Old Dominion Freight Line, Inc. (NASDAQ:ODFL) Shares Acquired by Parnassus Investments LLC

Parnassus Investments LLC increased its position in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL) by 13.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 498,977 shares of the transportation company’s stock after purchasing an additional 58,795 shares during the quarter. Parnassus Investments LLC owned 0.23% of Old Dominion Freight Line worth $88,020,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP increased its position in shares of Old Dominion Freight Line by 109.5% in the third quarter. Wellington Management Group LLP now owns 1,435,228 shares of the transportation company’s stock valued at $285,094,000 after buying an additional 750,073 shares in the last quarter. AustralianSuper Pty Ltd acquired a new stake in Old Dominion Freight Line in the 4th quarter valued at about $128,221,000. Raymond James Financial Inc. purchased a new position in Old Dominion Freight Line during the 4th quarter valued at about $114,449,000. Franklin Resources Inc. raised its position in Old Dominion Freight Line by 74.8% during the third quarter. Franklin Resources Inc. now owns 1,022,812 shares of the transportation company’s stock worth $207,068,000 after acquiring an additional 437,700 shares during the last quarter. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Old Dominion Freight Line in the fourth quarter valued at about $49,983,000. 77.82% of the stock is currently owned by hedge funds and other institutional investors.

Old Dominion Freight Line Price Performance

ODFL stock opened at $162.98 on Friday. The company has a market cap of $34.64 billion, a PE ratio of 29.74, a price-to-earnings-growth ratio of 2.89 and a beta of 1.10. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The stock has a 50-day moving average price of $186.67 and a two-hundred day moving average price of $195.81. Old Dominion Freight Line, Inc. has a 12-month low of $158.64 and a 12-month high of $233.26.

Old Dominion Freight Line (NASDAQ:ODFL) last issued its earnings results on Wednesday, February 5th. The transportation company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.06. Old Dominion Freight Line had a return on equity of 28.02% and a net margin of 20.40%. As a group, research analysts predict that Old Dominion Freight Line, Inc. will post 5.68 EPS for the current year.

Old Dominion Freight Line Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be given a $0.28 dividend. The ex-dividend date is Wednesday, March 5th. This represents a $1.12 annualized dividend and a dividend yield of 0.69%. This is a positive change from Old Dominion Freight Line’s previous quarterly dividend of $0.26. Old Dominion Freight Line’s dividend payout ratio is presently 18.98%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ODFL. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Old Dominion Freight Line in a research note on Friday, March 7th. They set a “buy” rating and a $236.00 price objective for the company. Morgan Stanley raised their price target on Old Dominion Freight Line from $165.00 to $170.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 6th. Evercore ISI upped their price objective on Old Dominion Freight Line from $199.00 to $202.00 and gave the company an “in-line” rating in a research report on Thursday, February 6th. Truist Financial assumed coverage on Old Dominion Freight Line in a research report on Thursday. They set a “buy” rating and a $220.00 price objective for the company. Finally, The Goldman Sachs Group upped their target price on shares of Old Dominion Freight Line from $213.00 to $235.00 and gave the company a “neutral” rating in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $202.65.

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.