Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Shares Bought by 1832 Asset Management L.P.

1832 Asset Management L.P. boosted its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 85.2% in the first quarter, Holdings Channel reports. The fund owned 58,132 shares of the transportation company’s stock after purchasing an additional 26,749 shares during the period. 1832 Asset Management L.P.’s holdings in Old Dominion Freight Line were worth $12,749,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Old Dominion Freight Line by 100.9% during the 1st quarter. Vanguard Group Inc. now owns 21,795,649 shares of the transportation company’s stock worth $4,780,004,000 after acquiring an additional 10,944,520 shares during the period. Capital Research Global Investors lifted its position in Old Dominion Freight Line by 59.0% during the 1st quarter. Capital Research Global Investors now owns 6,592,594 shares of the transportation company’s stock worth $1,445,822,000 after acquiring an additional 2,447,121 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Old Dominion Freight Line by 1.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,325,321 shares of the transportation company’s stock worth $2,563,843,000 after acquiring an additional 81,122 shares during the period. Bank of New York Mellon Corp lifted its position in Old Dominion Freight Line by 94.6% during the 1st quarter. Bank of New York Mellon Corp now owns 5,940,385 shares of the transportation company’s stock worth $1,302,786,000 after acquiring an additional 2,888,205 shares during the period. Finally, Capital World Investors lifted its position in Old Dominion Freight Line by 101.0% during the 1st quarter. Capital World Investors now owns 2,443,770 shares of the transportation company’s stock worth $535,943,000 after acquiring an additional 1,228,116 shares during the period. 77.82% of the stock is owned by institutional investors and hedge funds.

Old Dominion Freight Line Price Performance

Old Dominion Freight Line stock traded down $2.77 during mid-day trading on Friday, hitting $202.93. 2,484,038 shares of the company were exchanged, compared to its average volume of 1,801,150. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.46 and a quick ratio of 2.29. The business’s 50 day simple moving average is $180.27 and its two-hundred day simple moving average is $198.79. The company has a market capitalization of $44.09 billion, a P/E ratio of 35.73, a PEG ratio of 3.89 and a beta of 1.00. Old Dominion Freight Line, Inc. has a 12-month low of $165.49 and a 12-month high of $227.80.

Old Dominion Freight Line (NASDAQ:ODFL) last released its quarterly earnings results on Wednesday, July 24th. The transportation company reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.03. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same quarter last year, the business posted $1.33 earnings per share. Old Dominion Freight Line’s revenue was up 6.1% compared to the same quarter last year. Analysts forecast that Old Dominion Freight Line, Inc. will post 5.73 earnings per share for the current fiscal year.

Old Dominion Freight Line Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.51%. The ex-dividend date is Wednesday, September 4th. Old Dominion Freight Line’s dividend payout ratio (DPR) is 18.31%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ODFL. BMO Capital Markets increased their target price on Old Dominion Freight Line from $210.00 to $215.00 and gave the stock an “outperform” rating in a research note on Thursday. Robert W. Baird increased their target price on Old Dominion Freight Line from $205.00 to $215.00 and gave the stock an “outperform” rating in a research note on Thursday. TD Cowen increased their target price on Old Dominion Freight Line from $206.00 to $214.00 and gave the stock a “hold” rating in a research note on Thursday. Morgan Stanley cut their target price on Old Dominion Freight Line from $174.00 to $168.00 and set an “equal weight” rating for the company in a research note on Monday, July 8th. Finally, Bank of America increased their target price on Old Dominion Freight Line from $192.00 to $203.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $202.78.

Old Dominion Freight Line Company Profile

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.