Nordea Investment Management AB, an institutional investor, has increased its position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL) during the second quarter of this year, according to a recent filing with the Securities and Exchange Commission (SEC). The company added 736 shares to its holdings, resulting in a total of 6,733 shares of Old Dominion Freight Line. Based on the most recent SEC filing, Nordea Investment Management AB’s holdings in the transportation company are valued at $2,492,000.
Old Dominion Freight Line recently announced its quarterly earnings data for the period ending July 26th. The company reported an earnings per share (EPS) of $2.65 for the quarter, surpassing the consensus estimate by $0.02. Additionally, Old Dominion Freight Line achieved a return on equity of 34.58% and a net margin of 21.49%. However, its revenue for the quarter was lower than expected at $1.41 billion compared to the consensus estimate of $1.44 billion. The decrease in revenue resulted in a decline of 15.2% year-over-year.
Analysts from various brokerages have provided their insights on Old Dominion Freight Line’s performance and future prospects. Credit Suisse Group uplifted their target price for the stock from $304.00 to $375.00 after reviewing its performance. Raymond James also raised their target price from an initial $385.00 to $440.00 and granted it an “outperform” rating according to their research report on July 27th.
Evercore ISI increased its target price as well, going from $350.00 to $363.00 in a research report published on June 27th and ongoing coverage by 3M revealed that they maintain their rating on Old Dominion Freight Line stock as well.
Overall, there is a mixed sentiment among investment analysts regarding Old Dominion Freight Line’s stock. Two analysts have provided a sell rating, while ten have recommended holding the stock and seven endorse buying it. The stock’s consensus rating, according to Bloomberg.com, is currently “Hold” with a consensus price target of $369.70.
As of now, financial analysts predict that Old Dominion Freight Line, Inc. will post an EPS of 10.73 for the current year. Investors will closely monitor the company’s future performance to gauge whether it can meet or exceed these projections.
In conclusion, Nordea Investment Management AB has expanded its holdings in Old Dominion Freight Line during the second quarter this year. The transportation company surpassed expectations with its quarterly earnings per share and achieved a commendable return on equity. Analysts’ opinions on the stock are varied, with some maintaining their ratings and others raising their price targets for Old Dominion Freight Line shares. It remains to be seen how the company will perform for the remainder of the year and if it can meet market expectations.
[bs_slider_forecast ticker=”TROW”]
Old Dominion Freight Line Attracts Attention from Hedge Funds and Institutional Investors with Promising Growth and Stable Financials
Old Dominion Freight Line, a leading transportation company, has been receiving attention from hedge funds and institutional investors. Several of these investors have modified their holdings of the company, which suggests an increased interest in Old Dominion Freight Line.
One such institutional investor is Continuum Advisory LLC, who raised its stake in shares of Old Dominion Freight Line by 2.3% during the first quarter of this year. Continuum Advisory LLC now owns 1,479 shares of the company’s stock valued at $504,000 after purchasing an additional 33 shares in the last quarter.
Similarly, Brown Brothers Harriman & Co., another institutional investor, lifted its stake in shares of Old Dominion Freight Line by 25.0% during the first quarter. They now own 175 shares of the transportation company’s stock valued at $60,000 after purchasing an additional 35 shares in the last quarter.
Quent Capital LLC also increased their stake in Old Dominion Freight Line by 6.9% during the first quarter, bringing their ownership to 556 shares valued at $189,000 after acquiring an additional 36 shares in the last quarter.
ETF Managers Group LLC followed suit with a 1.5% increase in their stake during the first quarter. They now own 2,422 shares valued at $826,000 after purchasing an additional 36 shares.
Another notable investor is First Horizon Advisors Inc., who lifted its stake by 5.6% during the fourth quarter. They currently hold 694 shares worth $197,000 after acquiring an additional 37 shares.
Overall, approximately 72.14% of Old Dominion Freight Line’s stock is owned by institutional investors and hedge funds.
As for NASDAQ ODFL’s share performance on Friday, it opened at $400.66 with a fifty-day simple moving average of $410.94 and a two-hundred day simple moving average of $358.96. The company has a market capitalization of $43.78 billion and a price-to-earnings ratio of 34.81, suggesting that investors are willing to pay a premium for the company’s earnings potential. It also has a P/E/G ratio of 4.42 and a beta of 1.12, indicating moderate volatility.
In terms of liquidity, Old Dominion Freight Line has a quick ratio and current ratio both at 1.45, which showcases the company’s ability to meet its short-term obligations promptly. Additionally, it has a debt-to-equity ratio of 0.02, further indicating strong financial health.
Old Dominion Freight Line recently announced its quarterly dividend payment which was made on September 20th to shareholders registered as of September 6th. Shareholders received a $0.40 dividend per share, resulting in an annualized dividend payout of $1.60 and a yield of 0.40%. The ex-dividend date was on September 5th.
Furthermore, the company’s Board of Directors approved a share buyback program on July 26th, allowing Old Dominion Freight Line to repurchase $3.00 billion worth of shares through open market purchases. This move suggests that the management believes the stock is undervalued.
In conclusion, Old Dominion Freight Line has shown promising growth in institutional ownership while maintaining stable financial ratios and impressive dividends. With these developments in mind, it will be interesting to see how the transportation company continues to perform in the coming months.
[Note: This article is purely fictional and does not reflect any real events or companies]
