Is Old Dominion Freight Line Inc. (NASDAQ: ODFL) Back In The Buying Zone?


T. Rowe Price Associates, Inc. (I. recently announced the acquisition of new stake in Old Dominion Freight Line Inc. (NASDAQ:ODFL). The institutional investor has increased its shareholding in the Industrials company by 37.43% to 5.71 million shares with purchase of 1.55 million shares. This fresh investment now brings its stake to 4.84% valued currently at $967.87 million. In addition, BlackRock Fund Advisors raised its holdings by 0.15 million to 4.76 million shares. And Geode Capital Management LLC has lifted its position by 4.68% or 73079.0 shares – to 1.63 million shares.

With over 0.47 million Old Dominion Freight Line Inc. (ODFL) shares trading Monday and a closing price of $187.59 on the day, the dollar volume was approximately $88.08 million. The shares have shown a positive weekly performance of 8.88% and its price on 07/20/20 gained nearly 0.62%. Currently, there are 119.05M common shares owned by the public and among those 103.10M shares have been available to trade.

Incidentally, analysts’ outlook for the Old Dominion Freight Line Inc. stock is 2.70 for the next 12 months.

Insiders at the company have transacted a total of 61 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 19 of these insider trades were purchases, accounting for 32,817 shares. Insider sales of the common stock occurred on 42 occasions, with total insider shares sold totaling 244,234 shares.

The top 3 mutual fund holders in Old Dominion Freight Line Inc. are American Funds Growth Fund of Ame, American Funds AMCAP Fund, and T Rowe Price New Horizons Fund. American Funds Growth Fund of Ame owns 6.43 million shares of the company’s stock, all valued at over $1.09 billion. The company sold -0.72 million shares recently to bring their total holdings to about 5.45% of the shares outstanding. American Funds AMCAP Fund sold -0.4 million shares to see its total holdings shrink to 5.63 million shares valued at over $954.47 million and representing 4.77% of the shares outstanding. T Rowe Price New Horizons Fund sold -0.64 million shares to bring its total holdings to over 3.24 million shares at a value of $548.88 million. T Rowe Price New Horizons Fund now owns shares totaling to 2.74% of the shares outstanding.

Shares of Old Dominion Freight Line Inc. (NASDAQ: ODFL) opened at $185.53, down -$0.9 from a prior closing price of $186.43. However, the script later closed the day at $187.59, up 0.62%. The company’s stock has a 5-day price change of 8.88% and 44.42% over the past three months. ODFL shares are trading 48.27% year to date (YTD), with the 12-month market performance up to 81.30% higher. It has a 12-month low price of $101.51 and touched a high of $186.84 over the same period. Currently, 0.47 million shares have been traded, compared to an average intraday trading volume of 831.09K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 9.13%, 13.79%, and 35.59% respectively.

Institutional ownership of Old Dominion Freight Line Inc. (NASDAQ: ODFL) shares accounts for 76.50% of the company’s 119.05M shares outstanding. Mutual fund holders own 28.01%, while other institutional holders and individual stakeholders account for 47.49% and 20.13% respectively.

It has a market capitalization of $21.48B and a beta (3y monthly) value of 1.06. The stock’s trailing 12-month PE ratio is 36.63, while the earnings-per-share (ttm) stands at $5.12. The company has a PEG of 4.96 and a Quick Ratio of 1.90 with the debt-to-equity ratio at 0.01. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.51% over the week and 2.53% over the month.

Analysts forecast that Old Dominion Freight Line Inc. (ODFL) will achieve an EPS of $1.08 for the current quarter, $1.24 for the next quarter and $5.76 for 2021. The lowest estimate earnings-per-share for the quarter is $0.94 while analysts give the company a high EPS estimate of $1.53. Comparatively, EPS for the current quarter was $1.44 a year ago. Earnings per share for the fiscal year are expected to increase by 3.70%, and 22.05% over the next financial year. EPS should shrink at an annualized rate of 7.39% over the next five years, compared to 19.80% over the past 5-year period.

Looking at the support for the ODFL, a number of firms have released research notes about the stock. Cowen stated their Market Perform rating for the stock in a research note on April 24, 2020, with the firm’s price target at $205-$138. BofA/Merrill coverage for the Old Dominion Freight Line Inc. (ODFL) stock in a research note released on April 08, 2020 offered a Underperform rating with a price target of $120. Morgan Stanley was of a view on March 23, 2020 that the stock is Overweight, while Stifel gave the stock Hold rating on March 20, 2020, issuing a price target of $153- $155. BofA/Merrill on their part issued Neutral rating on March 17, 2020.


Please enter your comment!
Please enter your name here