Norges Bank Acquires Shares of 2,805,647 Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Norges Bank bought a new position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 2,805,647 shares of the transportation company’s stock, valued at approximately $494,916,000. Norges Bank owned approximately 1.31% of Old Dominion Freight Line as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Avanza Fonder AB bought a new position in shares of Old Dominion Freight Line in the fourth quarter worth $3,741,000. AustralianSuper Pty Ltd bought a new position in Old Dominion Freight Line in the 4th quarter worth about $128,221,000. Toronto Dominion Bank grew its holdings in Old Dominion Freight Line by 77.7% during the 3rd quarter. Toronto Dominion Bank now owns 98,061 shares of the transportation company’s stock valued at $19,479,000 after buying an additional 42,880 shares in the last quarter. Blueshift Asset Management LLC bought a new stake in shares of Old Dominion Freight Line during the fourth quarter valued at about $630,000. Finally, Board of the Pension Protection Fund purchased a new stake in shares of Old Dominion Freight Line in the fourth quarter worth about $600,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on ODFL. The Goldman Sachs Group upped their target price on shares of Old Dominion Freight Line from $213.00 to $235.00 and gave the stock a “neutral” rating in a report on Thursday, December 12th. Jefferies Financial Group increased their price objective on Old Dominion Freight Line from $185.00 to $190.00 and gave the stock a “hold” rating in a research report on Friday, January 10th. Morgan Stanley lifted their price objective on Old Dominion Freight Line from $165.00 to $170.00 and gave the company an “equal weight” rating in a research note on Thursday, February 6th. Truist Financial started coverage on Old Dominion Freight Line in a research note on Thursday, March 13th. They issued a “buy” rating and a $220.00 target price on the stock. Finally, Susquehanna reissued a “neutral” rating and set a $195.00 price objective (down previously from $218.00) on shares of Old Dominion Freight Line in a report on Tuesday, January 7th. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Old Dominion Freight Line has a consensus rating of “Hold” and a consensus price target of $201.40.

Old Dominion Freight Line Trading Down 3.2 %

Shares of ODFL opened at $164.85 on Friday. The firm has a fifty day simple moving average of $182.63 and a two-hundred day simple moving average of $193.54. Old Dominion Freight Line, Inc. has a twelve month low of $157.67 and a twelve month high of $233.26. The stock has a market capitalization of $35.04 billion, a P/E ratio of 30.08, a PEG ratio of 2.89 and a beta of 1.10. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.01.

Old Dominion Freight Line (NASDAQ:ODFL) last posted its earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.06. Old Dominion Freight Line had a return on equity of 28.02% and a net margin of 20.40%. On average, research analysts anticipate that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 0.68%. The ex-dividend date of this dividend was Wednesday, March 5th. This is an increase from Old Dominion Freight Line’s previous quarterly dividend of $0.26. Old Dominion Freight Line’s dividend payout ratio is currently 18.98%.

About Old Dominion Freight Line

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.