares. Bank of America raised Old Dominion Freight Line from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $266.00 to $334.00 in a report on Tuesday, January 17th. Credit Suisse Group dropped their target price on Old Dominion Freight Line from $322.00 to $306.00 in a report on Thursday, April 27th. UBS Group boosted their target price on Old Dominion Freight Line from $284.00 to $388.00 and gave the company a “neutral” rating in a report on Thursday, February 2nd. Morgan Stanley dropped their target price on Old Dominion Freight Line from $340.00 to $339.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 4th. Finally, Wolfe Research upped their price objective on Old Dominion Freight Line from $291.00 to $326.00 and gave the stock an “underperform” rating in a report on Thursday, February 2nd. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $331.32.

Old Dominion Freight Line Stock Down 0.8 %

Old Dominion Freight Line stock opened at $308.07 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.76 and a current ratio of 1.57. Old Dominion Freight Line, Inc. has a fifty-two week low of $231.31 and a fifty-two week high of $381.81. The stock’s fifty day moving average is $331.06 and its two-hundred day moving average is $317.73. The firm has a market capitalization of $33.87 billion, a price-to-earnings ratio of 25.33, a price-to-earnings-growth ratio of 3.40 and a beta of 1.07.

Old Dominion Freight Line (NASDAQ:ODFL – Get Rating) last issued its quarterly earnings data on Wednesday, April 26th. The transportation company reported $2.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.69 by ($0.11). Old Dominion Freight Line had a net margin of 21.96% and a return on equity of 37.55%. The company had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the prior year, the company earned $2.60 earnings per share. The firm’s revenue was down 3.7% compared to the same quarter last year. Analysts predict that Old Dominion Freight Line, Inc. will post 10.97 EPS for the current fiscal year.

Old Dominion Freight Line Company Profile

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Old Dominion Freight Line, Inc engages in the provision of regional, inter-regional, and national less-than-truckload services through a single integrated, union-free organization. Its services include container drayage, truckload brokerage, and supply chain consulting. The company was founded by Earl Congdon Sr.