Assenagon Asset Management S.A. Sells 145,464 Shares of Old Dominion Freight Line, Inc. $ODFL

Assenagon Asset Management S.A. lowered its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 57.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 108,014 shares of the transportation company’s stock after selling 145,464 shares during the quarter. Assenagon Asset Management S.A. owned about 0.05% of Old Dominion Freight Line worth $16,937,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. E Fund Management Hong Kong Co. Ltd. raised its holdings in shares of Old Dominion Freight Line by 175.7% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 193 shares of the transportation company’s stock valued at $27,000 after buying an additional 123 shares during the last quarter. Westside Investment Management Inc. lifted its position in Old Dominion Freight Line by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 196 shares of the transportation company’s stock worth $27,000 after buying an additional 98 shares in the last quarter. Raiffeisen Bank International AG bought a new stake in Old Dominion Freight Line during the 3rd quarter worth about $37,000. Caitong International Asset Management Co. Ltd acquired a new stake in Old Dominion Freight Line in the 3rd quarter valued at about $55,000. Finally, Zions Bancorporation National Association UT increased its position in Old Dominion Freight Line by 273.5% in the 3rd quarter. Zions Bancorporation National Association UT now owns 437 shares of the transportation company’s stock valued at $62,000 after acquiring an additional 320 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors and hedge funds.

Old Dominion Freight Line Price Performance

ODFL opened at $187.93 on Friday. The firm has a 50 day simple moving average of $189.45 and a 200 day simple moving average of $161.33. Old Dominion Freight Line, Inc. has a fifty-two week low of $126.01 and a fifty-two week high of $221.63. The company has a market cap of $39.17 billion, a price-to-earnings ratio of 38.91, a price-to-earnings-growth ratio of 3.97 and a beta of 1.23.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its quarterly earnings data on Wednesday, February 4th. The transportation company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. Old Dominion Freight Line had a net margin of 18.62% and a return on equity of 24.03%. The firm had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same period last year, the firm earned $1.23 earnings per share. The business’s revenue for the quarter was down 5.7% on a year-over-year basis. As a group, analysts expect that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 18th. Stockholders of record on Wednesday, March 4th were paid a $0.29 dividend. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Wednesday, March 4th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.6%. Old Dominion Freight Line’s dividend payout ratio (DPR) is currently 24.02%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ODFL. Wolfe Research set a $138.00 target price on shares of Old Dominion Freight Line in a research report on Thursday, January 8th. Deutsche Bank Aktiengesellschaft lowered shares of Old Dominion Freight Line from a “buy” rating to a “hold” rating and set a $205.00 price target for the company. in a report on Thursday, February 5th. Rothschild & Co Redburn boosted their price objective on shares of Old Dominion Freight Line from $114.00 to $176.00 and gave the stock a “sell” rating in a research report on Friday, February 6th. Wall Street Zen raised Old Dominion Freight Line from a “sell” rating to a “hold” rating in a report on Sunday, January 25th. Finally, Citigroup reissued a “neutral” rating and issued a $216.00 target price (up from $196.00) on shares of Old Dominion Freight Line in a research note on Friday, February 6th. Nine research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $191.08.

Insider Transactions at Old Dominion Freight Line

In related news, insider Earl E. Congdon sold 25,000 shares of the company’s stock in a transaction dated 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 sale, the insider owned 2,162,113 shares in the company, valued at approximately $424,055,222.69. This represents a 1.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman David S. Congdon sold 52,000 shares of the stock in a transaction dated Thursday, February 19th. The shares were sold at an average price of $194.77, for a total value of $10,128,040.00. Following the completion of the transaction, the chairman directly owned 712,800 shares in the company, valued at $138,832,056. The trade was a 6.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 80,134 shares of company stock worth $15,640,132 in the last three months. Insiders own 10.00% of the company’s stock.

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.