UBS Group AG Has $11 Million Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Posted by Defense World Staff on Feb 24th, 2023

UBS Group AG lowered its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL – Get Rating) by 67.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,215 shares of the transportation company’s stock after selling 91,441 shares during the quarter. UBS Group AG’s holdings in Old Dominion Freight Line were worth $11,000,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Credit Suisse AG boosted its holdings in shares of Old Dominion Freight Line by 26.4% in the 2nd quarter. Credit Suisse AG now owns 202,906 shares of the transportation company’s stock valued at $52,000,000 after purchasing an additional 42,399 shares in the last quarter. WINTON GROUP Ltd lifted its stake in shares of Old Dominion Freight Line by 11.5% in the 2nd quarter. WINTON GROUP Ltd now owns 8,736 shares of the transportation company’s stock valued at $2,239,000 after acquiring an additional 899 shares during the last quarter. Texas Permanent School Fund lifted its stake in shares of Old Dominion Freight Line by 0.4% in the 2nd quarter. Texas Permanent School Fund now owns 12,127 shares of the transportation company’s stock valued at $3,108,000 after acquiring an additional 44 shares during the last quarter. Chesley Taft & Associates LLC lifted its stake in shares of Old Dominion Freight Line by 1.4% in the 3rd quarter. Chesley Taft & Associates LLC now owns 9,895 shares of the transportation company’s stock valued at $2,462,000 after acquiring an additional 135 shares during the last quarter. Finally, Ensign Peak Advisors Inc lifted its stake in shares of Old Dominion Freight Line by 26.1% in the 2nd quarter. Ensign Peak Advisors Inc now owns 104,949 shares of the transportation company’s stock valued at $26,895,000 after acquiring an additional 21,716 shares during the last quarter. Institutional investors and hedge funds own 73.08% of the company’s stock.

Wall Street Analysts Forecast Growth

ODFL has been the subject of a number of research reports. Wolfe Research increased their price target on Old Dominion Freight Line from $291.00 to $326.00 and gave the company an “underperform” rating in a research note on Thursday, February 2nd. Robert W. Baird raised their target price on Old Dominion Freight Line from $276.00 to $340.00 and gave the stock a “neutral” rating in a research report on Thursday, February 2nd. Wells Fargo & Company raised their target price on Old Dominion Freight Line from $315.00 to $395.00 and gave the stock an “overweight” rating in a research report on Thursday, February 2nd. KeyCorp lifted their price objective on Old Dominion Freight Line from $325.00 to $400.00 and gave the stock an “overweight” rating in a research report on Thursday, February 2nd. Finally, UBS Group raised their target price on Old Dominion Freight Line from $284.00 to $388.00 and gave the company a “neutral” rating in a research note on Thursday, February 2nd. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Old Dominion Freight Line presently has an average rating of “Hold” and a consensus price target of $342.32.

Insider Activity

In other news, Director Bradley R. Gabosch sold 2,700 shares of the stock in a transaction that occurred on Tuesday, February 14th. The shares were sold at an average price of $358.21, for a total transaction of $967,167.00. Following the sale, the director now owns 5,818 shares in the company, valued at $2,084,065.78. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 10.30% of the company’s stock.

Old Dominion Freight Line Price Performance

Shares of NASDAQ ODFL opened at $345.28 on Friday. Old Dominion Freight Line, Inc. has a fifty-two week low of $231.31 and a fifty-two week high of $381.81. The company has a 50 day simple moving average of $321.33 and a two-hundred day simple moving average of $294.95. The company has a market capitalization of $38.15 billion, a price-to-earnings ratio of 28.35, a P/E/G ratio of 2.26 and a beta of 1.09. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.74 and a current ratio of 1.76.

Old Dominion Freight Line (NASDAQ:ODFL – Get Rating) last announced its earnings results on Wednesday, February 1st. The transportation company reported $2.92 earnings per share for the quarter, beating analysts’ consensus estimates of $2.68 by $0.24. Old Dominion Freight Line had a net margin of 22.00% and a return on equity of 38.60%. The business had revenue of $1.49 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter last year, the firm earned $2.41 earnings per share. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. Analysts expect that Old Dominion Freight Line, Inc. will post 12.02 EPS for the current fiscal year.

Old Dominion Freight Line Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 15th. Stockholders of record on Wednesday, March 1st will be issued a dividend of $0.40 per share. This is a boost from Old Dominion Freight Line’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, February 28th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.46%. Old Dominion Freight Line’s dividend payout ratio is presently 9.85%.

About Old Dominion Freight Line

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Old Dominion Freight Line, Inc engages in the provision of less-than-truckload services. The firm offers regional, inter-regional, and national less-than-truckload services. Its services also include container drayage, truckload brokerage, supply chain consulting, and warehousing. The company was founded by Earl Congdon Sr.