Newfound Research LLC Takes Position in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Newfound Research LLC acquired a new stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFLGet Rating) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 316 shares of the transportation company’s stock, valued at approximately $81,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Old Dominion Freight Line by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 10,860,421 shares of the transportation company’s stock valued at $3,243,791,000 after purchasing an additional 113,806 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Old Dominion Freight Line by 2.5% during the 1st quarter. BlackRock Inc. now owns 10,261,411 shares of the transportation company’s stock valued at $3,064,880,000 after purchasing an additional 253,333 shares during the last quarter. State Street Corp lifted its holdings in shares of Old Dominion Freight Line by 1.2% during the 4th quarter. State Street Corp now owns 4,109,936 shares of the transportation company’s stock valued at $1,472,919,000 after purchasing an additional 49,624 shares during the last quarter. WCM Investment Management LLC lifted its holdings in shares of Old Dominion Freight Line by 1.3% during the 1st quarter. WCM Investment Management LLC now owns 1,958,971 shares of the transportation company’s stock valued at $585,105,000 after purchasing an additional 25,026 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Old Dominion Freight Line during the 4th quarter valued at $335,106,000. Hedge funds and other institutional investors own 73.48% of the company’s stock.

Old Dominion Freight Line Price Performance

Shares of NASDAQ:ODFL traded up $0.01 during trading on Friday, reaching $244.39. 38,032 shares of the company’s stock traded hands, compared to its average volume of 866,432. Old Dominion Freight Line, Inc. has a fifty-two week low of $231.31 and a fifty-two week high of $373.58. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.02. The firm has a market cap of $27.32 billion, a PE ratio of 22.67, a P/E/G ratio of 1.35 and a beta of 1.07. The company has a 50-day simple moving average of $282.21 and a 200-day simple moving average of $275.78.

Old Dominion Freight Line (NASDAQ:ODFLGet Rating) last posted its earnings results on Wednesday, July 27th. The transportation company reported $3.30 EPS for the quarter, beating analysts’ consensus estimates of $3.09 by $0.21. Old Dominion Freight Line had a return on equity of 35.07% and a net margin of 20.77%. The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same period last year, the firm earned $2.31 EPS. The company’s quarterly revenue was up 26.4% on a year-over-year basis. As a group, analysts predict that Old Dominion Freight Line, Inc. will post 11.72 earnings per share for the current year.

Old Dominion Freight Line Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 21st. Stockholders of record on Wednesday, September 7th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date was Tuesday, September 6th. Old Dominion Freight Line’s dividend payout ratio (DPR) is presently 11.13%.

Insider Activity

In other news, Chairman David S. Congdon sold 6,246 shares of the firm’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $300.14, for a total transaction of $1,874,674.44. Following the sale, the chairman now directly owns 809,569 shares in the company, valued at approximately $242,984,039.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 10.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Susquehanna decreased their price objective on Old Dominion Freight Line from $285.00 to $270.00 in a report on Thursday, July 28th. Citigroup set a $270.00 target price on Old Dominion Freight Line in a research note on Tuesday, July 19th. Susquehanna Bancshares reduced their target price on Old Dominion Freight Line from $285.00 to $270.00 in a research note on Thursday, July 28th. Evercore ISI reduced their target price on Old Dominion Freight Line from $334.00 to $301.00 and set an “in-line” rating for the company in a research note on Tuesday, July 12th. Finally, Credit Suisse Group raised their target price on Old Dominion Freight Line from $282.00 to $295.00 and gave the stock a “neutral” rating in a research note on Thursday, July 28th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $292.13.

Old Dominion Freight Line Profile

(Get Rating)

Old Dominion Freight Line, Inc operates as a less-than-truckload (LTL) motor carrier in the United States and North America. It provides regional, inter-regional, and national LTL services, including expedited transportation. The company also offers various value-added services, such as container drayage, truckload brokerage, and supply chain consulting.

See Also

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Institutional Ownership by Quarter for Old Dominion Freight Line (NASDAQ:ODFL)

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